Japanese corporation Sumitomo is setting up online businesses in Malaysia and Vietnam.
Sumisho E-commerce Malaysia will launch in December 2013 and will offer a wide range of household products. Initially, the online shop will primarily serve customers in Kuala Lumpur but it is planning to expand its coverage area for deliveries.
Meanwhile, in Vietnam the company has taken a 30 per cent stake in Tiki Corporation, an e-commerce operator selling books and other items online.
Sumitomo will support Tiki’s expansion efforts with the online retail expertise and merchandise sourcing capabilities it has developed through its operation of ‘Soukai Drug’.
The corporation has been into e-commerce business in Asia since last year through online stores Pindian in China and Sukamart in Indonesia.
“Through Sumisho E-commerce Malaysia and Tiki Corporation, as well as existing businesses in China and Indonesia, Sumitomo will strive to expand its e-commerce operations in Asia, in line with its medium-term management plan ‘Be the Best, Be the One 2014’ which specifies retail business in Asia as a strategic focus of the company,” it says.
Sumitomo also says the new ventures are also part of its goal to achieve an annual sales of 100 billion yen ($1.01 billion) from all its e-commerce businesses worldwide.
