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Business

Ayala enters e-commerce through Zalora Philippines

Conglomerate has already pumped capex 13% this year for new ventures

Jaime Zobel de Ayala sees potential in e-commerce when others have bailed out.   © REUTERS Ezra Acayan

MANILA -- Philippine conglomerate Ayala Corp. announced on Thursday its e-commerce debut through an investment in Rocket Internet-backed Zalora Philippines.

Ayala has acquired a 43.3% stake in BF Jade E-Service Philippines, the operator of Zalora Philippines. Its units Ayala Land, BPI Capital, and Kickstart Ventures have also bought shares, bringing Ayala Group's combined holding to 49%. The value of the transactions has not been disclosed.

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