Home / Knowledge / News / Apparel/Garments / China's Alibaba to invest another $2 bn in Lazada
China's Alibaba to invest another $2 bn in Lazada
24
Mar '18
China’s Aibaba Group will invest a further $2 billion in Singapore-based Lazada, a southeast Asian online shopping giant, as part of the group’s efforts to accelerate the region’s e-commerce, the company recently announced. The move will deepen Lazada’s integration into the Alibaba ecosystem and makes the latter’s total investment in the former $4 billion.

In 2016, Alibaba acquired control of Lazada with an investment of $1 billion and raised its stake to 83 per cent in 2017 by investing another $1 billion.

Lucy Peng, who currently serves as Lazada’s chairwoman and is 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, according to an Alibaba press release.

Lazada founder Max Bittner, who has served as its CEO since 2012, will take on the role of senior advisor to Alibaba Group to assist in the transition and future international growth strategy.

Launched in 2012, 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, 3,000 brands and more than 560 million consumers. (DS)

Fibre2Fashion News Desk – India


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