Vietnam-based loyalty platform Society Pass has acquired Leflair, a luxury e-commerce brand that filed for bankruptcy last year.
This news was first reported by TechInAsia.
Society Pass said the acquisition will “allow it to continue serving the ever-rising demand for online branded shopping in Vietnam”.
As per the deal, Society Pass will be relaunching the Leflair platform in the third quarter of this year, making some adjustments to ensure the benefits of suppliers and customers.
Founded in 2018, Society Pass is a platform that connects customers with merchants in South and Southeast Asia. Incorporated in the US, its app “SoPa” offers consumers shopping deals, services, and products from merchants through its Society Points that can be redeemed with any merchant on its platform.
For businesses, it provides features like dedicated POS (point of sale) solutions, payment infrastructure, loyalty management, customer profile analytics, and SME financing packages to ensure that they can run their services smoothly.
On the other hand, Leflair was established three years before Society Pass and acted as an e-commerce platform for branded goods and flash sales. It did not operate as an online marketplace but worked directly with brands and official distributors in and outside Vietnam.
Leflair had to cease operations in 2020 after reporting debt of US$2 million. The added pressure of the pandemic on the luxury fashion market could have added its woes.
Things were not always as melacholic for the company as it had reported tens of millions of dollars of earnings in 2019. Additionally, it had raised nearly US$12 million in funding amount from investors like GShop, Belt Road Capital, and more.
Image Credit: Laura Chouette
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