Alibaba Will Invest Another $2 Billion in Online Mall Lazada
20 March, 2018, 04:28 | Author: Melinda Barton
Chinese tech giant Alibabasaid Monday it would invest an additional $2 billion in Southeast Asian online retailer Lazada as part of its continued push into the region.
Prior to the announcement, Alibaba held an 83 percent stake in Lazada, but Alibaba would not disclose how much it would own following the new investment.
According to a statement today, Lucy Peng who is already chairman of Lazada would take over as chief executive officer.
Bittner, who has been CEO since 2012, will take on a senior advisory role at Alibaba.
Supported by huge revenue and rising prices of Alibaba's shares, its new financing at Lazada underscores the ambitious global drive to secure a larger share of the billions of dollars of a rapidly expanding online trading market.
Peng is also a senior partner at Alibaba and executive chair at Ant Financial, the payments affiliate of Alibaba.
"We continue to focus on initiatives that unlock the full potential of the e-commerce market that these investments create, to advance SingPost's transformation into a leading postal and e-commerce logistics company", he said. She will be tasked with doubling down on Southeast Asia as the region has a young population and high mobile penetration rate, with just 3% of the region's sales now conducted online, the statement read. It also serves more than 560 million consumers throughout the region.
The latest move brings Alibaba's total investment in Lazada to $4 billion.
Launched in 2012, Lazada boasts more than 145,000 local and global sellers and 3,000 brands throughout Indonesia, Malaysia, Thailand, Vietnam and the Philippines.
Amazon entered the market for the first time previous year, with the launch of its express, same-day delivery service, Prime Now in Singapore.
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