US tech firm Society Pass has completed the acquisition of e-commerce brand Leflair with a view to relaunch it in the third quarter of this year.
|Society Pass will relaunch the Leflair e-commerce platform within the year |
On June 23, Society Pass said it had acquired the Leflair brand and other intellectual property, including domain names, from a Hong Kong company. The deal is part of the company’s plan to seek opportunities in the high-end consumer segment.
"We have acquired the ownership of the Leflair brand in light of the core values it has built in Vietnam over the past five years and will continue to carry into the future," said Ray Liang, COO of Society Pass.
A new team from Society Pass will be in charge of operational management. Leflair will be officially re-launched in the Vietnamese market in the third quarter of 2021 with plans to expand to Southeast Asia in 2022.
Society Pass is a customer loyalty and analytics platform following millions of users’ transaction activities every day. Society Pass provides merchants with SoPa.asia, an online commerce platform for users, alongside with #HOTTAB Biz, a convenient order management app for business partners on SoPa.asia, and #HOTTAB POS, a specialised POS technology solution for payment, loyal customer management, user’s profile analytics, and convenient financial support packages for small- and medium-sized enterprises. The tools will allow businesses to attract and retain customers through personalised interaction based on analytics with a high profit margin.
Founded in 2015 by two French entrepreneurs, Loic Gautier and Pierre-Antoine Brun. Leflair specialises in selling discount branded goods in Vietnam. Instead of operating as an online marketplace, Leflair works directly with official brands and distributors to ensure origin, quality, and prices of products.
Between 2015 and 2019, Leflair reported to have more than 120,000 customers with annual revenue of tens of millions of USD. However, Leflair narrowed down its business in last February and stopped partnership with local suppliers. The firm later filed for bankruptcy and suspended all business activities.
Society Pass said that it only bought the Leflair brand from its founding partner in Hong Kong. The company is not related to the old legal entity in Vietnam as well as two individuals, Pierre-Antoine Brun and Loic Gautier.
Liang said that the upcoming Leflair website will be operated on a completely new platform from interface design to operation process and business management model designed by Society Pass. Necessary changes will be applied to ensure sustainable growth and the ultimate benefit for suppliers and customers.