advertisement
Filtered By: Money
Money

J.P. Morgan buys into Lazada online's German owner Rocket Internet


Online department store Lazada on Thursday revealed J.P. Morgan Asset Management invested in the company through its German owner Rocket Internet GmbH.   As of this posting, Lazada declined to disclose the amount J.P. Morgan supposedly invested in Rocket Internet. Lazada Philippines brand officer Kyla Ortigas noted in a text message they could not release the figures, but the investment was supposedly “a substantial amount for the whole region.”   In a statement, Lazada regional CEO Maximilian Bittner noted, “We feel very honored 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 behaviors in developed countries.   “This will further support our growth as we strive to offer all of our customers fast, convenient and secure online shopping experiences,” Bittner added.   J.P. Morgan Asset Management portfolio manager Robert Cousin noted in the same statement, “We are excited to partner with Lazada as it continues to expand its eCommerce presence in Southeast Asia."   This year, Lazada crossed over into five Southeast Asian markets including Indonesia, Vietnam, Malaysia, Thailand, and the Philippines.   According to the web information company Alexa.com, Lazada is now in the Top 20,000 websites worldwide.   Lazada said its growth is a "testament to the huge potential of the region” with more than 600 million people. The online store noted the tendency of young middle-class Southeast Asians to embrace new online experiences, ranging from eCommerce to social media on their mobile phones and other devices.   Online venture incubator Rocket Internet has turned Lazada into a one-stop online shopping experience by offering a wide array of brands and product selection, from consumer electronics to sports equipment. — VS, GMA News
LOADING CONTENT