Alibaba invests extra US$2b in Lazada
Print Edition
ALIBABA Group said yesterday that it will invest an additional US$2 billion in the Southeast Asian online shopping platform Lazada Group to drive its integration into the Alibaba ecosystem as the e-commerce giant seeks to accelerate its growth plan in the Southeast Asia market.
Alibaba took a majority stake in Lazada in 2016 by investing US$1 billion and further raised its stake to 83 percent with another US$1 billion investment last year.
The investment is set to enable Lazada to tap into Alibaba’s resources, which can help it better serve consumers and empower merchants in Southeast Asia.
The investment underlines Alibaba’s commitment to provide a broad platform for local talent in Southeast Asia to contribute to the development of the digital economy in their home markets, according to the statement by Alibaba.
Lazada’s board of directors also approved a management transition where Lucy Peng, a co-founder of Alibaba Group and chairwoman of Alibaba’s financial affiliate Ant Financial will assume the additional role of chief executive officer of Lazada to drive further growth strategies.
“Lazada is well-positioned for the next phase of development of Internet-enabled commerce in this region, and we are excited about the incredible opportunities for supercharged growth,” Peng said in a statement.
Chinese Internet firms are expanding globally, hoping overseas nations, especially Southeast Asian countries where online shopping penetration is relatively low, would offer new growth potential in the coming years.
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