Alibaba Group Holdings plans another $2-bn investment in Lazada Group SA

Alibaba Group Holdings plans another $2-bn investment in Lazada Group SA

Alibaba Group will invest a further US$2 billion into Singapore-based e-commerce company Lazada as part of its effort to accelerate the region's e-commerce development.

It held an 83 percent stake prior to the investment, which now doubles to Dollars 4 billion from a USD 2 billion infusion over the past two years.

One of the 18 founders of Alibaba, veteran executive Lucy Peng will take over as Lazada's chief executive, replacing founder Max Bittner who will become a senior adviser to Alibaba. Bittner will remain involved as "senior advisor to Alibaba Group" and apparently involved in future strategy, including further global expansion opportunities.

"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", said Peng, who is also the executive chair at Ant Financial. The latter began offering products from Alibaba's Taobao marketplace across Southeast Asia a year ago, and Alibaba has replaced Lazada's tech team leadership with executives of its own. That doubles the original $2 billion the tech giant has already invested in the business in recent years - which saw Alibaba have an existing 83% holding of the etailer.

Speaking of the decision to increase their stake in Lazada, she had this to say: "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 is now the chairwoman of the Southeast Asia firm.

Students gather for prayer one month after deadly Florida shooting
Students gave out note cards with the names of gun violence victims, lit a yahrzeit candle and prayed for the families of victims. Following the march, several of the students discussed in their class what was experienced and the meaning behind the walkout.

Internet economy in the region is projected to grow to $200 billion by 2025, primarily driven by growth in e-commerce.

"Alibaba's new commitment of capital and resources is good for Lazada and good for the Southeast Asia e-commerce market", said Bittner.

Amazon entered the market for the first time past year, with the launch of its express, same-day delivery service, Prime Now in Singapore.

Alibaba are raising the stakes to overtake Amazon in South East Asia.

Related Articles

  • Fodder scam - Dumka Treasury: Lalu Yadav again found guilty, Jagannath…

    Fodder scam - Dumka Treasury: Lalu Yadav again found guilty, Jagannath…

    The case is related to alleged withdrawal of Rs 3.13 crore from the Dumka treasury when Prasad was the chief minister of Bihar. Judge Shivpal Singh pronounced the judgment in which a total of 19 accused were convicted, while 12 were acquitted.
    Myanmar's Aung San Suu Kyi 'unwell', scraps Australia public appearance

    Myanmar's Aung San Suu Kyi 'unwell', scraps Australia public appearance

    Ms Suu Kyi has not denounced military action or addressed genocide claims. Daesh is an alternative name given to Islamic State.
    Martin Truex Jr. dominates Stage 2 at Fontana

    Martin Truex Jr. dominates Stage 2 at Fontana

    Larson would rally back from multiple bad breaks during this race, including contact and a near-crash with Kevin Harvick . STAGE 1: Truex, master of stage wins last season , scored his first of the new year, leading Kyle Busch by 3.5 seconds.
  • Family reunited with dog that United Airlines mistakenly sent to Japan

    Earlier this week, 10-year-old German shepherd named Irgo was sent to Japan instead of Kansas after a mix-up on a United flight. The airline provided compensation to all passengers on the flight, United said in a statement, though did not provide details.
    British teacher wins global £700k prize

    British teacher wins global £700k prize

    She has learned greetings in numerous pupils' 35 languages including Gujarati and Tamil to welcome parents. But she said school could make a great positive difference - particular through creative subjects.
    India Tired of BJP: Rahul Gandhi

    India Tired of BJP: Rahul Gandhi

    Rahul did not shy away from extending his comparative analysis of the BJP and the Congress to the sensitive issue of religion. The Congress chief had earlier alleged that Jaitley's lawyer daughter was engaged by Nirav Modi for legal work.
  • Dozens of homes ruined in Australia's bushfires

    Dozens of homes ruined in Australia's bushfires

    The entire southeast corner of the state was declared total fire ban, from the Greater Hunter down to the Far South Coast. It was a story repeated among the hundreds of locals who were forced to leave when the fire struck with little warning.
    Kim has 'given his word' on nukes, South Korean diplomat says

    Kim has 'given his word' on nukes, South Korean diplomat says

    Erik Wirkensjö, the press secretary of Foreign Minister Margot Wallström, declined to provide details to news agency TT. Choe was in the delegation North Korea sent to last month's Winter Olympics in South Korea.
    Del Potro topples Raonic to set up showdown with Federer

    Del Potro topples Raonic to set up showdown with Federer

    He advanced to the final in Melbourne when Chung retired in the second set trailing 6-1, 5-2 because of blisters on his left foot. Like I said, I'm happy for Juan Martin. "I hung tough and put a lot of effort into it to get the record, if you like".
  • Sushant Singh's leading actress for 'The Fault In Our Stars' remake

    Sushant Singh's leading actress for 'The Fault In Our Stars' remake

    Casting director Mukesh Chhabra, who will be making his directorial debut with the film, confirmed the news to Mumbai Mirror. Confirming Sanjana Sanghi , Mukesh Chhabra, Director, said "I met Sanjana first during the casting of Rockstar ".
    Putin criticised for 'pointing the finger at Jews' with election meddling remarks

    Putin criticised for 'pointing the finger at Jews' with election meddling remarks

    Ultimately, the tragedy was avoided. "They do not represent the interests of the Russian state", Putin said . Spiridon Putin was a highly regarded member of Stalin's staff, Mr Putin says .
    No-confidence motion not taken up in Lok Sabha, House adjourned

    No-confidence motion not taken up in Lok Sabha, House adjourned

    She said the motion can not be brought to the House if it is not in order and adjourned the House till Monday. He said letters would go out to BJP leaders about the party's decision to exit the alliance.