Tengelmann invests 20 million euros in Zalora

German-based retail company Tengelman has invested

20 million euros in Rocket Internet fashion online retailer Zalora. Zalora is dubbed the ‘largest online apparel retailer’ in the Asian-Pacific region, where serves eight markets and stocks over 500 brands.

“We are confident that this is a synergistic and promising partnership given both our strengths in retail and the tremendous potential of the e-commerce market in Asia. Zalora’s success in the market, growth trajectory, management team and investor base speak volumes about how the company is fast becoming the undisputed leader for online fashion and beauty retail in many countries,” summarised Christian Winter, CEO of Tengelmann Ventures, in a note. “We are very excited to join the Zalora team,” he added.

Rocket Internet supported Zalora also revealed Tuesday that it has set up a regional software development center in Singapore, and is currently achieving double digit millions dollars annualised revenue.

The fashion e-tailer secured previously funding from Summit Partners and Kinnevik. Tengelmann Group’s investment comes six months after JP Morgan pumped an undisclosed sum into Zalora, a Southeast Asia-focused Zappos clone.