Rocket Internet’s Zalora & The Iconic Raise $112 Million to Take Over Online Fashion Business
Sam Wakoba
Southeast Asia’s fastest-growing fashion & beauty online store ZALORA and Australia’s top online fashion retailer, THE ICONIC have secured a $112 million round of funding from privately held investor group Access Industries, funds managed by US-based asset management firm Scopia Capital Management LLC and other institutional investors.
The fresh capital represents the largest single investment ever made into a SEA online fashion retailer, breaking ZALORA own record set in May 2013 when it raised $100 million.
Founded in late 2011, Zalora has presence in Singapore, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Hong Kong and Brunei and have an extensive collection of over 500 top international and local brands and over 130,000 products across apparel, shoes, accessories, and beauty categories for men and women.
The platform offers a 30-day free returns policy, speedy deliveries within 2-3 working days, free delivery over a certain spend, and multiple payment methods including cash-on-delivery. Zalora recently launched its first fashion brand EZRA and focused on extending its assortment to offer the broadest variety possible of fashion and beauty items.
“The investment allows us to continue building out our position as the leading fashion and beauty e-commerce retailer in Southeast Asia,” says Michele Ferrario, Managing Director of the ZALORA Group. “We are focused on offering the best possible customer experience paired with a unique product offering of local and international brands. We will use this new investment to improve our position as the high-street fashion authority in Southeast Asia. We will grow our assortment and further enhance the portfolio of our private labels. Our goal is to continue serving up world-class products and services, so everyone in South-East Asia can benefit from the wide selection of products at ZALORA.”
Its counterpart, THE ICONIC is Australia’s leading online fashion retailer with over 500 brands and over 45,000 products. THE ICONIC offers free overnight shipping to Australia and New Zealand, 100 day free returns, and 3 hour delivery in Sydney and is Australia’s second most successful e-commerce site behind mature retail giant Big W by Inside Retail.
The new capital will support ZALORA Groups efforts to scale up operations and gain an even stronger foothold throughout South-East Asia and Australia, serving 600 million potential online shopping customers in the region.
“ZALORA Group and The Iconic already have come a long way. In Australia we are approaching one million orders being shipped thanks to a fantastic local and international brand assortment and premium services such as 3 hour delivery in Sydney. This investment will allow us to continue to build the one-stop online shopping destination for fashion, footwear and beyond through a singular focus on customer satisfaction,“ said Patrick Schmidt, CEO of THE ICONIC.
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