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Southeast Asian retailer Shopee’s long path to profit: Are we there yet?

Supersized pandemic revenue growth is waning and losses are mounting, but Shopee is now the clear Southeast Asia market leader. Shopee opened for business as a consumer-to-consumer (C2C) marketplace in the first quarter of 2015 and evolved into a hybrid B2C/C2C business model that by late 2019 was growing fast. Still, it was trailing Lazada in its home country of Singapore, as well as in the Philippines, Malaysia and Thailand – four of the key Southeast Asian markets in which it was operating.