BEAMSTART Logo

Alibaba to invest additional US$2 billion in Lazada, replaces CEO

Alibaba has previously invested US$2 billion in the Singapore-based firm, bringing its total investment to US$4 billion.


Alibaba to invest additional US$2 billion in Lazada, replaces CEO | BEAMSTART News

- From our Sponsors -

Alibaba Group Holding Ltd said it will invest an additional US$2 billion in Southeast Asian e-commerce firm Lazada Group and replace its chief executive, consolidating its control over the firm as it targets an aggressive expansion in the region.

Long-time Alibaba executive Lucy Peng will take over as Lazada’s chief executive, replacing founder Max Bittner who will become a senior advisor to Alibaba.

- Featured Sponsor -

Alibaba’s stake will increase to an undisclosed amount following the latest investment, a spokeswoman told Reuters. Prior to the investment it held an 83% stake.

The move follows a year of aggressive expansion in Southeast Asia by Alibaba and its payment affiliate Ant Financial, as it faces off against Amazon Inc and fellow Chinese retailer JD.com Inc to tap new consumers in the region amid slowing growth in China’s e-commerce market.

Alibaba has previously invested US$2 billion in the Singapore-based firm, bringing its total investment to US$4 billion.

The Chinese e-commerce giant, which has posted double-digit revenue growth every year since 2013, has started offering curated selections of goods from its own Taobao platform to Lazada users. Last April Ant Financial acquired Lazada payment affiliate helloPay Group, re-branding it under its own Alipay brand.

Ant Financial, where Peng was previously chief executive, has also purchased stakes in a handful of other Southeast Asian Payment ventures.

Alibaba said that integration between Alibaba and Lazada will deepen following the investment, allowing Lazada to tap more of the e-commerce giant’s resources.


Author Info:
This article was first published by Reuters on FreeMalaysiaToday

- From our Sponsors -

Latest Jobs

Influencer Marketing Associate

Niagahoster

Yogyakarta, Indonesia

Full Time

SGD 400 — SGD 1000 monthly

English Content Writer

Hostinger

Jakarta, Indonesia

Full Time

SGD 300 — SGD 600 monthly

Fund Accountant

Decacorn Capital

Singapore

Full Time

SGD 2500 — SGD 5000 monthly

Investment Analyst

Accial Capital

Singapore

Full Time

SGD 4000 — SGD 6000 monthly

Enterprise Solution Project Manager

Hukumonline.com

Jakarta, Indonesia

Full Time

SGD 2000 — SGD 2100 monthly

Operations Executive

Yojee

Singapore

Full Time

SGD 2800 — SGD 3500 monthly

Site Reliability Engineer

Livit

Singapore

Full Time

SGD 2000 — SGD 3500 monthly

Live Streaming Operator

SIRCLO

Tangerang, Indonesia

Full Time

SGD 800 — SGD 1100 monthly

Mobile Developer

Koltiva

Jakarta, Indonesia

Full Time

SGD 1000 — SGD 1100 monthly

Engineering Manager

Pegipegi

Indonesia Bulk Terminal, Indonesia

Full Time

SGD 1500 — SGD 2000 monthly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest news, events, and opportunities.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).