JP Morgan invests in German online retailer Zalando
FRANKFURT Aug 16 (Reuters) - Fast-growing German online retailer Zalando has gained two new financial investors as it seeks to expand and take a bigger slice of the market for fashion sales via the Internet.
JP Morgan Asset Management and Quadrant Capital Advisors have taken small stakes of 1.3 percent and 0.9 percent respectively for an undisclosed price, Zalando said on Thursday.
The company, which sells shoes and clothes from over 1,000 different brands via its website, was founded in 2008 and already has sales of 510 million euros ($626.4 million).
The company is already active in 12 European countries and will shortly launch in Poland and Norway.
"2012 has been a very successful year for us so far," Zalando Managing Director Rubin Ritter said in a statement. "We will continue to invest in growth as well as building a solid company."
Zalando competes with the likes of London-listed ASOS . Zalando has no plans for a stock market flotation, a spokeswoman for the German company said.
Its biggest shareholder is Rocket Internet, a German venture capital firm specialising in web-based companies, which owns a 44 percent stake.
- Tweet this
- Share this
- Digg this