Zando, South Africa’s largest fashion e-commerce retailer that launched in January has announced that J.P. Morgan Asset Management has invested in the company that lets customers order fashion items, from South African and international brands, online. J.P. Morgan will take a stake in Zando through its German holding company.
J.P. Morgan Asset Management Portfolio Manager Robert Cousin, who worked on the deal from New York, confirmed the transaction, saying, “We are excited to partner with Zando as the company continues to grow its e-commerce presence in South Africa.”
Based in Cape Town, Zando is fast becoming a leader within the retail e-commerce sector having started out with a staff complement of just 4 people and today employs more than 200. Led by its two Managing Directors and Co-founders Manuel Koser and Peter Allerstorfer, Zando arrived in South Africa with the support of Rocket Internet – the European incubator of internet startups. According to global web metrics provider Alexa.com, Zando is currently ranked as one of the top five B2C e-commerce sites in South Africa.
“Attracting such a reputable international investor to support our future growth shows commitment and confidence in our business,” said Manuel Koser. “At ZANDO customer satisfaction is very important to us. This investment will assist the business by supporting its vision and all of its operations.”
“ZANDO will increase its portfolio of products, expanding its offering to support its vision as the largest online retail store within South Africa,” said Peter Allerstorfer.