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Zando.co.za receives international investmentBy Staff Writer 30 October 2012 | Categories: news
It looks like it’s a good time to be in the online fashion industry, as Zando.co.za, South Africa’s largest fashion e-commerce retailer, today announced an investment of €20 million by Summit Partners, a growth equity investor. The firm will take a stake in Zando.co.za through its German holding company.
Founded in 1984, Summit is a leader in growth equity and credit investing for fast-growing companies. Summit Partners has invested in more than 350 rapidly growing businesses across North America, Europe and Asia, and has raised nearly $15 billion since inception.
“We seek to invest in companies that build long-term value, and Zando.co.za has shown dynamic growth in a short period of time,” said Scott Collins, a managing director and head of the Summit Partners London office.
“We are excited to be joined by an investor that shares our vision and belief in the huge potential for the South African market,” said Zando.co.za MD and co-founder Manuel Koser. “With the ubiquitous convergence of technologies, feature phones, smartphones, tablets and desktops with dedicated connectivity, internet accessibility is maturing.”
Zando.co.za is ranked as one of the top five B2C e-commerce sites in South Africa. Launching with a footwear category on the 23rd of January 2012, it now offers clothing, beauty and accessories.
“Our current offering of over 400 brands and 10 000 products online, positions us as a leading fashion ecommerce website in South Africa,” said Peter Allerstorfer (MD and co-founder).
How did Zando.co.za grow so big? Allerstorfer provides five important lessons learnt since the site has going live.
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