The Alibaba Group logo on its office building in Beijing, China, August 9, 2021. REUTERS / Tingshu Wang
By Brenda Goh
SHANGHAI, Dec 6 (Reuters) – Alibaba Group Holding Ltd has said it will reorganize its international and domestic e-commerce businesses and replace its chief financial officer, changes that come as the tech giant faces fierce competition, a slowdown in the economy and the tightening of regulation.
It will form two new units, the International Digital Trade Unit and the China Digital Trade Unit, as part of its efforts to become more agile and accelerate growth.
The international digital commerce unit will include AliExpress, which sells to retail buyers, especially in Europe and South America, its e-commerce business in Southeast Asia, Lazada, and Alibaba.com, which is more focused on selling to American business customers.
It will be led by Jiang Fan, who had been in charge of its main Chinese retail markets, and the change is seen in line with Alibaba’s goal of making “globalization” a key focus area, in addition to cloud computing and national consumer spending.
Globalization “helps Alibaba get a new volume of overseas traffic (and) seek new growth potential while China has been increasing oversight,” said Hong Kong-based Guotai Junan analyst Danny. Law.
China’s digital commerce unit will include Alibaba’s two main marketplaces, Tmall for established brands and Taobao, which is home to all types of merchants. It will be led by Trudy Dai, who has previously managed various platforms for Alibaba.
Alibaba also announced that Deputy CFO Toby Xu will succeed Maggie Wu as CFO starting in April, explaining her appointment as part of the company’s leadership succession plan. Xu joined Alibaba from PWC three years ago.
Shares of the Hong Kong-listed e-commerce giant fell 6% in early morning trading, following Friday’s declines in the United States.
(Reported by Brenda Goh in Shanghai and Scott Murdoch in Hong Kong; additional information by Akriti Sharma in Bengaluru; edited by Edwina Gibbs; translated by Flora Gómez)