Ayala Corp. buys 43.3% ownership stake in Zalora Philippines

Conglomerate Ayala Corporation has signed a deal to acquire a 43.3 percent ownership stake in BF Jade E-Service Philippines, the owner and operator of Zalora Philippines.

"This acquisition is part of Ayala’s strategy to invest in new disruptive businesses that provide innovative solutions to evolving markets. The group recognizes that e-commerce is a unique growth channel that complements existing businesses, drawing on synergies with the rest of the Ayala group," the company told the Philippine Stock Exchange on Thursday.

Zalora Philippines is largest online fashion platform in the country, offering a wide range of fashion and lifestyle products.

“With the rising demands of the communities that we serve, we believe new business models such as Zalora’s can provide alternative solutions and services that are complementary to our traditional brick and mortar operations. As a group, we have always strived to stay relevant and dynamic, continuously seeking new ways to evolve in line with reaching consumers, and delivering products and services according to their needs,” Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala said.

“We are confident that together, we are in a unique position strengthen the leadership of Zalora Philippines, as we deliver the best online fashion shopping experience to Filipino consumers across the archipelago,” Global Fashion Group CEO Romain Voog said.

Ayala Land Inc., BPI Capital Corporation, and Kickstart Ventures Inc. also acquired minority ownership stakes in BF-Jade. BPI Capital Corporation and Kickstart Ventures, Inc. are wholly owned subsidiaries of BPI and Globe Telecom Inc., respectively.

"With the evolving behavior and preferences of consumers today, Zalora Philippines’ proprietary retail and logistics platform is able to secure the needs of a rapidly changing market," the conglomerate noted.

Zalora Philippines was co-founded in 2012 as part of the global network of the Zalora Group, which is 100 percent owned by the Global Fashion Group (GFG), the world’s largest online fashion platform for emerging markets.

Ayala Corporation is one of the largest conglomerates in the Philippines with businesses in real estate, financial services, telecommunications, water, electronics manufacturing services, automotive, power generation, transport infrastructure, education, and healthcare. Its corporate social responsibility arm, Ayala Foundation, has programs that focus on education, youth leadership, sustainable livelihood, and arts and culture. — Ted Cordero/VDS, GMA News