Central Group to buy Zalora Thailand, Vietnam sites
Zalora, the online fashion site backed by Rocket Internet, is reportedly selling its Thailand and Vietnam businesses to Thailand's Central Group.
Rocket's planned sale of Zalora came to light earlier this month. Now, the Bangkok-based Central Group is the buyer, according to TechCrunch. The media source said Central has struck a deal to buy the country businesses from Zalora for around $10 million each.
The deal has been agreed on in principle and currently subject to red tape.
Central Group is one of the largest retail players in Asia with assets worth $10 billion, which are comprised of giant malls, shopping centres and retail outlets.
Online shopping is estimated to account for around 3% of all commerce in Southeast Asia. If the deal clears, it is a chance for Central Group to move into the e-commerce space.
Zalora raised more than $200 million from investors before becoming a GFG entity in November 2014. GFG raises capital centrally for all Rocket Internet fashion sites.
A Zalora spokesperson declined to comment on the most recent sale matter.
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