Six months after JP Morgan pumped an undisclosed sum into Zalora, a Southeast Asia-focused Zappos clone launched by the infamous Rocket Internet incubator, news has emerged that the online footwear and fashion retailer has nabbed another funding round, this time courtesy of Europe’s Tengelmann Group.
Zalora was launched in early 2012, and it already operates across eight markets, with more than one thousand employees in Singapore, Thailand, Indonesia, Philippines, Vietnam, Honk Kong, Taiwan and Malaysia. Tengelmann, a German retail group with a history of investing in Rocket Internet’s projects (such as Amazon-clone Lazada), has now ploughed €20m ($26m) into Zalora.
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Tengelmann Group is a well known name in the European retail industry, operating over 4,000 stores in 15 different countries, and employing more than 80,000 people. It claims €10 billion in annual turnover. It was among a number of investors that put $15 million into Berlin-based app marketing startup Trademob, before giving its backing to Rocket Internet’s Latin American Amazon clone Linio, and the aforementioned Asian Amazon clone Lazada. The retail giant follows JP Morgan, Investment AB Kinnevik, Summit Partners and others as Zalora investors.
“We are very excited to join the Zalora team,” says Christian Winter, CEO of Tengelmann Ventures. “We are confident that this is a synergistic and promising partnership given both our strengths in retail and the tremendous potential of the e-commerce market in Asia. Zalora’s success in the market, growth trajectory, management team and investor base speak volumes about how the company is fast becoming the undisputed leader for online fashion and beauty retail in many countries.”
Zalora’s localized sites offer a choice of more than 500 international and local brands, with in excess of 20,000 products in apparel, shoes, accessories, and beauty.