Zalora, the fashion-focused e-commerce site backed by Rocket Internet, is selling its businesses in Thailand and Vietnam to retailer Central Group, according to multiple sources close to the deal.
We reported the planned sale earlier this month and have since confirmed that Bangkok-headquartered Central Group is the buyer. The deal is said to be agreed on in principle and currently subject to paperwork and red tape.
A Zalora spokesperson declined to comment. Central Group did not respond to multiple requests for comment.
Central Group may not be a name well-known outside of Southeast Asia, but it is one of the region’s largest retail players with a huge footprint in Thailand and forays into Vietnam, Malaysia, Indonesia and other countries. The group’s assets, which include multiple shopping malls and national department store chains, are worth close to $10 billion and it employs some 70,000 people across its operations.
(Source: Tech Crunch )