Alibaba investing an additional $2bn in Lazada
Alibaba has announced it will invest an additional $2bn in the Southeast Asian e-commerce platform Lazada.
This will take Alibaba’s total investment so far in Lazada to $4bn. Alibaba acquired control of Lazada in 2016 with an investment of $1bn and further increased its stake to 83% with another $1bn investment in 2017.
In a statement published on the Lazada website today (19 March), it was also announced that Lucy Peng, who currently serves as Lazada’s Chairman, will assume the additional role of chief executive officer. Ms. Peng is one of Alibaba’s 18 founders and a senior partner in the Alibaba Partnership.
Lazada founder Max Bittner, who had been its chief executive officer since 2012, will assume the role of senior advisor to Alibaba Group and “assist in the transition and future international growth strategies”.
