MANILA - The Ayala Group said Thursday it would acquire 43.3-percent of online fashion retailer Zalora, as it forays into e-commerce.
Ayala Corp. and units Ayala Land, BPI Capital and Kickstart Ventures have signed an investment agreement with BF Jade E-Services Philippines Inc., the owner of Zalora Philippines, according to a stock exchange filing.
The transaction is subject to the approval of the Philippine Competition Commission, Ayala Corp. said.
Zalora is the country's largest online fashion retailer, offering some 120,000 products across 1,000 brands, according to the disclosure.
Ayala Corp. shares were up 1.49 percent to P817 on Thursday.