Its specific plans will depend on macroeconomic and market conditions, Lazada Group chief executive officer James Dong, 43, told. But it’s clear Alibaba is intensifying its global ambitions, in part because of rocky economic conditions back home.
A European push by Lazada would mark a revival in Alibaba’s global efforts, which slowed in recent years in the face of torrid competition from Amazon and Tencent Holdings Ltd-backed Sea Ltd. The Chinese company has also had a mixed record beyond its home turf. It dipped a toe in US retail by launching San Mateo, California-based 11 Main Inc before its record 2014 IPO, only to sell the niche ecommerce site shortly after.
Lazada’s increasing investments are in a stark contrast to archrival Shopee, the ecommerce unit of Singapore’s Sea, which has been retreating after years of aggressive international push from Brazil to Poland to drive growth beyond South-East Asia. Shopee pulled out of France as well as India in March, just months after launching its operations in those markets as it tries to boost profitability.
Source: Financial Digest (financialdigest.net)