Alibaba to invest additional $2 billion in Lazada, replaces CEO

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BEIJING (Reuters) – Alibaba Group Holding Ltd said it will invest an additional $2 billion in Southeast Asian e-commerce firm Lazada Group as part of the Chinese firm’s push into new markets. FILE PHOTO: A sign of Alibaba Group is seen during the fourth World Internet Conference in Wuzhen, Zhejiang province, China, December 3, 2017. REUTERS/Aly Song/File PhotoFollowing the investment, Lucy Peng, who currently serves as Lazada Group chairwoman, will take over the role of chief executive officer, replacing founder Max Bittner, who will become a senior advisor to Alibaba. Alibaba has previously invested $2 billion in the Singapore-based firm, bringing its total investment to $4 billion. Reporting by Cate Cadell; Editing by Stephen Coates
Source: Reuters