Photo credit: Lazada
Lazada Group has denied reports that it is negotiating with Thai conglomerates Central Group and Charoen Pokphand (CP) to sell its stake in Lazada Thailand, the South China Morning Post (SCMP) reported.
The comments come following a Bangkok Post report earlier today on Alibaba’s alleged talks to sell its stake in its Thailand operations, which cited anonymous sources. CP counts Ant Group as an investor in its Ascend Money subsidiary, while Central Group had shuttered a joint venture with China’s JD.com last year.
An industry source had suggested to Bangkok Post that Lazada was grappling with intense competition from Shopee and TikTok in the market.
However, a Lazada spokesperson told SCMP that “Lazada Group is not considering any divestment of our business in Thailand and is not in discussion with any investors on this topic. Any rumors stating otherwise are untrue.”
Earlier this year, Alibaba invested an additional US$230 million in Lazada. This brings Alibaba’s total investment in Lazada to US$7.4 billion since acquisition, including significant capital injections of US$845 million and US$634 million last year.
However, the Southeast Asian ecommerce platform began 2024 by downsizing its workforce by 30%. It had also quietly launched Choice, its attempt to emulate the likes of Temu and Shein, last year.
See also: Lazada SG’s retrenched, non-union employees to receive $888 for training support
Editing by Putra Muskita and Lorenzo Kyle Subido
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