Company: Matahari Department Store Tbk PT Brand value: US$2,092 million Year on year change: -2% Headquarter city: Tangerang Industry: Retail Year formed: 1958
Matahari is a fast-growing chain of department stores that is expanding its presence online as well as its physical network. The brand caters to the desires of the burgeoning Indonesian middle class, with upbeat advertising that reflects family life, modern fashion and good value for money. Now present in 66 cities, Matahari has 144 stores, with a further five to seven due to open in 2016, and employs more than 50,000 people. In the past year, Matahari has increased its share in e-commerce site Mataharimall.com to 5 percent, and has launched an online fashion and style video channel called M+. It plans to update its web site this year and launch a mobile shopping app in mid-2016. Despite the weak economic environment, controls on costs have enabled Matahari to expand and deliver earnings growth; sales were up 10 percent in the first nine months of 2015.
The company supports more than 850 Indonesian suppliers, and its CSR work includes a long-standing partnership with UNICEF, local charities and employee associations. It also sponsors live events such as Jakarta Fashion Week, the Gadis Sampul beauty contest, and the Jakarta Kids Festival. Matahari featured in Retail Asia Pacific’s Top 500 in 2015.
Matahari shares were floated in 2013, and the public now owns 73.52 percent of the company, with PT Multipolar and Asia Color Company the other major shareholders.