(MENAFN- ProactiveInvestors)
INT Corporation () has executed a conditional merger agreement to acquire New York-based luxury digital marketplace platform AHAlife Holdings Inc.
There are some serious backers of AHAlife includig former CEO of Saks Fifth Avenue current CEO’s of Rakuten Net-a-Porter William Morris Endeavour and VIP Shop Former Chairman of LVMH North America and US based venture capital firms DCM and FirstMark Capital.
AHAlife connects consumers with over 2000 curated luxury designers and artisans across more than 45 countries.
Since its foundation it has attracted a high quality investment group who have committed over US$23 million of development funding up to the announcement of this transaction.
Funds invested to date have been applied towards building an audience of brands and consumers centred on a proprietary enterprise class technology platform that is highly scalable and capable of supporting rapid revenue expansion.
It uses a drop ship model and therefore doesn’t carry inventory risk.
AHAlife is valued at A$37 million and will be acquired via an issue of 2114285715 INT shares and options (pre-Consolidation).
A capital raising of at least $15 million will be undertaken concurrently with the transaction to fund AHAlife’s sales marketing and development activities to extinguish debt and pay transaction expenses and for general working capital.
In October 2013 Bain & Company estimated the online luxury market to be worth A$14 billion which is growing faster than the total global luxury lifestyle market estimated to be A$310 billion.
Proactive Investors Australia is the market leader in producing news articles and research reports on ASX emerging companies with distribution in Australia UK North America and Hong Kong / China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.