PT Matahari Department Store Tbk (“Matahari” or “Company”) is Indonesia’s foremost retailer of affordable fashion, accessories, beauty and homeware. Matahari delivers a compelling proposition of stylish merchandise, outstanding value and an exceptional shopping experience, partnering with trusted local and international suppliers to offer an unparalleled assortment of fashion-forward exclusive brands and aspirational international labels.
Matahari’s position as Indonesia’s preferred department store is underpinned by its range of exclusive brands. Sold only in the Company’s outlets, they have consistently been ranked among Indonesia’s top brands, winning numerous accolades over the years for design, quality and value, and attest to Matahari’s deep understanding of its value-conscious customers across the country.
Matahari has been a fixture on Indonesia’s retail scene for almost six decades. The first outlet, a children’s clothing store, opened on October 24, 1958 in Jakarta’s Pasar Baru district. Since then, Matahari has grown to become a nationwide business, opening Indonesia’s first modern department store in 1972 and establishing a loyal customer base across the country. With a network of 142 stores in 66 cities, Matahari directly provides employment for over 50,000 people in Indonesia and sources over 80% of its direct purchases and consignment products from approximately 850 local suppliers.
In 2009, the Company was spun off from PT Matahari Putra Prima Tbk (MPP) to form a new entity, PT Matahari Department Store Tbk (Matahari). Asia Color Company Limited, a subsidiary of CVC Capital Partners Asia Pacific III L.P. and CVC Capital Partners Asia Pacific III Parallel Fund – A, L.P. (together “CVC Asia Fund III”), became Matahari’s majority shareholder in April 2010.
A public float of Matahari’s shares by Asia Color Company Limited and PT Multipolar Tbk in 2013 attracted global attention and expanded public ownership in the Company from 1.85% to 47.35% by March 28, 2013. This action not only significantly raised the Company’s profile in Indonesia and abroad, but has also strengthened the liquidity of its share trading on the IDX, expanded access to financing on domestic and international capital markets and also made it eligible for a reduced rate of income tax in accordance with prevailing taxation regulations in Indonesia.
Between March 2014 and February 2015, Asia Color Company Limited reduced its shareholding in the Company, and as at February 28, 2015, Asia Color Company held 2.00% of the Company’s shares, while PT Multipolar Tbk owned 20.48% and the public held 77.52% of the shares. In May 2016, Asia Color Company Limited sold all of the Company's shares. Currently the Company's shareholders are PT Multipolar Tbk owned 20.48% and the public owned 79.52% of the shares. On 6 September 2016, PT Multipolar Tbk reduced its shareholding in the Company, at the momentthe Company's shareholders are PT Multipolar Tbk owned 17.48% and public owned 82.52%.
Realising the potential of e-commerce to significantly expand the Company’s business throughout the country, on 11 August 2015, the Company exercised an option to purchase 2,631,580 (two million six hundred and thirty one thousand five hundred eighty) shares in PT Global Ecommerce Indonesia (GEI), representing 2.5% of the total shares of GEI. On 16 December 2015, following the increase of issued and paid up capital of GEI, the Company’s shares in GEI were diluted to 1.99%. On 30 December 2015, the Company exercised an option to purchase 4,404,700 (four million four hundred four thousand seven hundred) shares, bringing its total shareholding to 5.16% of GEI’s total shares. On 20 January 2016, the Company exercised an additional option purchase 7,864,075 (seven million eight hundred and sixty four thousand seventy five) shares in GEI, bringing the Company’s total shareholding to 10.33%. The Company’s shares then were diluted to 10% after another option holder implemented its option. As at 29 January 2016, the Company owns 10% of the GEI’s total shares.