Start@SG :iFashion Group acquires Dressabelle

iFashion Group acquires Dressabelle

iFashion Group has acquired online fashion store Dressabelle for $7.5 million in cash and shares.

iFashion is a company built primarily through the acquisition of smaller companies with common services. It has said that it wants to build Asia's largest online fashion hub by acquiring other smaller fashion e-commerce stores.

"Online shoppers can expect more frequent collection launches, a wider selection of clothes and exciting collaborations with other brands under the iFashion group," said Mr Jeremy Khoo, chief executive and founder of Dressabelle.

Dressabelle has an annualised revenue of $3.24 million - its current turnover extrapolated over a year - and also has a presence in Malaysia and Indonesia.

It has four physical stores in Singapore and at least two pop-up stores are in the works, the company said in response to queries from The Straits Times.

The firm also intends to expand Dressabelle's product range to include shoes, and also "be more aggressive in the Malaysian and Indonesian markets".

Fintech Touche raises $2.7 million

Financial technology (fintech) company Touche has raised US$2 million (S$2.7 million) in private funding.

The company has developed a biometric digital wallet that stores information in a device, and eliminates the need to carry multiple cards.

The funds raised will go towards developing its solution and producing devices.

The firm also intends to expand into "multiple markets in the near future", it said in a statement.

Touche was set up here in 2014 and has a second office in Barcelona, Spain.

Chia Yan Min

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A version of this article appeared in the print edition of The Straits Times on July 21, 2016, with the headline Start@SG :iFashion Group acquires Dressabelle. Subscribe