Business

China’s Alibaba sets $100 billion target for Southeast Asia e-commerce division

FILE PHOTO: The logo of Alibaba Group is seen at the office building in Beijing, China
FILE PHOTO: The logo of Alibaba Group is lit at an office building in Beijing, China August 9, 2021. REUTERS / Tingshu Wang / File Photo

December 17, 2021

SHANGHAI (Reuters) – Chinese e-commerce giant Alibaba has set a target of $100 billion in gross merchandise volume (GMV), total purchases, for the market. Southeast Asia Lazada.

The goal, shared with investors on Thursday and later in a public online presentation, is to raise the bar for the company, which entered the region through an acquisition last year. 2016 and fierce competition with rivals.

Lazada generated $21 billion in GMV from September 2020 to the same month of 2021, according to the presentation. It also hopes to serve 300 million customers, nearly double the current number.

By comparison, Shopee by Sea Ltd, the market leader in the region, generated $35.4 billion in GMV for the full calendar year 2020.

According to the presentation, the division ranks itself as the third-largest player in Southeast Asia, behind MercadoLibre Inc and Shopee.

Lazada has undergone top staffing changes since Alibaba acquired it, with two CEOs stepping down before current CEO Chun Li takes over in 2020.

Earlier this month, Alibaba announced an executive reshuffle when Jiang Fan, who previously led the company’s main Taobao and Tmall divisions, was appointed to lead an international digital commerce unit. startups include Lazada and AliExpress, the company’s e-commerce site targeting parts of Europe and South America.

Alibaba will wrap up its two-day investor summit on Friday with its first major public remarks from Toby Xu, who will replace longtime chief financial officer Maggie Wu. CEO Daniel Zhang will also speak.

(Reporting by Josh Horwitz; Editing by Shri Navaratnam)

https://www.oann.com/chinas-alibaba-sets-100-billion-target-for-southeast-asian-e-commerce-division/?utm_source=rss&utm_medium=rss&utm_campaign=chinas-alibaba-sets-100-billion-target-for-southeast-asian-e-commerce-division China’s Alibaba sets $100 billion target for Southeast Asia e-commerce division

Bobby Allyn

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