Tesco buys into Southeast Asian online shop
UK retailing giant Tesco has acquired a minority stake in Lazada, a seller of non-food goods to customers in Thailand, Malaysia, Indonesia, Vietnam and the Philippines. The British company, which is strengthening its e-commerce capabilities while reining in spending on store expansion, has invested “tens of millions” of dollars in the online marketplace, Multichannel Director Robin Terrell said yesterday according to Bloomberg.
Tesco is part of a funding round that includes other investors such as Investment AB Kinnevik (Sweden) and Verlinvest SA (Belgium). Altogether, Lazada will get fresh capital of about $250 million. Together with previous investment rounds, Lazada has now raised $486 million.
Lazada was founded in 2012 by German Internet incubator Rocket Internet GmbH, owned by German brothers Oliver, Marc and Alexander Samwer. The company sells products including electronic goods, books, clothing, toys, homeware and cameras.
Tesco is the latest European backer of the business, which says it’s southeast Asia’s largest online shopping mall, and the current funding round includes existing investors Investment A
Tesco Chief Executive Officer Philip Clarke has said that the company is spending $750 million this year to develop online shopping and other digital services as customers worldwide shift to purchasing via smartphones, tablets and computers. The grocer is struggling with competition from discounters and Internet grocers and last week reported declining sales in all its markets.
UK retailing giant Tesco has acquired a minority stake in Lazada, a seller of non-food goods to customers in Thailand, Malaysia, Indonesia, Vietnam and the Philippines. The British company, which is strengthening its e-commerce capabilities while reining in spending on store expansion, has invested “tens of millions” of dollars in the online marketplace, Multichannel Director Robin Terrell said yesterday according to Bloomberg. Tesco is part of a funding round that includes other investors such as Investment AB Kinnevik (Sweden) and Verlinvest SA (Belgium). Altogether, Lazada will get fresh capital of about $250 million. Together with previous investment rounds, Lazada has...
UK retailing giant Tesco has acquired a minority stake in Lazada, a seller of non-food goods to customers in Thailand, Malaysia, Indonesia, Vietnam and the Philippines. The British company, which is strengthening its e-commerce capabilities while reining in spending on store expansion, has invested “tens of millions” of dollars in the online marketplace, Multichannel Director Robin Terrell said yesterday according to Bloomberg.
Tesco is part of a funding round that includes other investors such as Investment AB Kinnevik (Sweden) and Verlinvest SA (Belgium). Altogether, Lazada will get fresh capital of about $250 million. Together with previous investment rounds, Lazada has now raised $486 million.
Lazada was founded in 2012 by German Internet incubator Rocket Internet GmbH, owned by German brothers Oliver, Marc and Alexander Samwer. The company sells products including electronic goods, books, clothing, toys, homeware and cameras.
Tesco is the latest European backer of the business, which says it’s southeast Asia’s largest online shopping mall, and the current funding round includes existing investors Investment A
Tesco Chief Executive Officer Philip Clarke has said that the company is spending $750 million this year to develop online shopping and other digital services as customers worldwide shift to purchasing via smartphones, tablets and computers. The grocer is struggling with competition from discounters and Internet grocers and last week reported declining sales in all its markets.
