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The Latest Breaking News from Shopee

E-marketplace Shopee is pursuing layoffs across markets in Asean, including Thailand, according to industry sources, as the company is believed to have become more cautious about spending and more focused on attaining profitability rather than burning cash.

Bangkok Post

Morning Brief: Top Financial Stories Dominating on Tuesday, June 14

CNBC

Benzinga

This Alibaba Competitor Undertakes Aggressive Job Cuts Across Multiple Southeast Asian Markets

Sea Limited's (NYSE:SE) e-commerce arm Shopee laid off staff across multiple markets, DealStreetAsia reports. The layoffs to rationalize its e-commerce business encompassed several Southeast Asian markets, including Indonesia, Thailand, and Vietnam. Shopee's payments arm ShopeePay and food delivery business ShopeeFood also faced cuts. The competitor of the Alibaba Group Holding Limited (NYSE:BABA) hosted a general…

Benzinga

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Shopee owner Sea Ltd cuts jobs in shopping, food

Sea Ltd is making its first major job cuts in areas spanning shopping and food, joining other tech firms downsizing this year in anticipation of unprecedented market and economic volatility.

Bangkok Post

Lazada, Shopee, JD Central rack up losses to gain users

Marred by intense competition and several promotional campaigns, the three major e-commerce operators in Thailand have racked up a combined 39 billion baht in operational losses over the past seven years, according to Creden Data, a data analytics service provider.

Bangkok Post

Alibaba Names Proven Leader As New Lazada Chief

Alibaba Group Holding Limited (NYSE:BABA) replaced Lazada Group CEO Chun Li with the head of its Thailand business, signifying brewing competition in Southeast Asia, Bloomberg reports. Lazada's new leader James Dong was also a one-time business assistant to Alibaba CEO Daniel Zhang before joining Lazada as its CEO for Thailand in 2018. In…

Benzinga

Shopee unveils “Shopee International Platform” Joins forces with DITP to help Thai SMEs reach consumers around the region

‘Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, recently took its ‘6.6 Greatest Brand Celebration’ as an opportunity to launch “Shopee International Platform”, or SIP, a special program putting into practice its commitment to help Thai businesses take advantage of the borderless digital economy to develop and grow.

Bangkok Post

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Alibaba's Overseas Growth Push Gets Critical To Beat Domestic Slowdown

Alibaba Group Holding Limited's (NYSE:BABA) hunt for overseas growth is critical to offset sluggish demand at home by expanding in Europe through its Southeast Asian offshoot, Lazada, Reuters reports. Lazada plans to target local European vendors, while Alibaba's existing global platform, AliExpress, will continue to focus mainly on cross-border sales from China. However, the…

Benzinga

Alibaba looks to expand SE Asian arm Lazada to Europe: sources

SINGAPORE/SHANGHAI: Alibaba Group plans to expand its Southeast Asian arm, Lazada, to Europe, two sources familiar with the matter told Reuters, as the Chinese e-commerce company seeks further overseas growth amid slowing opportunities at home.

Bangkok Post

Sea Limited Shutting Down E-Commerce Arm In India

SE stock dropped Monday as it announced plans to pull the company's e-commerce business out of India, six months after its launch there.

Investors Business Daily

Sea e-commerce arm Shopee to shut down India operations

SINGAPORE: Singapore-based e-commerce and gaming firm Sea Ltd said on Monday it is withdrawing from India's retail market just months after beginning operations there, citing "global market uncertainties".

Bangkok Post

Shopee upbeat on e-commerce

Shopee, an e-commerce platform in Southeast Asia and Taiwan, is forecasting growth in Thailand's e-commerce market based on an expansion in the user base and intense marketing and promotions to help boost purchasing power amid a sluggish economy.

Bangkok Post

Tencent-Backed Sea Faces Yet Another International Market Setback

Tencent Holdings Ltd (OTC: TCEHY) backed Sea Ltd's (NYSE: SE) Shopee shut shop in France, retreating from a significant market months after launching its maiden foray into Europe, Bloomberg reports.

Benzinga

India adds 54 more Chinese apps to ban list; Sea says it complies with laws

India has blocked access to 54 mobile apps, mainly Chinese but also including Singapore-based Sea Ltd's "Free Fire" mobile game, over security concerns, government sources said on Tuesday.

Reuters

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