Aidijuma Colors Group has acquired a majority stake in UK’s Haute Elan, the Malaysia-based modest fashion company said in a statement today.
Without revealing any financial details, Aidijuma said the company moved in on Haute Elan ahead of its Indonesia-based modest fashion e-commerce site Hijup’s expansion into the UK market.
“Modest fashion is a growing trend that offers women options, choices and freedom to express themselves while being fashionable which mass-market retailers and designers are already taking notice of the market's potential so we are investing in the future by taking a stake in it now.
"We look forward to build strategic business partnerships around the world to expand this business model for modest fashion globally,” said Aidijuma founder and CEO Norjuma Habib Mohamed.
Haute Elan is an e-retailer and the organiser of London Modest Fashion Week, which debuted in February last year and opened for its second outing yesterday.
Aidijuma owns 12 retail concept stores in Malaysia and has plans for listing by 2020.
The company’s stake in Haute Elan takes its total venture capital investment to date to $20 million, it said.
Apart from Hijup, Aidijuma has also invested in Brunei’s event organising company and retailer BIFASH, Singapore e-retailer MODESTyle, and Malaysian cosmetic and skincare brands Simplysiti and Zawara.
© SalaamGateway.com 2018 All Rights Reserved