KUALA LUMPUR: It will be a busy 24 months ahead for new firm Aladdin Group, as it gears up for a global expansion involving 40 countries, as well as multiple rounds of fundraising exercises to help fund its ambitions.
The firm, which yesterday launched its e-commerce platform, Aladdinstreet.com in conjunction with the Malaysia International Halal Showcase (MIHAS 2017), aims to raise US$50 million within the next six months.
"We have already successfully raised US$5 million with investors from Singapore, Hong Kong, Europe, Japan, the Middle East, China and the United States," said its cofounder and president, Datuk Sri Desmond To.
"Eventually, we are hoping to raise US$50 million, and this will be used towards expanding our global offices, as well as advertising and promotions (A&P)," he said during a press conference here at MIHAS.
To said that the first phase of Aladdin's expansion will cover 30 countries, thus giving it an entry to some four billion consumers.
"We will have two phases altogether, with the first phase being rolled out within 18 months. The second phase, which will come right after that, will cover 10 more countries and will be rolled out in six months,” he added.
Aladdinstreet.com has also signed on to be football club Manchester United's exclusive global partner for the next five years. Partnering with a household sports brands, according to To, will continue to be the group's game plan going forward.
"We are a relatively new company and we know that, to compete in a competitive space like e-commerce, we need to have something that will give us that edge. Partnering with a global brand like Manchester United, will give us just that," he said, adding that the partnership will also give the firm access to the club's fans all over the world.
"We will also be partnering with other sports brands and stars in other markets that we will expand into. For instance, we are looking at cricket in Pakistan and India, and badminton in China," To added.
If all goes to plan, the company plans to list on the New York Stock Exchange by 2020.