Thailand's CP Group expands e-commerce with purchase of HK-based Chilindo
[BANGKOK] Thailand's top agro-industrial conglomerate, Charoen Pokphand Group, said on Friday it will buy Hong Kong-based e-commerce platform Chilindo for US$18 million, expanding its digital business as consumer behaviour changes.
The acquisition by the company's digital arm, Ascend Commerce, will complement its online shopping WeMall platform and develop Thailand's digital economy as the e-commerce market grows amid the novel coronavirus pandemic, chief executive Suphachai Chearavanont said in a statement.
WeMall competes with Alibaba's Lazada, Sea's Shopee and JD Central, a joint venture between top retailers, Central Group and JD.com.
Thailand is well-known for online shoppers buying directly from merchants through social media platforms like Instagram.
"Chilindo's plan to enter the international e-commerce market will increase the ability of Thai e-commerce brands to compete on an international level," Mr Suphachai added as telecommunication operators roll out 5G technology.
CP Group owns Thailand's second-largest telco operator, True Corporation, which won 5G licenses in February.
A NEWSLETTER FOR YOU
Asean Business
Business insights centering on South-east Asia's fast-growing economies.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
GSK profit drops in first quarter on higher costs
Starbucks points to weaker consumer as profit falls
Restaurant Brands tops estimates as Burger King overhaul pays off
Walmart to shut all health centers in US over lack of profitability
Coca-Cola raises annual sales forecast on global demand, higher prices
Dying salmon trouble Norway’s vast fish-farm industry