Alibaba Invests Another $2 Billion Into Lazada For E-Commerce Expansion
20 March, 2018, 04:29 | Author: Franklin Nunez
In 2016, Alibabaacquired control of Lazada with an investment of US$1 billion, and boosted its stake to 83 per cent a year ago with an additional investment of US$1 billion.
According to commentators, Southeast Asia is an important aspect of Alibaba's global expansion and a thriving region that Chinese archival JD.com Inc is also targeting.
Following the investment, Lucy Peng, who now serves as Lazada Group chairwoman, will take over the role of chief executive officer, replacing founder Max Bittner, who will become a senior advisor to Alibaba.
Alibaba's stake will increase to an undisclosed amount following the latest investment, a spokeswoman told Reuters.
There is clearly a lot of opportunities available in Southeast Asian e-commerce, and Alibaba increasing its stake in Lazada is a sign of the firm's commitment to growth in the region.
Peng is also a senior partner at Alibaba and executive chair at Ant Financial, the payments affiliate of Alibaba.
Lazada operates online retail platforms across Indonesia, Thailand, Philippines, Malaysia, Vietnam and Singapore and is the leading e-commerce provider in the region, with about 560 million consumers using the platform.
Taking into account the recent announcement, Alibaba has already invested a total of $4 billion on Lazada.
Peng, who is one of Alibaba's original 12 founders, has been Chairwoman of Lazada and is executive chairman of Ant Financial, Alibaba's fintech affiliate company.
The region's internet economy is expected to grow to $200 billion by 2025, primarily driven by growth in e-commerce.
"With a young population, high mobile penetration and just 3% of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia", Peng said.
Alibaba's doubling down in Southeast Asia comes just three months after Amazonlaunched its Prime service in Singapore. "I am excited about the future for Lazada and Lazadians and I look forward to continuing to contribute to the success of the business by helping Lucy and Alibaba's management", Bittner said.
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