Central Group plans to acquire the Thai and Vietnamese operations of Asian online fashion and lifestyle retailer Zalora.
Zalora is present in Singapore, Malaysia and Brunei, Indonesia, Philippines, Hong Kong and Taiwan.
Techcrunch.com reported the planned sale of Zalora’s operations earlier this month.
Zalora Group CEO Michele Ferrario was quoted by The Nation: "This move will allow us to capture opportunities and strengthen our position in our markets, as we gear towards accelerating our growth.
"We are happy to have contributed to the vibrancy of Thailand and Vietnam’s e-commerce scene, and we trust that the future owners will continue to build on what we started.
"We remain committed to providing consumers in the region the best online and mobile shopping experience possible."
Central Group has significant presence in Thailand. Its assets are valued at around $10bn, and include shopping malls and department store chains. The company has approximately 70,000 employees across its operations.
Citing sources, Techcrunch.com reported that the group has been planning to foray into online retail for some time now and intends to purchase each of the country’s businesses from Zalora for $10m.
Online retail represents 3% of total commerce in South Eeast Asia.