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  • Matahari launches a new identity and brand new imagery as a ‘House of Specialists’. To realize this concept, Matahari focuses on four main things: Products, Price, Customer Experience and People. These include providing rejuvenated high-quality merchandise offer, competitive price products, fresh new store concepts to upgrade customer experience, and elevated skills of Matahari’s employees and business partners.
  • Opened 3 new stores in Balikpapan, Cianjur, and Batam.
  • Launch the self-training program “MILEA” (Matahari Integrated Learning).
  • Launched Nevada Sport.
  • Launched the Baby Shop-in-Shop.
  • Auric Group became the controller of the Company.
  • New diversified Board structure.
  • Renewed dividend policy with clear direction of minimum 50% payout ratio.
  • Interim Dividend payment in December 2021.
  • Finalised share buyback phase 1 in November 2021 and continued the share buyback phase 2 until February 2022
  • 100% staff vaccinated
  • Established five-year blueprint ‘Sunrise’
  • ‘Your Smile is My Sunshine’ Activity through 1000 clothes for 10 orphanages
  • Opened 3 new stores in Palembang, Depok, and Tangerang.
  • Auric Capital, indirectly via Greater Universal Ltd emerged as a shareholder.
  • Launched the new “Pay Less, Feel Good” strapline.
  • Acquired 728 million shares of Nobu Bank, equivalent to 16.4% shareholding.
  • Introduced the first Branchless Banking feature in Atrium Senen store.
  • Launched the social commerce Shop & Talk and marketplaces.
  • Launched the New!
  • Introduced the first Black Friday campaign.

Initiation of the use of cassava-based shopping bags.


Relaunched as

  • Relaunched the loyalty program as Matahari Rewards, with an improved platform and superior benefits.
  • Launched the new “Feel Good” tagline, reinforcing Matahari’s commitment to offering all its customers a great shopping experience.
  • Since the share offering by ACC and PT Multipolar Tbk (Plc), followed by the ACC’s divestment, the public shareholding of Matahari increased from 1.85% to 82.52%.
  • Launched the digital platform

A third-party e-commerce platform MatahariMall began to offer Matahari’s exclusive brands.


LED lighting was installed in all new stores


Merger completion of Matahari and its parent company PT Meadow Indonesia (MI), after a year earlier, MI, a subsidiary of Asia Color Company Limited (ACC), acquired Matahari.


Matahari is acquired by PT Meadow Indonesia (MI), a subsidiary of Asia Color Company Limited (ACC). Both MI and ACC were indirectly majority owned by CVC Asia Fund III.

  • MPP affiliate PT Pacific Utama Tbk acquires the Matahari Department Store Division.
  • Matahari begins trading as a stand-alone public company, PT Matahari Department Store Tbk under the stock code LPPF.

Matahari introduces its New Generation concept, which showcases the best of modern department store design.


Matahari Club Card (MCC) is launched.


Multipolar became the majority shareholder of MPP


Matahari Putra Prima conducted Initial Public Offering (IPO) and listed its shares on the Jakarta Stock Exchange and the Surabaya Stock Exchange.


Establishment of PT Matahari Putra Prima (MPP).


Matahari opened its first store outside Jakarta, in Bogor.


Matahari opens the first modern department store in Indonesia


On 24 October, Mr. Hari Darmawan founded the first Matahari store in Jakarta, with a total floor space of 150 square meters.