Leap into space by iFashion Group
Singapore’s iFashion Group has spent S$1.5 million (US$1.1 million) acquiring retail space booking platform Invade Industry.
The online fashion group paid using a combination of cash and shares, and says Invade is not only the first such platform in Singapore, but also the market leader with a growing database of more than 35,000 users, comprising online and physical retailers. Invade allows landlords to fill short‐term spaces while tenants can view and book commercial spaces.
Under its Space Invasion by Invade arm, the company also manages pop-up retail stores offering lifestyle items aimed at younger consumers, in prime locations like 112 Katong, Lucky Plaza and Triple One Somerset. Fleawhere by Invade organises flea markets.
“This is an exciting time for Invade,” says cofounder Koh Cheng Guan. “Our shoppers and merchants will be connected to a wider range of brands under iFashion Group.”
The acquisition will also benefit iFashion’s online retailers, giving them easy access to a brick-and-mortar presence.
“This venture brings about the mutual sharing of experience and knowledge between the two companies,” says iFashion Group MD Jeneen Goh. “By joining the iFashion Group, Invade will benefit from resources such as access to capital, and corporate resources from an experienced entrepreneurial team. In return, we gain from Invade’s vast exposure to the commercial property market.”
Meanwhile, iFashion is moving ahead with its plan of acquiring other leading brands in the region with the goal of becoming the largest online fashion and lifestyle group in Southeast Asia. This includes companies in other segments, from offline to online, such as fast‐moving fashion, luxury products and second‐hand markets.