Zilingo Sees Recovery to Pre-Covid Level With Digitization Boost
(Bloomberg) -- Zilingo Pte, a marketplace for wholesale buyers and sellers in the fashion industry, said business has recovered to pre-Covid levels as more people embraced digital tools during the pandemic.
“We are about 40-45% higher because of the momentum and digitization,” in terms of gross merchandise value in the September quarter relative to the end of 2019, Chief Executive Officer Ankiti Bose said in a Bloomberg Television interview Friday at the Bloomberg New Economy Forum in Singapore. The startup has also hired about 50 people in 2021, she said separately on the sidelines of the forum.
The Singapore-based company, backed by state investor Temasek Holdings Pte and Sequoia Capital India, is weighing its options as it charts a path to becoming a publicly listed company.
“We are doing our homework,” Bose said. “We’re very excited about how the markets are, looking at opportunities coming from Asia and how they’re being perceived globally.”
The pandemic, which battered the global fashion industry, has exposed the fault lines in the sector and provided an impetus to transform.
“The first step in making fashion a more responsible industry is transparency and tracking the data -- like one pair of jeans consumes 4,000 liters of water to make,” she said. Visibility of how manufacturers are using water, treating waste and respecting labor and environmental laws would help retailers and consumers make informed decisions, she added.
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