Dafiti BR, a Brazilian web-only apparel and shoe retailer, said today that J.P. Morgan Asset Management will invest $45 million ($90 million in Brazilian Reais) in the company. J.P. Morgan Asset Management will take a stake in Dafiti through a German holding company in a cash-for-equity investment.
The cash infusion will enable Dafiti, No. 34 in Internet Retailer’s Top 300 Latin America, to build on its base of more than 60,000 products from 550 Brazilian and international brands, improve delivery times, and “expand our presence in other countries in Latin America, namely Mexico, Argentina, Chile and Colombia,” says Dafiti co-founder Philipp Povel.
“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,” says J.P. Morgan Asset Management managing director Robert Cousin, who worked on the deal from New York.
Dafiti had Internet Retailer-estimated 2011 web sales of $88.4 million (R$164.6 million). Dafiti.com.br, which launched in January 2011, employs more than 1,000 people and operates a distribution center in Jundiai, Sao Paulo.