We reported the planned sale earlier this month and have since confirmed that Bangkok-headquartered Central Group is the buyer. The deal is said to be agreed on in principle and currently subject to paperwork and red tape.
A Zalora spokesperson declined to comment. Central Group did not respond to multiple requests for comment.
Central Group may not be a name well-known outside of Southeast Asia, but it is one of the region’s largest retail players with a huge footprint in Thailand and forays into Vietnam, Malaysia, Indonesia and other countries. The group’s assets, which include multiple shopping malls and national department store chains, are worth close to $10 billion and it employs some 70,000 people across its operations.