Early Life
Michael Bambang Hartono was born on October 2, 1939, in Kudus, Central Java, Indonesia. His father, Oei Wie Gwan, acquired a small kretek cigarette factory called Djarum Gramophon in 1951, later renaming it Djarum. Michael studied in the faculty of economics and business at Diponegoro University. In 1963, the Djarum factory was destroyed by fire, and shortly thereafter his father passed away, prompting Michael to return to Kudus to manage the family business alongside his younger brother, Robert Budi Hartono.
Rise to Success
Under Michael and Robert's leadership, the cigarette company Djarum grew significantly, making its first export in 1972 and introducing new products. The brand became one of the largest in Indonesia, with a 19% market share in 2012. The group expanded into other fields, founding the electronics brand Polytron in 1975. They also expanded into businesses like palm oil, papermaking, and communication towers. In 2002, they acquired a 51.15% stake in Bank Central Asia (BCA). In 2010, through a deal with UBS, the brothers controlled the majority of the company's shares.
Key Business Strategies
The Hartono brothers' strategy included diversifying their investments. They entered the banking sector with Haga Bank and Hagakita Bank. They also control several shopping malls and buildings in Jakarta. They also expanded into the online retail sector with e-commerce giant Blibli, and established venture capital firm GDP Venture in 2010.
Philanthropy
The brothers have also contributed to society through their Djarum Foundation, which supports sports, the environment, education, culture, and social initiatives.
