Thu, 05 Oct 2000

LippoShop invests Rp 100b

JAKARTA (JP): LippoShop, an online shopping operator jointly owned by PT Lippo Online and retail chain Matahari Putra Prima, will spend about Rp 100 billion (about US$11.7 million) in investments during the first year of operation.

The company's president Teddy H. Setiawan said that a larger part of the investment funds would be allocated to purchase technology and equipment.

"LippoShop, in an initial stage, will be able to distribute 11,500 items of goods to more than 8,000 consumers in the Greater Jakarta area," he said at the launching of the company on Wednesday.

He said that the company, which recently took over local online shopping operator PT Dial Mart, was projected to book total sales of about Rp 229 billion in 2001. (hen)