SA’s largest online fashion retailer, Zando, has secured an investment from JP Morgan Asset Management. The investment will be made through Zando’s German holding company and will see the US investment firm take a stake worth more than US$10m, though the exact figure has not been disclosed.
The company was co-founded by MDs Manuel Koser and Peter Allerstorfer and was supported initially by Rocket Internet, a European incubator for online start-ups.
Zando was launched in SA in late January and offers SA consumers the ability to purchase fashion items online and have them delivered anywhere in the country free of charge.
“We are excited to partner with Zando as the company continues to grow its e-commerce presence in SA,” says Robert Cousin, portfolio manager at JP Morgan Asset Management.
Allerstorfer says the investment will help Zando increase its portfolio of products.
“Attracting such a reputable international investor to support our future growth shows commitment and confidence in our business,” says Koser. — (c) 2012 NewsCentral Media
