Nguyen Kim electronics store buys Zalora Vietnam

May 14, 2016 | 11:35 pm PT
Vietnamese electronics chain Nguyen Kim has acquired the Vietnam unit of Zalora, an online fashion market owned by Germany-based Rocket Internet SE for an undisclosed sum.

Zalora also announced that Thailand’s Central Group, which has 49 percent stake in Nguyen Kim, has bought its Thai unit.

In April, Techcrunch, an online source for news on the technology industry, reported that Central Group will buy Zalora’s businesses in Thailand and Vietnam. Sources close to Zalora said the firm has sold the businesses in an effort to streamline costs and become more profitable, Techcrunch said.

Rocket Internet’s latest financial results show Zalora’s revenue surged 78 percent to €208 million ($234 million) in 2015, but its net loss rose 36 percent to €93.5 million ($105 million). Zalora doesn’t publish business figures for each country, but it claims to have had 10 million downloads of its mobile apps and 1.4 million transactions per year across 10 countries in Asia-Pacific.

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