The fast growing Zalora group has secured a USD112 million (SGD139 million) round of funding, the Southeast Asia-based fashion & beauty online store announced today.
According to a statement by the e-commerce company, this fresh injection of capital represents the largest single investment ever made into a SEA online fashion retailer and breaks their own record set in May 2013 with a then funding round of USD100 million.
The investment has come from from privately held investor group Access Industries, funds managed by US-based asset management firm Scopia Capital Management LLC and other institutional investors.
Since its inception in 2012, ZALORA has grown to be Southeast Asia's leading online fashion & beauty retailer offering more than 130,000 products and over 500 international brands. Most recently, Zalora launched its first private brand EZRA. The company operates in eight countries.
Investment signals investor confidence
The company said in its statement that this new round of funding signals investors' strong confidence in the online retailer after a period of ongoing accelerated growth.
"Zalora's experienced management team has put the company on a path to become a premier online fashion destination," said Jörg Mohaupt, ZALORA Board Member from Access Industries. "We are pleased to be part of this dynamic success story."
Zalora officials said the new capital will support the group's efforts to scale up operations and gain an even stronger foothold throughout South-East Asia and Australia, serving 600 million potential online shopping customers in the region.
"The investment allows us to continue building out our position as the leading fashion and beauty e-commerce retailer in Southeast Asia," said Michele Ferrario, Managing Director of the Zalora Group. "We will use this new investment to improve our position as the high-street fashion authority in Southeast Asia. We will grow our assortment and further enhance the portfolio of our private labels. Our goal is to continue serving up world-class products and services, so everyone in South-East Asia can benefit from the wide selection of products at Zalora."
One million orders in Australia
Also part of the Zalora Group is THE ICONIC, Australia's number one online fashion retailer.
"Zalora Group and The Iconic already have come a long way," said Patrick Schmidt, CEO of THE ICONIC. "In Australia we are approaching one million orders being shipped thanks to a fantastic local and international brand assortment and premium services such as 3 hour delivery in Sydney. This investment will allow us to continue to build the one-stop online shopping destination for fashion, footwear and beyond through a singular focus on customer satisfaction."
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