Online fashion retailer Zalora Philippines expects to increase topline revenues following the investment announced by the Ayala Group.
Zalora Philippines increased topline revenues by more than 300 percent from the 2014 level.
Zalora Philippines president and chief executive Paulo Campos said Wednesday the online retailer was pleased with the partnership with Ayala Group, as both expressed interest to expand the local e-commerce space and raise the Zalora platform by attracting more brands.
Campos said the synergy between Zalora and the Ayala Group was not a form of buy-out, but more of a primary investment where Ayala would provide a sizable capital infusion allowing it to own a 49-percent stake in Zalora Philippines for an undisclosed amount.
“This is a big vote of confidence for us. We are still fleshing out the initiatives but we are totally excited to be part of one of the biggest key market players in the industry. We’ve been working with three of its biggest portfolios for sometime. We mutually explored this partnership together. Working togehter is something we talked about,” Campos said.
He said among the initiatives being considered was the payment space in collaboration with Bank of the Philippine Islands and Globe Telecom. Zalora is also working out an arrangement with Globe to allow free access to the Zalora website and enhanced digital connectivity.
