Deals

Alibaba Will Invest Another $2 Billion in Online Mall Lazada

Ant Executive Chair Lucy Peng to replace Lazada’s CEO
Alibaba investment in Lazada reaches $4 billion in total

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By Lulu Yilun Chen

March 19, 2018 at 3:22 AM UTC

Updated on

March 19, 2018 at 4:11 AM UTC

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Alibaba Group Holding Ltd. will invest another $2 billion in Lazada Group SA and install one of its most senior executives to run the business as it doubles its bet on Southeast Asia.

Lucy Peng, who is already chairman of Lazada, will take over as chief executive officer, according to a statement Monday. Current CEO Max Bittner will step down and remain as a senior adviser.