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Alibaba buys controlling Lazada stake

  • Author:judy
  • Source:www.diecastingpartsupplier.com
  • Release on :2016-07-16
Chinese ecommerce group Alibaba has announced a$1bn deal to take a controlling stake in its SoutheastAsian counterpart Lazada, as it looks to expandbeyond Chinas increasingly saturated market.
As well as taking roughly $500m in new shares, theChinese group is replacing big-name Europeaninvestors such as Rocket Internet, the Berlin-basedstart-up incubator, and Tesco, the UK supermarket chain, which are selling down significantstakes in Lazada.
The deal, announced yesterday, sees Alibaba join a number of large Chinese companies,including Anbang Insurance and Dalian Wanda, which are hunting for foreign acquisitions.
Globalisation is a critical strategy for the growth of Alibaba Group today and well into thefuture,” Michael Evans, Alibaba president, said
The relatively untapped Southeast Asia market is attractive to Alibaba as the Chineseecommerce sector appears saturated with a slowdown in quarterly revenue growth. Ecommerceaccounts for about 3 per cent of retail sales in Southeast Asia compared with 8-10 per cent inChina.With the investment in Lazada, Alibaba gainsaccess to a platform with a large and growing consumer base outside China.”
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