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Alibaba puts United States dollars 2 bln more into Lazada, gives it new CEO

Alibaba puts United States dollars 2 bln more into Lazada, gives it new CEO”

Alongside the investment, Alibaba said that the start-up would also have a new CEO.

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.

For the record, Alibaba had invested almost United States dollars 2 billion in Lazada Group during the last two years for acquiring a controlling stake in the firm. Last year, it upped its stake to 83% with another $1 billion.

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Alibaba's share will increase to an unnamed figure since the last investment.

Alibaba has previously invested $2 billion in the Singapore-based firm, bringing its total investment to $4 billion. Former CEO Max Bittner will continue as "senior advisor to Alibaba Group" and, as TechCrunch reports, will be likely involved in future strategy planning, including the platform's expansion into worldwide markets.

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

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"Lazada is well-positioned for the next phase of development and of Internet-enabled commerce in this region", she added.

There is clearly a lot of opportunities available in Southeast Asian e-commerce, and Alibaba increasing its stake in Lazada is a sign of the firm's commitment to growth in the region.

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

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Launched in 2012 and headquartered in Singapore, Lazada also has a presence in Indonesia, Malaysia, the Philippines, Thailand and Vietnam. She will be tasked with doubling down on Southeast Asia as the region has a young population and high mobile penetration rate, with just 3% of the region's sales now conducted online, the statement read. Global e-commerce giant Amazon entered the region past year, but is so far active only in Singapore. On Monday, Alibaba announced it would invest $2 billion in an online retailer.



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