Central Group to buy Zalora: Report
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Central Group is apparently expanding its e-commerce drive through a reported bid to acquire parts of Zalora, a fashion-focused e-commerce site.
Asked by The Nation, an executive of Central Group who asked not to be named did not outrightly confirm or deny the acquisition report. More information is expected around next week, he said.
TechCrunch, a news website, reported today that the Thai retail giant moved to buy Zalora's businesses in Thailand and Vietnam. Quoting sources, it reported that the deal is said to be agreed in principle and currently subject to paperwork and red tape.
Sources close to Zalora suggest that the company is selling the businesses in an effort to streamline its costs and move towards becoming profitable, it said.
It also said that a Zalora spokesperson declined to comment.
