Credit: Zalora Philippines Facebook page.
Ayala Corporation has acquired a 43.3 percent ownership stake in BF Jade E-Service Philippines, which owns and operates online shopping platform Zalora, the Philippine News Agency (PNA) reported.
The move is part of the company's strategy to take advantage of the growing opportunities in e-commerce in the country.
"We see the potential of e-commerce in the country, and believe that the Ayala group can benefit and add tremendous value to Zalora," said Jaime Augusto Zobel de Ayala, Chairman and Chief Executive Officer (CEO) of Ayala Corporation, in the report.
"With rising demands from the communities that we serve, we believe new business models such as Zalora's can provide alternative solutions and services that are complementary to our traditional brick and mortar operations," he added.
Besides Ayala Corporation, Ayala Land Inc. (ALI), BPI Capital Corporation and Kickstart Ventures Inc. have also acquired minority ownership stakes in BF-Jade.
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