E-commerce platform Taobao, a subsidiary of Alibaba Group, which also owns a stake in e-commerce platform Lazada, has been once again listed as a notorious market by the Office of the United States Trade Representative (USTR). According to USTR, the Notorious Markets List highlights prominent online and physical marketplaces that reportedly engage in and facilitate substantial copyright piracy and trademark counterfeiting, which “cause significant financial losses for rights holders and legitimate businesses, undermine critical US comparative advantages in innovation and creativity to the detriment of American workers, and can pose significant risks to consumer health and safety.” The American Apparel & Footwear Association, which represents US apparel, footwear, and other sewn products companies and their suppliers competing on the global market, commended the USTR for its decision. "Today's action shines a renewed spotlight on the considerable concerns we and … [Read more...] about Alibaba’s Taobao listed again among US trade agency’s notorious markets
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Alibaba Group Holding Limited announced today that it had entered into an agreement to acquire a controlling stake in ecommerce company Lazada. According to the company’s press release, the transaction is expected to help brands and distributors around the world that already do business on Alibaba’s platform, as well as local merchants, to access the Southeast Asian consumer market. Founded in 2012, Lazada currently operates ecommerce platforms in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. These six countries combined have a population of approximately 560 million and an estimated Internet user base of 200 million, according to Internet Live Stats. In the past four years, Lazada’s revenue from the six markets was $1.3 billion. According to president of Alibaba, Michael Evans, Southeast Asia is one of the most promising regions for ecommerce globally. "This investment supports our ecosystem expansion in Southeast Asia to better serve our … [Read more...] about Alibaba to hold controlling stake in Lazada
TechCrunch cited a source saying that Central Group spent $10 million for each operation, but neither Zalora nor Central Group has made a comment. With the sale of operations in Vietnam and Thailand, two of its 11 markets in Asia-Pacific, Rocket aims to cut costs and focus on markets where it is “on the verge of profitability,” according to the source. Central Group has a strong presence in Thailand and has been expanding in Vietnam, Malaysia, Indonesia, and other countries. The group’s assets, which include multiple shopping malls and department stores, are worth almost $10 billion and it employs some 70,000 people globally.In Vietnam, Central Group is among the possible buyers of the Big C supermarket chain that the current owner Groupe Casino is putting on sale. Upon a successful bidding, Big C will be a sizeable addition to Central Group’s Vietnamese portfolio that currently includes electronics retail chain Nguyen Kim in the south, where its … [Read more...] about What is Central Group’s plan for Vietnam after its Zalora Vietnam acquisition?
PM Nguyen Xuan Phuc (R) and CEO of the Alibaba Group of China Jack Ma, Ha Noi, November 6, 2017 - Photo: VGP/Quang Hieu PM Phuc expressed the pleasure to meet the CEO, speaking highly of Mr. Jack Ma’s talent, not only for Chinese people but also Asian ones. PM Phuc recommended CEO Jack Ma support to build a Vietnamese stall on Alibaba’s e-commerce application; provide training assistance for Vietnamese SMEs and micro businesses on application of e-commerce models. Moreover, Viet Nam expected that Alibaba would help Viet Nam to establish an ecosystem for peasants and small and medium shopkeepers to bring products to the outside world.In reply, Chinese billionaire Jack Ma said that he expected highly for the tour to Viet Nam for the APEC meetings. The guest leader stressed that Viet Nam has progressed quickly over the last ten years. He also hoped to share his business start-up experience with Vietnamese youth. The CEO … [Read more...] about PM greets Alibaba Group CEO
Chinese online marketplace Alibaba has struck a deal to acquire a controlling stake in Lazada Group SA, Southeast Asia's leading e-commerce platform, at a cost of US$1 billion. The companies said the transaction consists of US$500 million worth of newly issued Lazada shares and an acquisition of shares from existing shareholders. CNBC reported that Germany's Rocket Internet would sell a 9.1 per cent stake in Lazada for $137 million in cash but will still have an 8.8 per cent stake. British supermarket giant Tesco will sell 8.6 per cent for $129 million, brining down its stake in Lazada to 8.3 per cent. Bloomberg added one more name to the list: Investment AB Kinnevik. Alibaba said the deal is expected to help brands and merchants around the word that already do business on its platform access the Southeast Asia consumer market. "Globlisation is a critical strategy for the growth of Alibaba Group today and in the future," Michael Evans, president of Alibaba said. "With … [Read more...] about Alibaba pays $1 billion to acquire controlling stake in Lazada