J.P. Morgan Asset Management will be taking a stake in Lazada. The investment has been confirmed by Lazada but the company did not disclosed the amount of the investment via its German holding- Rocket Internet.
Lazada claims that it has becomes the fastest growing online department store in five Southeast Asian countries since the launch early this year.
In a statement, Lazada said its has approximately 1,000 employees and their own logistics and distribution centers in Indonesia, Vietnam, Philippines, Thailand and Malaysia.
“We feel very honoured to welcome J.P. Morgan to our investor group and are particularly excited to be joined by an investor that shares our vision and belief in the huge potential of this populous region replicating online shopping behaviours in developed countries”, regional CEO Maximilian Bittner commented. “This will further support our growth as we strive to offer all of our customers fast, convenient and secure online shopping experiences”.
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 LAZADA as it continues to expand its eCommerce presence in Southeast Asia.”
Lazada is an one-stop online shopping site offering a wide array of brands and product selection, from consumer electronics to sports equipment.