JAKARTA - Chinese-Indonesian conglomerate Lippo Group plans to invest US$500 million (S$677.71 million) in a new online shopping platform to expand its consumer business in Indonesia, a group executive said Wednesday.
John Riady, a director at Lippo Group and a grandson of its founder, Mochtar Riady, said the group is targeting $1 billion in sales from Mataharimall within two years.
The investment will be used to hire talent, develop the shopping portal and expand the group's distribution network.
Mataharimall will open in March.
"Our vision is to build the most powerful ecosystem that brings together buyers and sellers to do business anytime and anywhere," Riady said Wednesday.
Read the full article here.