Alibaba double Lazada investment with additional $2 billion
Alibaba is going to inject a further $2 billion into Southeast Asian online shopping giant Lazada as part of the group’s ongoing effort to accelerate the region’s ecommerce development. It’s not Alibaba’s only investment in the region, In 2017, Alibaba also invested $1.1 billion in Tokopedia, Indonesia’s largest online marketplace.
Launched in 2012 and headquartered in Singapore, Lazada is the leading online shopping and selling destination in Southeast Asia, with presence in Indonesia, Malaysia, the Philippines, Thailand and Vietnam. The platform now has over 145,000 local and international sellers, as well as 3,000 brands. It also serves more than 560 million consumers throughout the region.
Having acquired control of the marketplace in 2016 and boosted their stake to 83% in 2017, this new £2 billion doubles their investment to $4 billion as they aim to deepen Lazada’s integration with the Alibaba ecosystem.
Lucy Peng, who currently serves as Lazada’s chairwoman, will assume the additional role of chief executive officer. Peng, one of the 18 founders and a senior partner in the Alibaba Group, said the region is a hot spot for growth and exciting opportunities.
Lazada founder Max Bittner, who has served as the CEO since 2012, will take on the role of senior advisor to Alibaba Group to assist in the transition and future international growth strategy.
“Alibaba’s new commitment of capital and resources is good for Lazada and good for the Southeast Asia e-commerce market”
– Max Bittner, Lazada founder