iFashion to become SEA’s largest fashion online retailer
Singapore’s iFashion Group has acquired Malaysia’s NOSE, bringing it one step closer to becoming the region’s largest fashion online retailer.
It acquired NOSE, Malaysia’s fast fashion brand specialising in female shoes and handbag, for S$5mil in a cash and shares deal.
The acquisition, one of the most prominent brands in Malaysia with 10 stores in major shopping malls across the country, marks iFashion’s expansion into the Malaysian market.
“It’s important that our acquisitions are in line with our business goals,” iFashion group managing director Jeneen Goh said in a statement.
“The acquisition of NOSE is no exception. It fortifies the synergy between the brands under our umbrella, and it also ensures that we are able to move forward as a united team working towards being South-East Asia’s leading fashion and lifestyle group,” Goh said.
NOSE expanded to the Middle East in 2008, with seven franchised stores in the UAE, Saudi Arabia and Qatar. On the e-commerce front, NOSE has recently expanded its online retailing activities via partnerships with various leading online marketplaces in the region.
By joining the iFashion Group, NOSE will be working with the iFashion Group’s Internet retailing platform and expertise to expand its direct presence on the Internet to harvest the global e-commerce distribution potential of its products.
Pharmaceutical exports to surpass RM1.3bil
Malaysia’s pharmaceutical products export is expected to hit more than RM1.3bil this year following high demand from West Asian countries.
International Trade and Industry Deputy Minister, Datuk Ahmad Maslan, said the local pharmaceutical producers had achieved the high standards that gave customers confidence, especially in halal products. He said pharmaceutical products export had continued to increase from RM1.13bil in 2014 to RM1.31bil last year.
“For the first half of 2016, pharmaceutical products export reached RM764mil and the total export this year is projected to exceed last year’s amount,” he said.
Ahmad said the nation’s pharmaceutical products could be classified into six categories, namely new types of medicine, biologics, generic products, health supplements, traditional and veterinary products.
New market penetration such as in West Asian countries and Asean would allow Malaysia’s pharmaceutical producers to broaden their market, he said.
“Local companies must always increase their product quality and services in order to be viable and competitive at the domestic as well as international level,” he said.
Besides the local companies, giant pharmaceutical companies such as Sterling Drug Malaya and B.Braun Medical Industries also make products in Malaysia.
China investors snap up Indian startup
Advertising technology startup Media.net, founded by India’s tech entrepreneur Divyank Turakhia, said it had been acquired for about US$900mil by a group of Chinese investors.
The deal would represent the third-largest in the ad tech industry, after Alphabet Inc unit Google’s acquisition of DoubleClick and Microsoft Corp’s deal for aQuantive.
“We got an incredible amount of interest just because ad tech is a large and growing space and, at the same time, the number of companies that have been successful in it have been limited,” Turakhia said.
The company’s products, which are licensed by various publishers and ad networks, auto-learn and display the most relevant ads to users. Media.net, a Yahoo Inc ad partner, attracted seven bidders, including a publicly listed company based in the US. However, the bid fell through, Turakhia said.
The deal gives Media.net access to the Chinese online advertising market, which is currently the second largest in the world, Turakhia said. Digital ad spend in China is expected to reach US$40.42bil in 2016, a 30% jump from a year earlier, according to research firm eMarketer.
Media.net, which is based in Dubai and New York, gets 90% of its revenue from the US. The company posted revenue of US$232mil in 2015, with more than half of that coming from mobile users.
The Chinese consortium will buy Media.net from Turakhia’s Starbuster TMT Investments and has already made a payment of US$426mil.
The group is led by Zhang Zhiyong, the chairman of telecom firm Beijing Miteno Communication Technology Co.