Alibaba Group Holding has unveiled ambitious objectives for its Southeast Asian arm Lazada, accelerating an overseas expansion to offset Chinese economic and regulatory headwinds.
The Chinese e-commerce leader is targeting a long-term goal of quintupling gross merchandise value, the sum of transactions across Lazada’s platforms, to US$100 billion, Alibaba outlined in a presentation to investors. It wants Lazada to serve more than 300 million users eventually, according to a slideshow posted on its website.
Lazada, which Alibaba took over in 2016, is the Chinese corporation’s main e-commerce business in the booming Southeast Asian market. Its importance has grown since Beijing launched a sprawling effort to curb the influence of internet giants, spurring the likes of Alibaba and Tencent Holdings to ramp up their international businesses. The WeChat operator, which is grappling with a gaming clampdown at home, this month launched a global publishing arm to group A-list titles under one umbrella.