Friday, 20 April, 2018

Alibaba is investing an additional $2.6B in ecommerce in Southeast Asia

Alibaba Will Invest Another $2 Billion in Online Mall Lazada Alibaba Invests a Further US$2 Billion in Lazada to Accelerate Region's E-Commerce
Heather Davidson | 20 March, 2018, 04:28

Alibaba has announced it will invest an additional $2bn in the Southeast Asian e-commerce platform Lazada.

Lucy Peng, who is already chairman of Lazada, will take over as chief executive officer, according to a statement Monday. The statement didn't specify how much of the company Alibaba will own after the latest investment.

Lucy Peng, one of the original founders of the Alibaba Group, will become CEO of the Lazada Group, as Alibaba increases its presence within the business and across southeast Asia. In 2016, Alibaba acquired control of Lazada with an investment of $1 billion and boosted its stake to 83 percent in 2017 with another investment of $1 billion.

Speaking after the announcement, Lucy said, "With a young population, high mobile penetration and just 3 percent of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia.Lazada is well-positioned for the next phase of development and of Internet-enabled commerce in this region".

Southeast Asia is a lucrative market for e-commerce players as millions of first-generation internet users embrace online shopping.

"With a young population, high mobile penetration and just three percent of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia", Peng said.

Running in 2012, Lazada operates in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The firm also invested $1.1 billion in Tokopedia which competes with Lazada in Indonesia, Southeast Asia's largest economy and the world's fourth most populous country.

"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.

"It's a sign of how seriously Alibaba perceive the growth opportunity, and competitive threats, in Southeast Asia", said James Lloyd, Asia-Pacific fintech leader at EY.

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