07:38 AM EDT, 10/10/2024 (MT Newswires) -- Alibaba Group's ( BABA ) Lazada online shopping platform is trying to attract top European fashion and design brands to its recently launched LazMall Luxury in a bid to stay ahead of the competition and achieve $100 billion in e-commerce volume by 2030, Bloomberg reported Thursday, citing Chief Business Officer Jason Chen.

Lazada executives met earlier this week in Milan with over a hundred Italian brands, including Armani, Dolce & Gabbana, and Ferragamo, to promote LazMall Luxury, the report said.

Unlike its competitors, Chen told Bloomberg that Lazada offers brands greater control over pricing and marketing, and allows sellers to manage their online operations.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 108.72, Change: +0.83, Percent Change: +0.77