- A "Strong Vote of Confidence" in Brazil's Leading Online Fashion Retailer
SAO PAULO, Aug. 21, 2012 /PRNewswire/ -- Dafiti, Brazil's largest fashion e-commerce retailer, announced today that J.P. Morgan Asset Management will invest USD 45 million (R$90 million) in the company. J.P. Morgan Asset Management will take a stake in Dafiti through a German holding company in an all cash-for-equity investment.
Launched in January 2011, Dafiti today offers more than 60,000 products and 550 Brazilian and international brands. From an original staff of 10, the company today employs more than 1,000 people and has its distribution center in Jundiai, Sao Paulo.
The company was launched with the support of Rocket Internet – the European incubator of internet start-ups – and is led by its four founders Malte Horeyseck, Malte Huffmann, Thibaud Lecuyer and Philipp Povel.
"We see this investment as a strong vote of confidence in our vision as well as our business," said Dafiti co-founder Philipp Povel. "This investment will allow us to strengthen our portfolio of products, offering our customers even more brand and product choices; amass more inventory, making delivery of our products faster and more efficient; and finally, expand our presence in other countries in Latin America, namely Mexico, Argentina, Chile and Colombia."
J.P. Morgan Asset Management Managing Director Robert Cousin, who worked on the deal from New York, echoed Povel, saying, "We have been following Dafiti and have been impressed with what the company has accomplished, becoming one of the largest online fashion retailers in Brazil in the span of a year. Dafiti's loyal and growing customer base, fulfillment capacity and dedication to superior customer service should enable the company to expand upon their leading market position in the months and years to come."
Dafiti is a multi-label fashion e-commerce retailer that specializes in apparel, shoes, accessories, beauty as well as home & decor. The company aims to provide its customers with the best online shopping experience as well as maximum convenience: Dafiti offers USPs free shipping and free returns, options to pay in installments as well as 30 days for free product changes and returns. For more information, please visit www.dafiti.com.br (Portuguese site).
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.