German-backed etailer theiconic.com.au has announced the addition of a new stakeholder, set to propel the company to new heights.
The Iconic confirmed today an investment by J.P. Morgan Asset Management, which will take a stake in the business through a German holding company in an all cash-for-equity investment.
The etailer, which was recently awarded as one the best new online retailer's* in Australia and New Zealand, launched in October 2011 with the support of Rocket Internet.
Led by its five co-founders Finn Age Haensel, Adam Jacobs, Cameron Votan, Ryan Tuohy, and Andreas Otto, The Iconic has since experienced rapid growth in a short time and has grown from an original staff of 10, to more than 300 employees today, with a distribution center in Western Sydney.
The site also currently stocks approximately 500 brands and more than 20,000 products and is one of the only Australian-based etailers to offer three-hour delivery in all Sydney metropolitan areas.
Commenting on the investment by J.P. Morgan, The Iconic managing director and co-founder Finn Age Haensel said the development will encourage further growth.
“It is great to have such a big international corporation believing in us and the Australian market,” he said.
“It will support us to continue to grow in this market and remain the leader in online fashion. We are extremely proud to work with them and will benefit in their international expertise.”
J.P. Morgan Asset Management portfolio manager Robert Cousin, who worked on the deal from New York, confirmed the transaction, added that The Iconic was deemed as strong alliance for the firm.
“We are excited to partner with The Iconic as the company continues to expand its e-commerce presence in Australia and New Zealand."
*In July this year, The Iconic was awarded as the best new online retailer for 2012 at the Online Retail Industry awards.
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.
Currently, J.P. Morgan Asset Management’s clients include institutions, retail investors and high-net worth individuals in every major market throughout the world.