You are here

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

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes