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

SHANGHAI (Reuters) – China’s e-commerce giant Alibaba (NYSE 🙂 It has set a target of $ 100,000 billion in gross sales volume for total purchase transactions in the Southeast Asian market.

The targets were shared with investors on Thursday and then in an online public presentation, it entered the region by purchase in 2016 and raises the precedent of the company, which is competing fiercely with rivals.

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

In comparison, Sea Ltd’s Shopee, the regional market leader, generated $ 35.4 billion in GMV for the full 2020 calendar.

The division is the third largest player in Southeast Asia, behind Free market (NASDAQ 🙂 Inc. and Shopee, according to the presentation.

Lazada has undergone major staff changes since the acquisition of Alibaba, and the two CEOs resigned before Chun Li, the current CEO, took office in 2020.

Earlier this month, Alibaba announced an executive change, with Jiang Fan, who previously ran the company’s main Taobao and Tmall divisions, Lazada and AliExpress, the company’s e-commerce center, named Lazada and AliExpress, an international digital commerce unit. European and South American.

Alibaba will close its two-day investor summit on Friday with the first major public announcement by Toby Xu, who will be replaced by longtime chief financial officer Maggie Wu. CEO Daniel Zhang will also speak.