Nadine Freischlad · · 1 min readSalim and Lotte launch new Indonesian ecommerce site with $100m budget
Ardi Sudarto, CMO of iLotte at the launch of iLotte in Jakarta.
Indonesia’s Salim Group and South Korea’s Lotte Group today launched their new ecommerce joint venture, iLotte. As a full-range ecommerce site with fashion, electronics, household goods, and groceries categories, iLotte competes directly with established players like Alibaba’s Lazada, Djarum’s Blibli, Lippo’s MatahariMall, and JD.id.
At the launch event, iLotte vice president Steven Calvin said the two firms have committed a US$100 million budget to the project.
Philipp Lee, iLotte CEO, added that the US$100 million investment is just the start. “We are committed to building this business for a long time, with no plans to sell.”
He also said there are no immediate plans to shut down or merge iLotte with ecommerce site Elevenia, which Salim Group took over in August.
“I cannot answer that now. Each has its own uniqueness,” Calvin said.
iLotte plans to stand out in Indonesia’s crowded ecommerce landscape as an online mall that offers only authorized sellers and brands. In addition to its basic shopping categories, it plans to target millennials with lifestyle content and South Korean fashion, beauty, and food products.
Editing by Judith Balea
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