Tesco buys part of Asian grocer

 
Kasmira Jefford
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TESCO has bought a minority stake in south east Asia’s largest online retailer Lazada, the supermarket chain confirmed yesterday.

Tesco declined to say exactly how much it had spent on the acquisition but said the deal was worth “ten of millions” of pounds.

Lazada was founded last year by German brothers Oliver, Marc and Alexander Samwer and sells general merchandise such as books and electronic goods across Thailand, Malaysia, Indonesia, Vietnam and the Philippines.

Tesco’s investment is part of a larger round of funding for the fast-growing company, which raised $100m earlier this year from other investors. “Lazada has established a strong position from which to grow,” said Tesco’s multichannel director Robin Terrell.