Despite persistent rumors that Rocket Internet’s Zalora is struggling to gain firm footing in Asia, the fashion online retailer has announced today that JP Morgan Asset Management is investing in the company.
The investment, rumored to be in the “significant double digit millions”, covers Zalora’s presence in five Southeast Asian countries (Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam) as well as Hong Kong and Taiwan. The fresh injection of funds comes just 8 months after Zalora’s launch.
It currently employs more than 1,000 employees and says it has achieved annualized double-digit million USD revenues.
“Online retail holds tremendous potential in this market of more than half a billion customers, and we look forward to continued growth with our shareholders,” says managing director and co-founder Mato Peric in a press release.
Existing investors in Zalora include Rocket Internet, Summit Partners, and Invus.
JP Morgan Asset Management handles assets worth approximately USD 3.3 trillion in total. Its clients include institutions, retail investors, and high-net-worth individuals.
JP Morgan has been investing in a string of e-commerce companies by Rocket Internet lately. It recently pumped an undisclosed amount into German site Zalando and USD 45M in Brazil’s Dafiti. It followed those up with an equity stake in the USD40M-80M range in Russian site Lamoda, and funded Australian site The Iconic for USD 20M.
Most recently, it invested a significant amount in Amazon clone Lazada, a sum that could be in the USD 50M to USD 100M range.