Australian online retailer The Iconic has scored itself an additional US$20 million in funding from privately held investor group Access Industries, a fund managed by US-based assessment management firm Scopia Capital Management as well as other institutional investors.
The allocation is part of a US$112 million regional funding into the Zalora Group, which is made up of Southeast Asia and Australia’s online fashion companies including The Iconic.
Patrick Schmidt, CEO of The Iconic, said funding signals investors’ strong confidence in the online retail group after a period of ongoing accelerated growth.
“Zalora and The Iconic continue to set new benchmarks in the online retail sector,” he said.
“In Australia, we are approaching the one millionth order being shipped thanks to a fantastic local and international brand assortment and premium services such as three 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.“
In a similar round of funding in July 2013, Zalora Group received US$100 million by new investor Verlinvest and existing shareholders Investment AB Kinnevik, and Summit Partners. Of this, $28 million was invested into The Iconic.