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Summit Partners follows JP Morgan into fashion retailer The Iconic

23 Jan 2013

The Iconic swimwearUS growth investor Summit Partners has made a $25m investment in Australian fashion retailer The Iconic.

The financing follows a $19m investment from JP Morgan in September 2012, and will be used to fund more ambitious growth plans including automation of various business processes.

Summit managing director Scott Collins said, “We seek to invest in companies that build long-term value, and The Iconic has shown dynamic growth in a short period of time.

“We are thrilled to support The Iconic story and participate in Australian online retail.”

The move is the second time in a month Summit has followed JP Morgan into an online retail venture, following its €20m investment in the German holding company of Lazada in December.

Lazada claims to be Southeast Asia’s largest online department store.

The company said it would use the funds to continue developing its growth initiatives and expand its product offering.

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