The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Softbank-backed Grab is gearing up to merge with blank-cheque vehicle in a deal that will value the technology group at about $35 billion, according to a report in The Financial Times.
According to the report, Grab, which was founded in Malaysia and is now based in Singapore, could finalise an agreement to list in New York via one of Altimeter Capital’s special purpose acquisition companies (SPAC) as soon as this week. Grab’s board has already agreed to a preliminary deal.
Founded in 2012, Grab offers access to a regional consumer market of more than 655 million people across countries including Indonesia, Thailand and Vietnam. Although it’s best-known as a ride-hailing company, for fashion and beauty retailers operating in Southeast Asia, the digital payments services of Grab and rival Gojek are becoming increasingly important.
For example, Grab’s payment affiliate, Ovo, is already accepted by major Southeast Asian e-commerce players, including online fashion platform Zalora, which stocks brands including Mango, Prada and Balenciaga and receives over 50 million visits a month.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.