Earlier this week, Germany-based Rocket Internet announced the sale of its online retailer, Zalora, to Thai giant Central Group.
The deal, which reportedly saw both Zalora Thailand and Zalora Vietnam go for US$10 million apiece, means that Central Group – the firm behind several of Thailand's major shopping malls and national department store chains – will absorb yet another high-profile business, reports TechCrunch.
The Bangkok-based outfit, which employs roughly 70,000 people and whose fortune is already worth some US$10 billion, is hoping to take Zalora and turn it into a profitable enterprise. Last year, revenues from the business climbed 78%, however so did losses, which increased by 36% in 2015. Still, Central Group is optimistic that it will be able to turn the business into a money-making success.
For Rocket Internet's part, the company is certainly earning some dough from its deals: between selling off Food Panda to Vietnammm and handing over its Lazada shares to China's Alibaba, the firm must be making some money as it offloads these businesses.
[Photo via Zalora]
