JP Morgan invests in online shopping site Zalora
MANILA, Philippines - J.P. Morgan Asset Management is investing in online fashion and lifestyle retailer Zalora Philippines and its units.
This capital infusion is part of the 7-month old Zalora's efforts to expand its online operations, it said in a press statement on September 27.
Zalora did not disclose how much funds and what structure the asset management company will participate in Zalora.
“We are extremely pleased to count the distinguished global investment firm J.P. Morgan Asset Management to our shareholders. Their investment, which comes just seven months after the launch of Zalora, demonstrates our success at bringing fashion to customers throughout the Philippines at the click of a button,” Zalora's Managing Director and Co-Founder Paulo Campos III said in the statement.
It added that J.P. Morgan's unit also invested in Zalora's sister companies in Asia. Zalora currently operates across 8 countries including Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam.
Other investors in Zalora include Rocket Internet, Summit Partners and Invus. Zalora was founded in early 2012, employs more than 1,000 employees today and "achieved annualized double-digit million USD revenues," it claimed.
It carries around 650 brands across men, women and children’s clothing and home accessories, and offers free shipping, a 30-day return policy and a cash-on-delivery payment option. - Rappler.com