Alibaba’s biggest competitor in Asia and second largest e-commerce player in the region, JD.com, has announced plans to invest in Thailand and Russia before the end of the year.
Founder and chief executive officer, Liu Qiang Dong, said that it will be headquartering its Southeast Asian venture in Thailand to service neighbouring countries Malaysia and Vietnam.
All eyes are on Southeast Asia as China reaches its ceiling. Brands from all over the globe are making their entrance, either through joint ventures or the acquisitions of established brands. Last year, Alibaba bought Southeast Asia’s largest e-commerce platform Lazada for USD1 billion. Since then, it has heavily invested time, money and effort into the growth and expansion of the region.
JD is currently seeking to hire a local team for its subsidiaries in Indonesia and Russia to work out of its headquarters in Beijing, China. The company started dabbling into the entertainment industry in Russia under the tutelage of Xu Xin, which came to a stop when Xu left his position as president.
The company hopes to revive its plans to enter Russia.