Indonesia's Lippo Group to invest US$500m in new online retail platform

[JAKARTA] Indonesian conglomerate Lippo Group said on Wednesday it plans to invest US$500 million over the next two to three years in a new online retail platform targeting the fast-growing domestic market, hoping to be "the Indonesian version of Alibaba".

Lippo hopes that the business can achieve sales of US$1 billion within one to two years after the launch, director John Riady told reporters.

REUTERS