Early Life
Michael Bambang Hartono was born on October 2, 1939, in Kudus, Central Java, Indonesia. He comes from a Chinese-Indonesian family. His father, Oei Wie Gwan, acquired a small kretek (clove cigarette) factory named Djarum Gramophon in 1951, later renaming it Djarum. Michael pursued higher education at Diponegoro University in 1959, studying in the Faculty of Economics and Business.
Rise to Success
After his father's passing in 1963, Michael and his brother, Robert Budi Hartono, took over the struggling Djarum business. The factory had been damaged by a fire, but the brothers worked to rebuild and modernize the company. By the early 1970s, Djarum had become a leading kretek cigarette manufacturer in Indonesia. In the early 2000s, Michael and his brother diversified their business portfolio by acquiring a significant stake in Bank Central Asia (BCA), one of Indonesia's largest private banks. This move proved to be a game-changer, as BCA grew rapidly in value and became a cornerstone of their wealth.
Key Business Strategies
The Hartono brothers' success can be attributed to a few key strategies. First, they transformed Djarum through modernization and efficient production. Second, they diversified their investments, particularly in BCA, which proved to be highly profitable. Third, they expanded into new sectors like electronics with Polytron and real estate. They also entered the e-commerce sector with Blibli.
Philanthropy
While specific amounts are hard to find, Michael Hartono has supported various community programs, particularly in sports. Djarum, the family's primary company, has been involved in sports sponsorship, including the Djarum badminton club.
