J.P. Morgan-Zando investment details
Zando recently announced that J.P. Morgan Asset Management has invested “double digit million US dollars” in the company.
Zando was launched in January 2012, and has quickly grown to become one of the largest online retailers in South Africa. The company has grown to over 200 employees within less than nine months.
Zando MD, Peter Allerstorfer would not divulge the exact amount which J.P. Morgan invested in the company, merely saying that it was a large amount, showing the trust of the US investment firm in Zando and in South Africa.
The shareholding structure of Zando changed after the J.P. Morgan investment, but Allerstorfer would not give details about the shareholder changes and new shareholding in the company.
Allerstorfer would also not give any revenue or profit details for Zando, but he did say that the company is planning to be operationally profitable within the next year or two. He added that he is confident that all investors will show a good return on investment.
According to Allerstorfer, the company is experiencing very strong sales growth, currently shipping a few hundred orders per day.
“Zando will increase its portfolio of products, expanding its offering to support its vision as the largest online retail store within South Africa,” said Peter Allerstorfer.
However, the Zando MD said that they currently have no plans to expand into products outside of the fashion market.
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