Mustika Ratu (MRAT) and Martina Berto (MBTO) used to be household names for cosmetics and personal care. They’re among pioneers of local brands. Their companies have also long listed on the Indonesia Stock Exchange (IDX). Their combined market value (Rp316 billion), however, is not even one tenth of Billy Hartono Salim’s Victoria Care (VICI). To subscribe please click here
