Sritex to invest up to US$100m for retail expansion in Indonesia

One of South East Asia’s largest textile manufacturers, Sri Rejeki Isman (Sritex), will enter the retail business as part of the company’s integration plan for engaging both upstream and downstream textile operations.

President Iwan Setiawan Lukminto said the company will invest US$50-100m over the next three years to finance its expansion into the fashion retail industry, either by acquiring local and global brands or by designing its own products.

He added that the textile producer will set up its own retail shops. “We want to become a global supplier of apparel by 2017,” he said in a press conference. “If things go according to plan, our retail unit will contribute around IDR2trn (US$164m) to our revenue.”

For the full story, see the January 2015 edition of Textiles South East Asia. Not a subscriber? Sign up HERE