J.P. Morgan Asset Management invests in LAZADA to fuel continued growth in Southeast Asia
LAZADA, the leading online department store in Southeast Asia, has confirmed an investment by J.P. Morgan Asset Management, which will take a stake in LAZADA through its German holding.
Following its parallel launch in five Southeast Asian countries during the spring of 2012, LAZADA has become the fastest growing online department store in the region. Since then, LAZADA has surpassed most established local and international competitors and according to web ranking site Alexa.com it is already ranking among the top local B2C eCommerce sites in all of its markets. This growth is a testament to the huge potential of this region with a population of more than 600 million people and a growing young middle-‐class which are embracing new online experiences – ranging from eCommerce to social media – at an ever increasing pace through their mobile phones or other connected devices.
With the support of Rocket Internet, the leading global online venture incubator (e.g. Zalando, Dafiti), LAZADA has already established itself as a household name in the region by providing a one-‐stop shopping experience online. With an unrivalled brand and product selection available online, LAZADA has developed a wide offering ranging from consumer electronics to household goods, toys and sports equipment. Today, approximately 1,000 employees are operating streamlined businesses with own logistics and distribution centers in Indonesia, Vietnam, Philippines, Thailand and Malaysia.
“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”, 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."
About Lazada (lazada.co.id, lazada.vn, lazada.com.my, lazada.com.ph, lazada.co.th)
LAZADA is Southeast Asia’s fastest growing online department store, with operations in Indonesia, Vietnam, Malaysia, Philippines and Thailand. LAZADA is pioneering eCommerce across some of the fastest growing countries in the world by offering a fast, secure and convenient online shopping experience with a broad product offering in categories ranging from consumer electronics to household goods, toys and sports equipment. LAZADA is always striving to offer its customers the best possible offering – including multiple payment options, free returns and extensive customer service and warranty commitments.
About J.P. Morgan Asset Management
J.P. Morgan Asset Management, with assets under supervision of approximately $2.0 trillion and assets under management of $1.3 trillion (as of June 30, 2012), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high-‐net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P. Morgan Asset Management, is a leading global asset management firm with assets of approximately $2.1 trillion and operations in more than 60 countries. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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