Southeast Asia’s largest online fashion platform, Zalora, is selling its Thailand and Vietnam operations. Thailand’s Central Group, looking to expand its e-Commerce business, is buying the Thai business, while an unidentified company will purchase the Vietnam segment.
“This move will allow us to capture opportunities and strengthen our position in our markets, as we gear towards accelerating our growth,” said Michele Ferrario, CEO of Zalora Group in a statement.
Zalora, backed by Rocket Internet, is making these sales in order to streamline its services in light of slowing output and the high cost of customer acquisition in Southeast Asia.
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Zalora Group said in a statement that it was also selling its Vietnam business. A spokeswoman for Central Group did not reveal who would be buying the company’s Vietnam office only saying that Central Group was not the purchaser.
Neither company provided financial details, but a TechCrunch report said the Thai and Vietnam deals were done at $10 million each.
