Chinese e-commerce giant Alibaba Group Holding, which is conducting sweeping changes to its business structure, has invested an additional US$845 million into Lazada, its online retail unit in Southeast Asia, as it eyes overseas expansion.
With the latest amount, disclosed in a regulatory filing in Singapore, the e-commerce giant’s total investment into the unit adds up to several billion dollars. Lazada operates under Alibaba’s Global Digital Business Group, which also includes AliExpress, Trendyol and Daraz.
Under its new business structure, Alibaba’s global digital business group will be headed by group CEO Jiang Fan. Board members include Michael Evans, Eddie Wu Yongming, and Trudy Dai Shan.
Alibaba and Lazada representatives did not respond to requests for comment.
Launched in 2012, Lazada received its first investment from Alibaba in 2016, when the Hangzhou-based company took a controlling stake that was later increased to more than 80 per cent through subsequent investments. Alibaba owns the South China Morning Post.
In May, Alibaba reported a 2 per cent increase in revenue for its fourth quarter, while also approving a full spin-off of its Cloud Intelligence Group, as well as external financing for multiple business units, in its first earnings report since the company announced a major restructuring earlier this year.
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