undergroundnewsroom.com
undergroundnewsroom.com April 26, 2018


Alibaba puts Dollars 2 bln more into Lazada, gives it new CEO

20 March 2018, 04:28 | Gordon Grant

Alibaba Invests a Further US$2 Billion in Lazada to Accelerate Region's E-Commerce

Alibaba Will Invest Another $2 Billion in Online Mall Lazada

"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.

Lucy Peng, a co-founder at Alibaba and now Lazada's chairwoman, would take on the additional role from current chief Maximilian Bittner. The company held a 83% stake in Lazada before the investment, which now stands at 4 billion United States dollars after the 2 billion USD injection over the past two years.

Alibaba's share will increase to an unnamed figure since the last investment. Also, Lazada chairwoman Lucy Peng will now also take on the role of CEO. Peng is one of the 18 founders and a senior partner in Alibaba.

Alibaba's move is not surprising, as Southeast Asia is fast becoming a very profitable market for eCommerce businesses now that millions of Internet users have discovered the joys of online shopping.

"The investment highlights Alibaba's confidence in Lazada's future business success and Southeast Asian growth prospects, a region that is a key part of Alibaba's global growth strategy", said the Chinese technology giant in official statement.

'Black Panther ' is Still Killing the Game on its Fifth Weekend
The sequel, Lara Croft Tomb Raider: The Cradle of Life , saw its opening weekend numbers fall dramatically from its predecessor's. The film " I Can Only Imagine " landed in third-place overall on the domestic charts, bringing in $17M at just 1,629 locations.

Dzeko Praises "Patient" Roma As Team Advances
Both the teams created similar amount of chances going forward in spite of only one shot being on target. "We were patient. The victor against Shakhtar was his fourth in Champions League this season and 18th in total for the club this campaign.

Marvel releases trailer and poster for 'Avengers: Infinity War'
For most viewers, the trailer will be a riveting tease at the blockbuster, but more eagle-eyed fans may notice a few key details. Marvel also unveiled the official poster, which, like the trailer, is crowded with superheroes.

Peng knows this too well, saying in a statement that due to the "young population, high mobile penetration and just 3 percent of the region's retail sales now conducted online", Alibaba is extremely confident in its decision to double down on the region.

"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.

Amazon entered the foray last year, but it remains only in Singapore, while Shopee is a two-year-old entrant bankrolled by Sea, formerly Garena, which raised over $1 billion in a U.S. IPO last year.

Including Monday's announcement, Alibaba will have ponied up a total of $4 billion to invest into Lazada, which has operations in Indonesia, Malaysia, the Philippines, Thailand, Vietnam and Singapore.



Other News

Trending Now

How Rep. Louise Slaughter changed America
Slaughter was recognized as a fierce legislator who blazed trails for other women to enter politics. She was the oldest member of the current Congress and one of the most senior women in the House.

Jeremy Corbyn stokes furious row over his response to Salisbury chemical attack
She condemned them as "shocking" and "outrageous" and suggested Labour MPs who supported her approach would condemn them too. Mr Corbyn said the PM appeared not to have ruled out the possibility that someone else may have obtained the toxin.

Disney brings Mickey and Minnie to the Galaxy S9's AR Emoji
As soon as some Sprint subscribers received their Galaxy S9 pre-orders from Samsung, it became clear there was a problem. By the end of the month, the Galaxy S9 and Galaxy S9+ will be available in more than 110 markets.

Apple is holding an education event on March 27
In typical Apple fashion, the event's invitation doesn't offer any details about the impending announcements. Apple introduced Swift Playgrounds and its Everyone Can Code curriculum in 2016, both of which are free.

Russian Federation election: Vladimir Putin wins by big margin
At polling station number 216 in Ust-Djeguta, Marina Kostina was supervising two teenage girls who were photographing voters. Turnout-boosting efforts have been the most visible feature of the campaign - and all come from taxpayers' pockets.

Jets Trade for 3rd Pick
NY selected Dewayne Robertson out of Kentucky, who lasted five seasons in the Meadowlands before he was traded to the Broncos . Trading four draft picks (including three second-round selections) is A LOT just to move up three spots.

Sumter students participate in National Walkout Day
They are stopping lessons for 17 minutes in memory of the 17-people killed at Marjory Stoneman Douglas High School . Many held signs urging gun control. "That's what we're going to look at when we're monitoring this".

St Patrick's Day 2018: What you need to know
According to a legend, similar to the snake banishment, it is believed that his walking stick grew into a living tree. Patrick's Day was held in NY in 1762, when Irish soldiers serving in the English military marched through the city.

Kevin Durant Out At Least Two Weeks With Rib Fracture
Durant, who had averaged 38.7 points over his previous three games, shot 10 for 19 but missed six of his seven three-point tries. Curry will be re-evaluated Tuesday, which means the earliest he can return is a Friday home game against the Atlanta Hawks.

Korea, US vow close coordination on N. Korea
Before meeting Lofven, the North Korean foreign minister met Swedish Foreign Minister Margot Wallstrom. Last week, Lofven held a summit with Trump in Washington, where the North Korea issue was discussed.