After investing an additional $2B into Lazada, totalling it’s investment to $4B, Alibaba appoints a new Lazada CEO to lead the south-east asian startup. Lucy Peng will take over Maximillian Bittner’s role in the region. Coming from one of Alibaba’s founders, Lucy Cheng has been part of the Lazada team previously serving as Chairwoman. Bittner will remain involved with Lazada as a “senior advisor to Alibaba Group” to take part in international expansion opportunities.
Alibaba first invested into Lazada in 2016 when it purchased a 51% shareholder stake for $1 billion, later adding an additional $1 billion to increase its share to 83%. With the recent $2 billion investment, Alibaba will have invested $4 billion to date. Alibaba does this with plans to “accelerate growth plans” further strengthening its e-commerce business in the region.
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