Ayala Corporation, the oldest conglomerate in the Philippines, has acquired 49% of Zamora's shares, thereby taking ownership of the electronic retailer, which is the largest electronic retailer of its kind in the Philippines.
Zamora is a subsidiary of Global Fashion Group (GFG), with over 1000 brands and 120000 products in the Philippines.
GFG CEO Romain Voog said in a statement, "We are proud of Zamora's contribution to the development of e-commerce and fashion in the Philippines. Working with Ayala will further strengthen Zamora's leadership position in the Philippines, as we will invest more funds to provide the best online fashion shopping experience for Filipino consumers."
In Indonesia, TechCrunch reported that Zamora is currently in investment or acquisition negotiations with MAP. MAP is a retail group that operates nearly 2000 retail stores in Indonesia, and its partnership with Zamora means MAP now has the ability to enter e-commerce.
Southeast Asia is not only the fastest growing Internet market in the world, but also the region's e-commerce growth rate is expected to be four times faster than offline commerce.
The predicament of this retail company is attributed to its disagreement with its parent company, GFG. Last year, one of Zamora's co founders, Harry Markl, and Managing Director Avni Pundir left the company due to an internal dispute with GFG.