Alibaba’s Lazada Deal a Big Move Into Southeast Asia

Alibaba (BABA) - Get Report signed its biggest overseas deal to date on Tuesday, agreeing to buy a controlling stake in Southeast Asian online retailer Lazada Group for about $1 billion. The purchase demonstrates the Chinese e-commerce giant's desire to tap new markets while growth slows at home. Lazada is headquartered in Singapore and also operates in Malaysia, Indonesia, the Philippines, Thailand and Vietnam. Lazada saw revenue jump 81 percent to $190 million in the first nine months of 2015, with active customers tripling to 7.3 million. The company is not making money right now. Its adjusted loss last year was $213 million.