THE PHILIPPINES, SEPTEMBER 13, 2012 – Since online shopping department store LAZADA launched in five Southeast Asian Countries during the spring of 2012, it has grown exponentially and investment global leader J.P. Morgan Asset Management took notice, taking a stake through its German holding.
According to website ranking site Alexa.com, the online department store has already surpassed most established local and international competitors, ranking among the top local B2C eCommerce sites in all of its markets.
“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 behaviours in developed countries”, LAZADA 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."
Today LAZADA has approximately 1,000 employees operating streamlined businesses with own logistics and distribution centers in Indonesia, Vietnam, Philippines, Thailand and Malaysia.
