Indonesian retailer partners to set up iLotte
Korean retail giant Lotte has jointly established e-commerce site iLotte with Indonesian retailer Salim Group.
Lotte says it is a 50:50 JV but refuses to disclose the specific amount of investment.
Lotte Group chairman Shin Dong-bin signed a memorandum of understanding in February to run an e-commerce platform with the Indonesian firm’s chairman Antony Salim.
Salim Group, the second-biggest firm in Indonesia, has just acquired e-commerce company Elevenia, from SK Planet, which runs Korea’s online market 11st.
“We aim to post 500 billion won (US$438.9 million) revenue by 2021 and reach 1 trillion won by 2023 in Indonesia through iLotte,” says iLotte representative Lee Jae-gwan.
The Korean retailer has one Lotte Department store, 42 Lotte Mart and two Lotte Duty Free Stores in Indonesia.