Society Pass Inc (SoPa), a Vietnam-based loyalty and ecommerce firm, announced Friday the completion of restructuring Leflair’s Vietnam operations with the spin-off of Leflair Group.
Along with this restructuring, SoPa has appointed Loic Gautier as Chief Executive Officer of the new Leflair Group, SoPa said in a statement.
According to the statement, Ngo Thi Cham, Vietnam Country Head of SoPa and current Managing Director of Leflair, will become Leflair Group’s Chief Operating Officer and work alongside Loic in driving the business towards its next stage of growth.
As a result of this corporate restructuring, the Leflair Group is set to become Southeast Asia’s next lifestyle retail super distributor nexus, evolving from a single discounted platform to a lifestyle retail ecosystem, providing shoppers with an integrated and unique shopping experience from online to offline.
The Leflair Group will continue to pursue acquisition of companies in the e-commerce, lifestyle retail and online advertising verticals.
“After the initial public offering (IPO) of SoPa last year, we have been working on a new strategy for Leflair, in order to maximize its potential as a destination for lifestyle shopping in Southeast Asia…Having Loic return as the Chief Executive Officer of Leflair Group ensures continuous and sustainable growth for Leflair in the years to come. The new recruitment also enables us to carry out larger plans for Leflair, evolving from a single online platform to become a true ecosystem for lifestyle shopping,” said Ray Liang, Chief Financial Officer of SoPa Group.
Since its IPO on the Nasdaq last year, SoPa has focused on merger and acquisition (M&A) activities to expand the ecosystem with other online platforms across six verticals: lifestyle, food and beverage (F&B), travel, digital media, and business to business (B2B) software and loyalty technology in the top three V.I.P countries of Southeast Asia – Vietnam, Indonesia, Philippines.
Through these business lines, SoPa improves the interconnectedness and support within its ecosystem, fulfilling its mission to connect millions of registered consumers with thousands of registered merchants across Southeast Asia.
SoPa said with this appointment, Loic will be responsible for managing Leflair Group’s growth and expansion strategy, introducing the Leflair platform to other Southeast Asian countries, as well as managing future acquisitions to expand group activity into other smaller segments within the lifestyle retail industry.
“With this spin-off, Leflair now has a new medium to maximize its full growth potential. By pivoting from a single platform to an integrated lifestyle retail ecosystem, we seek to connect all players within the lifestyle retail value chain, from brand distributors, to offline stores, ecommerce platforms and delivery companies. The new vision makes Leflair a pioneer in redefining the lifestyle and ecommerce retail market across Southeast Asia,” said Loic.
According to him, Leflair Group is working on ambitious plans for the period ahead, aiming for extensive funding rounds and a roadmap to IPO in the near future.
Society Pass is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It connects consumers and merchants across multiple product and service categories fostering organic loyalty.
Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary information technology (IT) architecture with cutting edge components to effectively scale and support its platform’s consumers, merchants, and acquisitions.
Based in Ho Chi Minh City, Leflair is Vietnam’s lifestyle e-commerce platform for fashion, beauty and home furnishing products. Launched in December 2015, Leflair was selling more than 2,500 brands via its flash-sales model.
SoPa acquired Leflair’s assets in February 2021, relaunching the platform in September 2021, and spinning-off the Leflair Group in April 2022.
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