Alibaba ups stake in Lazada to 83%, bringing investment to over $2bn
Alibaba has increased its stake in ecommerce platform Lazada to 83%, up from 51% previously.
Alibaba ups stake in Lazada
This follows Lazada forging an alliance with Uber and Netflix in Southeast Asia.
Alibaba will purchase shares of certain Lazada shareholders at a valuation of $3.15bn, an increase in Lazada’s valuation. This will bring Alibaba’s total investment in Lazada to over $2bn, with Lazada continuing to operate as its own brand.
“As a market leader, Lazada has demonstrated its ability to execute and further lead the region in products and services with the best consumer experience in Southeast Asia while growing a strong ecosystem that supports small businesses going online,” said Daniel Zhang, chief executive officer, Alibaba Group.
“The e-commerce markets in the region are still relatively untapped, and we see a very positive upward trajectory ahead of us. We will continue to put our resources to work in Southeast Asia through Lazada to capture these growth opportunities,” he added.
“I couldn’t be more excited to deepen our relationship with Alibaba. With their support, we will continue to empower brands and sellers to offer a wide selection of unique assortment to consumers across Southeast Asia while delivering an exceptional customer experience backed by our best-in-class logistics network.” Said Maximilian Bittner, chief executive officer, Lazada Group.