Online fashion startup Zilingo has raised US$308 million to date. The five-year-old Singapore-based company was valued by investors at US$970 million—touching distance from the hallowed US$1 billion ‘unicorn’ market—when it raised US$226 million for its most recent round in February 2019. However, online fashion in the times of influencer-led marketing on platforms like Instagram meant…
Many arms, weak core. Zilingo’s unravelling “octopus strategy”
Zilingo wanted to lure blue-chip investors with a plan to burst into Hollywood as a fashion partner for celebs and brands. But its target influencer cohort didn't buy it as it had hoped. Now it's stuck at home in Southeast Asia trying to rebuild itself...during a pandemic
Zilingo, valued at nearly US$1 billion, jettisoned ambitious international plans following the outbreak
But its plan to let influencers and brands tap into Asia’s supply chain ran into issues before the pandemic struck the fashion industry
Despite two offices, US$100 million in firepower and an investment from rapper Jay-Z, it couldn’t realise its potential
Now Zilingo has refocused on the less lucrative Southeast Asian market, can it still satisfy investors expecting hypergrowth?