Tesco takes stake in Lazada
British grocer Tesco has taken a minority stake in Southeast Asian online retailer Lazada.
Without providing much further detail, Robin Terell, multichannel director at Tesco, said the company has invested “tens of millions” of pounds in Lazada, which offers non-food products such electronic goods, clothing, homewares and toys in Indonesia, Malaysia, Philippines, Thailand and Vietnam.
Lazada, owned by German incubator Rocket Internet, also offers a marketplace where third-party merchants can sell their products.
With the new investment, the entire amount invested in Lazada has reached $250 million.
Tesco’s investment in Lazada is part of its strategy to take advantage of the booming opportunity in online shopping. The retailer saw its sales in all its markets declined recently due to stiff competition from other online grocers.