Earlier this year, J.P. Morgan raised $45 million for a Brazilian web merchant.
Thad Rueter , Senior Editor
Dubai-based online apparel and shoe retailer Namshi says it has raised $20 million from J.P. Morgan Chase and Blakeney Management.
For J.P. Morgan Chase it’s the second major investment in an international web merchant in recent weeks. In August, the big U.S. financial services firm announced a $45 million investment in Dafiti BR in exchange for a stake in the Brazilian web-only apparel and shoe retailer. Blakeney Management is a London-based investment firm. Neither J.P. Morgan nor Blakeney responded to requests for comment.
The e-retailer plans to use the capital to expand, especially in Saudi Arabia, the company says, offering no further details.
Namshi launched in 2011 and also sells beauty products, bags and accessories. It says it sells items from approximately 400 brands and serves consumers around the Middle East.