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Leading Fashion Online Retailer Receives Largest Funding since its Foundation in Brazil
SAO PAULO, Sept. 17, 2013 /PRNewswire/ -- The Dafiti Group, Latin America's leading fashion e-commerce, today announced its largest funding worth USD 70 million from the Toronto-based Ontario Teachers' Pension Plan (Teachers'), one of the world's leading funds.
Since its launch 2 years ago, the Dafiti Group was able to attract USD 255 million in investor funding. Along with JP Morgan and Quadrant Capital Advisors, Teachers' now joins the list of Dafiti's major investors. Dafiti had just recently announced that it had received an investment of USD 10 million from Mexico's Leon Group, a consortium represented by the owners of the country's largest shoe brands.
"This funding endorses the investors' trust in the potential of Brazilian fashion online retail and, consequently, in Dafiti as the leader of this segment in Latin America with our operations in Argentina, Brazil, Chile, Colombia, and Mexico" said Dafiti co-founder Philipp Povel. "We will use this money to strengthen our customer service and our product assortment. All in all, this impressive funding helps us to bring Dafiti to the next level and fulfill on our strategic objective to change the way people in Latin America buy fashion, lifestyle and sports products."
For the third time, Brazil was considered the most attractive country for investments in the retail sector*. Seven of the 30 countries ranked are based in Latin America. Brazil's online retail is continually growing, especially the 'apparel' category, which has just reached for the first time the leadership of Brazil's e-commerce categories. According to e-bit, the specialized consultancy, Brazil's e-commerce is expected to grow 25% in 2013, as it added 10 million new e-consumers in 2012. By 2015, 39% of internet users, or 31.6 million people, will have made at least one purchase online**.
"Supported by a growing middle class, huge consumption potential and significant growth in online and mobile access, Dafiti is well positioned to succeed in online retail in Brazil and Latin America," said Wayne Kozun, Senior Vice-President, Public Equities, at Teachers'. "We look forward to partnering with Dafiti's successful management team."
About Dafiti Group
About Teachers' (OTPP)
With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 303,000 active and retired teachers in Ontario. For more information, including our 2012 and previous annual reports, visit www.otpp.com. Follow us @OtppInfo.
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* A.T. Kearney Ranking, June 2013
**eMarketer, January 2012
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