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ACEH SPECIAL REPORT: YEARS AFTER TSUNAMI Indonesia JANUARY 2013 www.forbesindonesia.com VOLUME ISSUE BUSINESSMAN of the year Dr Boenjamin Setiawan HIS KALBE FARMA LEADS THE WAY IN HEALTHCARE RP 50,000 BTPN contents — JANUARY 2013 volume issue p PAGE 30 “We have been developing very fast, because we are putting a lot of emphasis on research and development I think this is our key of success.” —BOENJAMIN SETIAWAN, KALBE FARMA founder & honorary chairman 10 | FACT & COMMENT // Steve Forbes Where is Keynes when we need him? 12 | publisher’s letter // Jusuf Wanandi What strategy should Indonesia set for its future? 16 | reality check // James Kallman New year – new approach or same old story 18 | fresh thought // Taufik Darusman In the presence of political shamans companies & people 20 | Beauty Market L’Oréal has picked Indonesia as home of its largest plant in the world, which it hopes to help with its regional ambitions as well By Gloria Haraito 26 | Niche Player Intraco thrives on providing heavy equipment targeting specific markets By Gloria Haraito 28 | marketing insights // Hermawan Kartajaya “Anak Singkong” a presidential candidate? businessman of the year 30 | Medicine Man Indonesia At 80, Dr Boen has built Kalbe Farma into the country’s largest pharmaceutical company, and still sees plenty of growth ahead By Ulisari Eslita 37 | Ageless and Peerless In an Era of Fabless COVER Photograph by ahmad zamroni / forbes indonesia | FORBES INDONESIA JANUARY 2013 Morris Chang, 81, has lit another fire under TSMC, as it builds on his chipmaking breakthrough Eyes now for Apple? By Russell Flannery NISSAN JANUARY 2013 FORBES INDONESIA | MAYAPADA Leading you to Indonesia For over two decades, Bank Mayapada has proven to be a strong and reputable bank in Indonesia We offer a wide range of financial services to meet our clients’ personalized business needs supported by state of the art IT and knowledgeable staff With over than 170 branches in 19 provinces in Indonesia, Bank Mayapada will continue to serve the ever growing economy in Asia | FORBES INDONESIA JANUARY 2013 www.bankmayapada.com Mayapada Tower, Ground Floor – 3rd Floor Jend Sudirman Kav.28 Jakarta 12920 – Indonesia Phone : +62 21 5212288, +62 21 5212300 MAYAPADA JANUARY 2013 FORBES INDONESIA | contents — JANUARY 2013 volume issue ENTREPRENEUR 42 | LET THEM EAT CAKE Lal de Silva is the rare chef who successfully grew his own business By Gloria Haraito 46 | Sewing the seeds of fortune A single sewing machine and an eye for detail helped Donda Hutagalung build a Rp 10 billion a year industrial clothing business By Gloria Haraito ISSUES & IDEAS 52 | Aceh: Eight Years On Columnist Scott Younger returned to Banda Aceh shortly before the eighth anniversary of the tsunami to file this personal account of Aceh’s recovery from the tragedy 58 | Building a Strategic Relationship From multi-billion investments to K-Pop, South Korea’s Ambassador to Indonesia Young-sun Kim see a growing relationship between the two nations By Mee-Hyoe Alana Koo 60 | A Chat With Thaksin Shinawatra p PAGE 26 “I was familiar with the company Back in elementary school, I was driving a Bobcat.” Forbes Asia caught up with deposed Thailand prime minister Thaksin Shinawatra in his Dubai refuge 66 | DELIVERING INFRASTRUCTURE // Raj Kannan Infrastructure crisis—time for an “Ibra-like” agency for infrastructure 68 | legal view // Eddy Leks The challenge of minimum wage increases 70 | ceo wisdom // Andrew Tani CEOs, pay attention! 71 | global viewpoint // Jennie S Bev —Petrus Halim, Intraco Penta president director Will a financial bubble pop in 2013? LIFE 72 | Dancing for Life After 37 years as a performer, Didik Nini Thowok remains an icon for cross-gender dance in Indonesia by Sonya Angraini 74 | Liquid Gold The modest but growing market for rare whisky has investors seeking big returns dram by dram by CALEB MELBY 76 | Upscale Mobility Vertu under Perry Oosting aims to strengthen its position in the luxury cell phone segment By Yessar Rosendar 78 | the eye // Yessar Rosendar u PAGE 42 “It is my baby, I want to see it grow “ —Lal de Silva, harvest cakes & cheese cake factory owner | FORBES INDONESIA JANUARY 2013 BLUE BIRD JANUARY 2013 FORBES INDONESIA | FORBES INDONESIA Indonesia Editorial Department Chief Editorial Advisor Justin Doebele Editor-At-Large Taufik Darusman Senior Writers Ardian Wibisono Writers Ulisari Eslita, Gloria Haraito, Renjani Puspo Sari Reporters Sonya Angraini, Yessar Rosendar Art Director Mirna Lidya Aprilla Photo Editor Ahmad Zamroni Executive Assistant Seli Widiati Editorial Intern Mee-Hyoe Alana Koo, Adelia Anjani Putri, Arya Satya Nugraha Business Department Publisher Jusuf Wanandi Associate Publisher Grace Wong Circulation & Subsription Manager Andriansyah Circulation Executive Desi Yulieta Production Manager Mudafid Riyanto Adv & Sales Manager Tanti Jumiati Senior Advertising Sales Executive Ade Sapto, Hilman Ahmad PR & Event Manager Rafki Ismael Executive Assistant Marketing Nancy Heryana Accounting Manager Indrawati Sonjaya Accounting Supervisor Inge Stephanie Accounting Executives Ary Purnomo Administrative Assistant Fitriyah PT Wahana Mediatama President Director Millie Stephanie Vice President Director Victoria Tahir President Commissioner Jonathan Tahir Vice President Commissioner Maria Lukito Forbes Media LLC Chairman & Editor-in-Chief Steve Forbes President & CEO Mike Perlis Chief Product Officer Lewis D’Vorkin President & Publisher, Forbes Asia William Adamopoulos Editor, Forbes Asia Tim Ferguson JANUARY 2013 • Volume Issue FORBES Indonesia is published by PT Wahana Mediatama under a license agreement with Forbes LLC, 60 Fifth Avenue, New York, New York 10011 “FORBES” is a trademark used under license from FORBES LLC â2010 PT Wahana Mediatama ã â2010 FORBES LLC, as to material published in the U.S Edition of FORBES All Rights Reserved ©2009 FORBES LLC, as to material published in the edition of FORBES ASIA All Rights Reserved FORBES INDONESIA is published monthly, 12 times per year Copying for other than personal use or internal reference or of articles or columns not owned by FORBES INDONESIA without written permission of FORBES INDONESIA is expressly prohibited SIDELINES I Looking Back and Looking Ahead n December, Forbes Indonesia held its second annual Best of the Best awards and gala dinner The event was graced by the Coordinating Minister for Economic Affairs Hatta Rajasa and Forbes Vice Chairman Christopher Forbes The event was to recognize the top 50 best performing listed companies in the country and it was attended by more than 350 VIP guests The event was well covered by the media, and Forbes Indonesia also worked with Metro TV to produce a special program aired on that channel about the event The event neatly capped off another successful year for the magazine Among this year’s highlights were some notable cover stories: • Garudafood’s Sudhamek in February, discussing his plans for an IPO • Minister Dahlan Iskan in April for our special state-owned enterprises feature, appearing just after he made headlines taking control of a tollgate • Astra’s Prijono Sugiarto in May, coinciding with the 55th anniversary of Astra International’s founding Some other important articles were on KPK’s Abraham Samad, Yogyakarta’s Sultan Hamengkubuwono X and BKPM’s Chatib Basri In events, aside from our December event, we held in May our first Leadership Forum on the State Owned Enterprises, well attended by senior figures from the state-owned sector plus Minister Dahlan In that vein, this year our Forbes Global CEO Conference, the biggest and most prestigious event held by Forbes worldwide, will be held in Bali in September, the first time for it to be in Indonesia, after visiting many other places such as Dubai, Hong Kong, Shanghai and Singapore Our readers were also offered an exclusive excerpt from Jusuf Wanandi’s newest book, “Shades of Grey” in August We are now strengthening that relationship with Jusuf and are pleased to announce that starting with this issue, he will join us as publisher As many may already know, Jusuf is senior fellow and co-founder of the Centre for Strategic and International Studies, vice chair of the board of trustees of CSIS Foundation and the chairman of the Prasetiya Mulya Business School He also has an unmatched journalism background as president director of the Jakarta Post, and as a prolific editor, writer and commentator We are honored to welcome him in his new role He will continue as well to be a regular columnist for the magazine and has a special column in this issue about what strategy Indonesia should have for its future, an apt topic for the first issue of the year We are looking forward to another good year, and we hope the same for our readers CONTACT INFORMATION Forbes Indonesia: Menara Sudirman 19th Floor Suite 19D, Jl Jendral Sudirman Kav 60, Jakarta 12190 Tel: (021) 522 6828, Fax: (021) 522 7208 Website: www.forbesindonesia.com : Forbes Indonesia Magazine : @forbes_id Subscriber Enquiries: Please contact Circulation Division SMS to 0817 0109 777, email: circulation@forbesindonesia.com Or visit www.forbesindonesia.com to subscribe or advertise Single copy price Rp 50,000, local subscription rate Rp 420,000 + postal fee (Jabodetabek) for 12 issues | FORBES INDONESIA JANUARY 2013 Justin Doebele Chief Editorial Advisor editor@forbesindonesia.com Correction: In our last issue, on p 36, we identified Tahir as being 62 with three children He is 60 with four children On p 38, Kartini Muljadi’s name was reversed We apologize for these errors legal view Eddy Leks L The Challenge of Minimum Wage Increases ast year saw many labor protests take place in Jakarta as well as in several major cities in Indonesia One of their demands: a higher minimum wage or “provincial minimum wage” (UMP) Although the demonstrations were well organized, they caused traffic jams, especially in Jakarta Owners of factories suffered, as the protests incurred losses on them because their employees took part in the demonstrations The current UMP of the Special Region (DKI) of Jakarta is Rp 1,529,150, a figure which labor organizations wish to raise to Rp 2,799,062 for 2013 As companies countered with Rp 1,978,789 while the Jakarta’s Board of Remuneration recommended Rp 2,216,243,68, the newly-elected Governor of DKI Jakarta Joko Widowo put his seal of approval on Rp 2,200,000, a rise of 44% By any measure, a 44% hike, is high if not very high Surely, the hefty minimum wage increase translates into higher costs to enterprises, especially small and midsized companies in the Jakarta area For labor-intensive industries, the burden will be even higher Some of them have even said that they will not be able to survive unless they reduce the numbers of their employees Accordingly, the situation may have an impact on companies and eventually the economy as a whole Indeed, it is not always easy to make a fair decision that satisfies all parties concerned The UMP falls under Law No 13/2003 on Labor, which clearly states that the government determines the minimum wage by taking into account workers basic needs such as food, 68 | FORBES INDONESIA JANUARY 2013 clothing, housing, education, health and recreation, and pension, as well as the economy’s productivity and ability to grow This conforms to a speech some time ago by President Susilo Bambang Yudhoyono, who said that the era of cheap labor is now over As it is, the UMP has now been decided not only for DKI Jakarta but also for other provinces The question is, what happens if companies refuse to raise the wages? The Labor Law is clear on this issue: owners of comanies must pay the determined minimum wage or face a jail term between (one) and (four) years maximum and/or be fined between Rp 100 million and Rp 400 million So, can owners afford to violate this provision? There is, however, a middle ground The Labor Law contains the provision of deferment, which frees entrepreneurs, over a certain period of time, from the obligation to pay the minimum wage But once the period of time elapses, companies have to pay the minimum wage as The hefty minimum wage increase translates into higher costs to enterprises, especially small and midsized companies The minimum wage is determined by the governor by taking into consideration the recommendation of the Board of Remuneration in each province and/ or regent or mayor The elements that make up the wage and implementation stages are regulated by the ministry The law also says that labor wages shall allow workers to lead a decent life but that incremental raises are subject to the performance of their companies As such, owners of companies have a say in determining the UMP as it has a direct bearing on their businesses set out in the UMP This alternative is recommended by the Indonesian Employers Association (APINDO) and the Indonesian Chamber of Commerce and Industry (KADIN) All companies face challenges in one form or another, labor costs being just one of them It is a given that labor costs will increase every year To that end, there is no other way than for companies to find a better solution (other than seeking a deferment) in order to survive despite the increase of labor costs F Eddie Leks is the managing director of Leks & Co, a multi-services law firm based in Jakarta GUO JI RI BAO JANUARY 2013 FORBES INDONESIA | 69 ceo wisdom andrew tani E CEOs, Pay Attention! xperiments designed by Professor David Strayer of the University of Utah found that there is no such thing as effective multi-tasking What we consider to be good multi-tasking is actually the intermittent performance of singular tasks Some 98% of the population can pay attention to only one thing at a time, and it reduces the quality of performance when we simultaneously two or more tasks Chief Executives should pay attention to the limits of human attention—and establish ways of improving performance across the enterprise Formulate a philosophy—and then enforce policies and procedures of attention management to maximize the value of costly human energy and increase the speed of their value creation activities If you are the CEO in a company where success in the marketplace goes to the fastest player, here are eight key recommendations to manage attention for speed in offices Dictate that the full-time employee’s hours fall into two broad categories: system time and discretionary time Enforce strict adherence to system time, which is ruined by meetings that start late or go overtime, and reports not finished in time Build an organizational rhythm with system time by enforcing the timely execution of all regular meetings published in a calendar of events Design the work year of your people to allow for individual development activities and quality of life, which translates to a dynamic balance of work, family and community time Spending more than 10 hours in a work day over extended periods is counterproductive for health and relationships in the long run Ban the habit of setting meeting schedules by the hour Start by enforcing half hour settings After a year or two, enforce quarter hour settings If you’re lucky, you’ll be able to bring it down to five-minute blocks of time in three years time your people will learn to design their activities and performance planning and control systems at intervals postponed only by the twoday weekend Breed the discipline of integrated project management across the enterprise Enforce policies and procedures, and provide the infrastructure that will orchestrate, publish and reward the work of all your teams Form a cadre of PCDCA (plan-coordinate-do-check-act) facilitators who help their teams run those meetings, meet deadlines, and document and report progress for dissemination It’s an excellent training ground for future leaders Take out the chairs If you want to take it to the extreme, get rid of the visitor’s chairs in front of Chief Executives should pay attention to the limits of human attention—and establish ways of improving performance across the enterprise Train your people to understand and practice the important differences between holding review, working, decision-making and celebration meetings For example, many review meetings go into wasteful overtime when they turn into working meetings Stick to the agenda Replace the month with a weekly attention cycle In every possible instance—conversations, the start of any meeting, minutes of meetings, reports and planning documents—make reference to the relevant week of the year Over your work desk Few of the meetings around your desk will last more than five minutes Start with yourself If you have not done so already, engage the members of your top management team to set the primary example of punctuality Be conscious of the time wasted by people who have to wait for their turn to make the appointed time with you or your board, and the domino impact on subsequent management activities That’s it Time to go—I’m runnning late already F Andrew Tani is an author and speaker on innovation, strategy and organization He is the Founding Partner of AndrewTani & Co., a 34-year old management consultancy based in Singapore He can be reached at Twitter@iCoachAndrew 70 | FORBES INDONESIA JANUARY 2013 global viewpoint Jennie S Bev T Will a Financial Bubble Pop in 2013? he economic implosion of 2008, tech bubble bursting in early 2000s and the 1997 Asian Financial Crisis are popped financial bubbles Yet such bubbles go back to the tulip mania in 1600s and the origins of the Great Depression of the1930s are two other such bubbles, further back in time Yale University lecturer and global equity investor Vikram Mansharamani in “Boombustology: Spotting Financial Bubbles Before They Burst” proposed five lenses to spot financial bubbles and make the necessary moves before it’s too late: microeconomics, macroeconomics, psychology, politics and biology Every lens provides some insights into how bubbles are created and any combination of those lenses spells trouble The two elements of microeconomics are supply and demand, which always find a way to achieve the socalled “equilibrium.” However, monetary policies often come into picture, which can tip the balance Thus, both Milton Friedman and John Maynard Keynes’ arguments have their own strengths and weaknesses in the creation of financial bubbles George Soros’ theory of reflexivity notes that human limitations come into the picture in shaping people’s thinking The delta between the reality and people’s own perception creates an antithesis to “achieving equilibrium.” In other words, economic “equilibrium” can never be achieved because people are in constant dynamic “disequilibrium.” Studies have found that human beings tend to be overconfident of their ability and are unaware of their limitations In macroeconomics, debt and deflation affect asset markets and prices Hyman Minsky, a professor of economics at Washington University at St Louis, posited that income-debt relationships are directly affected by people’s ability to pay principal and interest Using the psychology lens, the assumption that human beings are “rational” is a fallacy According to studies, people are limited and motivated by cognitive biases The studies also found that people are likely to make suboptimal decisions and adopt false assumptions Hence, human beings are more irrational than rational In addition, studies have found that human beings tend to be overconfident of their ability and are unaware of their limitations, which why experts offered “rational” explanations of bubble phenomenon without recognizing that they were already in a bubble The fourth lens is politics A political-economic system greatly affects the likelihood that a financial bubble will occur In the former Soviet Union, no bubble occurred as the state controlled prices and demands In contrast, the more capitalistic a country, the more volatile are the market and prices In extreme cases, such volatility will snowball into extreme prices leading to bubbles Political will, which is often reflected in tax provisions and protectionism, further affects the creation of bubbles For instance, in the U.S mortgage interest is tax deductible These provisions consequently create asset-class bubbles The final lens used is biology After all, human beings are animals The feverish intent to purchase a “McMansion” during the height of the mortgage fever in early 2000s is a symptom of financial disease, which spreads like wildfire with its infection Studies had been done on large groups, which are called “emergence” and that transform themselves from chaos into group actions Studies conducted on groups resulted in three behaviors: avoidance, alignment and attraction However, people also show such behaviors in making economic decisions Finally, are there any financial bubbles in 2013? Yes, and including the extent to which people are willing to spend on “investments.” F Jennie S Bev is an award-winning author, columnist, and entrepreneur based in Northern California She can be reached at jenniesbev.typepad.com JANUARY 2013 FORBES INDONESIA | 71 FORBES INDONESIA FORBES LIFE didik nini thowok Dancing for Life After 37 years as a performer, Didik Nini Thowok remains an icon for cross-gender dance in Indonesia Didik Hadiprayitno, also known as Didik Nini Thowok, is famous for his dwi muka (two faces) cross-gender dances, and has long starred in TV and stage shows as well as advertisements He has his own dance school Natya Lakshita, built in 1980 “My only intention in building the school was to make children familiar with dancing,” he explains “It’s likely that only a few of them will become a professional dancer, but it doesn’t matter I want to create audiences for the future.” With approximately ten staff, the school offers dancing lessons as well as lesson in how to apply makeup and create costumes A love of art, especially painting and dancing, has been with Didik since he was a boy Thankfully, his family supported him so Didik could develop his passion Born and raised in Temanggung, Central Java, Didik moved to Yogyakarta to pursue his dream He planned to attend the Indonesia Academy of Arts to learn painting However, due to limited funds, Didik had to work for a year after high school before he could afford to attend the academy So Didik started to what he does best, teaching dancing, in this case for children After saving enough for the academy, he decided to major in dancing instead of painting because the fee was much lower “I was just being realistic With what 72 | FORBES INDONESIA JANUARY 2013 I had, it was impossible for me to take painting classes So I chose dancing, which I also love to do,” says Didik, 58 It turned out to be a fateful decision He entered the academy in 1974 and during his study, Didik performed in several local dance shows One of them was a comedic dance titled “Nini Thowok,” where he played an old shaman woman To his surprise, the audiences loved his performance and people started calling him Didik Nini Thowok In 1976, the former first lady, the late Siti Hartinah Suharto, invited him to perform the dance at Taman Mini Indonesia Indah The performance was aired by the only TV station at that time, TVRI That special broadcast and performance in front of the first lady then opened many doors for Didik to dance on the air and stage Didik is one of the few Indonesians who have performed both at home and abroad He specialized in dancing as a woman, which became his trademark “I didn’t realize it at first until one of my teachers said that I was much better dancing as a woman,” he says “I didn’t even know the term crossgender at that time.” As there were not many resources in Indonesia that could help him develop his dancing skills, Didik applied and got a scholarship in 2000 from the Japan Foundation to learn kabuki, a traditional Japanese dance drama performed only by men, who play both female and male characters During his study in Japan, Didik participated in a cross-gender dance festival where he and his fellow students from Japan, India and China traveled across Japan and to other countries, including Germany, France, England, Italy and Egypt Performing overseas also allowed Didik to uncover new information about the development of dancing in Indonesia In dancing as a wom- ahmad zamroni / forbes indonesia by Sonya Angraini “Sometimes people say I have a mystical gender because to dance as a woman, you really have to embrace female values,” says Didik Nini Thowok an, Didik received both praise and criticism, not only from audiences but also from the dance community However, after much research, he found that cross-gender dancing has a long and deep tradition in Indonesia He discovered that in the time of Sultan Hamengkubowono VII in Yogyakarta, from 1877 to 1921, men performed all roles of wayang wong (human wayang) because in Islam, men and women cannot touch each other unless they were married “So I am only reliving the old tradition But some people sometimes ignore their own history so they said I was a disgrace to the arts community,” he explains To develop his dancing expertise, Didik also learned traditional dances from practitioners in Bali, Cirebon, Sumatra and other places “I had to adapt to different cultures so that I could absorb the lessons well,” says Didik He created his own dwi muka choreography in the early 1980s but started to perform the dance in public in 1985 His repertoire covers classics to comedy He sometimes combines traditional dances from many sources in a cross-gender style For Didik, performing a dance means he has to not only move well but also be able to tell a story to his audience Thus, by performing dwi muka, he hopes that he can show many characters in his dances “In each of my performances, I play different woman characters,” he says “In one scene, I can play a beautiful woman, and in another an ugly woman.” Didik also plays another characters, such as old, young, funny and stubborn He creates his own costumes and makeup For masks, he has built up a collection of more than 200 in different styles His talent in impersonating female characters can lead to questions about his true gender “Sometimes people say I have a mystical gender because to dance as a woman, you have to embrace female values,” he explains Despite all challenges, Didik treasures his many experiences He obtained an artist residency from the University of California Berkeley, which allowed him to access information on Indonesia in the university’s library He also once helped the Indonesian ambassador in Kuwait to lower tensions between Indonesia and Kuwait at that time over a labor issue Now Didik is seriously committed to helping preserve traditional dances that are at risk of dying out He is aware that many foreigners are now learning Indonesian arts, which he thinks is a good sign “At least there are people who will maintain our traditional arts, rather than disappear altogether,” he says However, he also hopes that Indonesians can work together in preserving their own arts and culture “Indonesia is like a giant supermarket of arts and culture, but they are scattered around If we can’t manage to preserve them, then we should not complain if mini markets claim that they own these arts and cultures,” says Didik F JANUARY 2013 FORBES INDONESIA | 73 FORBES ASIA FORBES LIFE — AUCTIONS Liquid Gold the Dalmore 64 Trinitas $160,100 The modest but growing market for rare whisky has investors seeking big returns dram by dram by CALEB MELBY OCTOBER 2012 Macallan hosted a party at the Bowery Hotel in Manhattan to celebrate the release of 1,000 bottles from its Annie Leibovitz Scotch collection Prices start at $2,750; each bottle comes with a limited-edition Leibovitz print Marketing gimmick? Maybe—but just part of the industry’s bid to elevate “investment-grade Scotch” to the same lofty plane as high-end art and wine It’s working: Some 11,000 bottles have sold at auction in 2012, up 550% over 2008, according to Scottish tracking firm Whisky Highland The overall market, just $5 million annually, would barely fit into a snifter, but an index fund of the top 250 bottles delivered 206% from Q3 2008 to Q3 2012, says Whisky Highland founder Andy Simpson The top 1,000 were up 107% New advisory firms are eager to help investors hit the bottle This summer saw the opening of 1494, New York’s priciest whisky club, with a $25,000 membership fee The best sign the market is getting hotter? Counterfeiters Older whiskies can be carbondated, Simpson says, thanks to midcentury nuclear tests—seriously—that irradiated casks No radiation? It’s older than 1950 High levels? It’s from 1950 to 1963 Middling? It’s post-JFK Prices will likely go up, says 1494 founder David Clelland, because of a fixed supply and expanding buyer’s pool, especially in China and India (Clelland is preparing indexes for 1494 that will track bottles globally.) And if the rare-whisky market should collapse? Just drink your losses Try that with a social media stock F 74 | FORBES INDONESIA JANUARY 2013 the Macallan 64 YearS Old in Lalique $460,000 The Macallan 1926 Fine and Rare $75,000 Glenfiddich 1937 $71,700 The Dalmore 62 Single HiGHland Malt Scotch $58,000 SUBSCRIBE NOW ! Get your own copy delivered to your doorstep every month SAVE 50% 2-year subscription at Rp 600.000 only* SUBSCRIBE HURRY ! PROMOTION ENDS 31 MARCH 2013 ! 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(021) 522 7208 or email : circulation@forbesindonesia.com JANUARY 2013 FORBES INDONESIA | 75 FORBES ASIA FORBES LIFE — vertu Upscale Mobility Vertu under Perry Oosting aims to strengthen its position in the luxury cell phone segment By Yessar Rosendar turning a utilitarian product, a cell phone, into a successful luxury brand Its entry-level phone, the Constellation Touch, has a price tag of Rp 60 million, while the most expensive one, the Signature Clous de Paris red gold, has a price tag of Rp 650 million The company has now successfully reached €300 million in annual revenues, an increase of 15% from €260 million last year “In the last four years we have doubled our revenue, so we are quite happy with our performance,” says Perry Oosting, global president for Vertu, in an exclusive interview with Forbes Indonesia during a recent visit to Indonesia in November Given that even the most affordable Vertu phone sells at several multiples higher than even the relatively expensive iPhone, the obvious question is how Vertu are different, and better, than the average cell phone For one, Vertu phones are no doubt well made Its screens are made of sapphire crystal, which is a durable and very scratch-resistant material The phones themselves are chock full of precious or exotic materials such as titanium, gold and zirconium It also pays attention to details, such as fitting top end stereo speakers in all of its phones All Vertu phones are also 76 | FORBES INDONESIA JANUARY 2013 Perry Oosting ahmad zamroni / forbes indonesia (2) Vertu phones are a case study in handmade, by a dedicated team of workers in Church Crookham, England It is the only handset producer that does everything inhouse, such as polishing and assembling the phone, a process that can take up to four hours “The whole design element, and quality of build, are very iconic elements that makes us recognizable, that make us stand out,” says Perry The brand founded a decade ago by Finnish phone giant Nokia, who wanted to create a luxury version of its phones It was regarded a risky move at the time, but if imitation is the sincerest form of flattery, Vertu is quite flattered, with other luxury brands now slapping their brands on high-priced phones Earlier this year, Nokia sold Vertu to EQT, a private equity group in Northern Europe The Finnish handset maker however still holds a minority share of 10% in Vertu The new ownership itself may bring new growth for Vertu, says Perry, since Nokia was a mass-market handset producer, which didn’t always put luxury handsets at the top of its priorities “The new ownership gives us a new opportunity,” Perry says Perry took the helm in June 2009 Previously he was with Gucci and Prada as a jewelry designer before going to the management side, starting his executive career at Bulgari in 1988 And there’s still plenty of growth left in mobile phones, according to Perry With about 1.2 billion new mobile device sold every year and a global market of billion mobile devices, getting only a very small piece of the pie is already a good business for Vertu—since its launch Vertu has only sold 350,000 phones Some 821 million smart devices (smartphones and tablets) will be purchased worldwide in 2012 and pass the billion mark in 2013, according to IT researcher Gartner Currently Vertu has a market share far below 1% of the global device sales “We have ambitious goals and want to grow further,” Perry says He notes, however, it is “We have ambitious goals and want to grow further.” not an easy market due to fast changes in mobile phone technologies Vertu doesn’t try to be on the cutting edge of technology It only launched its first touch screen phone, the Constellation Touch, in 2011, a latecomer to the technology Perry says this slowness is deliberate—the company doesn’t want to adopt any technology until it is widely proven in the marketplace Vertu doesn’t try to keep up with fads that may disappear as fast as they appeared, and may be plagued with bugs Vertu only takes technologies that are mature and proven “If the technology is giving you problems then it’s not a luxury experience,” Perry says Now the touch screen model currently contributes 50% of the company’s revenue Perry projects that up to 90% of its product portfolio will be a touch screen device soon “Touch screens are the future,” Perry says Vertu is also selling special services aside from its technology It has a dedicated concierge service for all owners, which can everything from translation services to planning a wedding Vertu phones also come equipped with a panic button in case of an emergency The brand also guarantees spare parts availability of every model (and some of the original Vertus are still out there being used) Part of Perry’s long-term strategy is to revamp its distribution network It reopened its flagship store in Indonesia last July with a new local partner, and has just opened its first flagship store in New Delhi last October, and plans to open in Rome soon Currently it has 120 of its own branded stores worldwide, with half of them joint ventures with local partners It is also present in about 400 multibrand stores The brand still hasn’t even set it foot in Japan and South Korea Currently the Asian region is the largest market for Vertu, followed by Western Europe Indonesia is still a relatively small market, smaller than Singapore and Malaysia Yet Perry doesn’t underestimate Indonesia’s potential Vertu plans to open another store in Plaza Indonesia next year and grow the distribution further “Indonesia is a market I expect to evolve and grow,” Perry says F JANUARY 2013 FORBES INDONESIA | 77 FORBES INDONESIA the eye by yessar rosendar Open Thrill The thrill of performance and solid handling is combined with the allure of open roof motoring in the McLaren MP4-12C Spyder It offers the same features as the hardtop model, with a carbon chassis for handling and safety The mid-engine sports car is powered by the same engine as the hardtop, with 625 horsepower from a 3.8-liter V8 twinturbo engine The car can accelerate to 100 kmh in only 3.1 seconds and reach a top speed of 329 kmh The fully automatic two-piece retractable hard top can be raised or lowered in less than 17 seconds and on the move at speeds up to 30 kmh (19 mph) McLaren plans to officially set up in Indonesia by opening a showroom in the Pacific Place shopping mall early this year Price: Rp 6.3 billion (off the road) Rare Rose Heralded as the greatest rose wine in the world, Garrus from Chateau d’Esclans is made in a limited quantity of just six barrels per vintage Noted for its creaminess and lush mineral finish, this wine is uncommonly elegant and has achieved cult status among wine connoisseurs Made from grape varieties that include Grenache and Rolle Available at all VIN+ outlets Price: Rp 1.5 million per bottle 78 | FORBES INDONESIA JANUARY 2013 Mechanical Beauty Corum has introduced new variations on its golden bridge model with the golden bridge tourbillon Panoramique The movement caliber CO100 looks as if it is suspended weightless at the center of the case with sapphire mainplate and bridges This translucent movement is equipped with a cantilevered or “flying” tourbillon, freed from an upper bridge and that appears to be levitating above the movement that is beating at 21,600 vibrations per hour and endowed with a 90-hour power reserve Three variations will be issued in limited editions and each variation comes with two crocodile leather straps—one black, the other brown—secured by an 18 karat red gold triple folding clasp engraved with the brand logo Longer Shot British Finest Alfred Dunhill has just reopened its flagship store in a new location on the first floor of Plaza Senayan The store features over 1,400 square feet dedicated for menswear, accessories and leather goods, all of them are handmade to Dunhill’s exacting standards The menswear collection, for example, utilizes rare materials such as Camdeboo mohair to ultra-lightweight cloths TaylorMade claims it has made the biggest iron innovation to date with the introduction of RocketBladez, an iron with a special polyurethane in the center of the iron that will improve performance for golfers of all abilities The company claims this iron can send a ball ten yards further with better accuracy than a traditional iron The new irons will be out in February 2013 JANUARY 2013 FORBES INDONESIA | 79 THOUGHTS FINAL THOUGHT It’s an adult myth that childhood is idyllic —Malcolm Forbes “‘I wonder if you realize,’ a longtime subscriber recently wrote us, ‘how many of us read FORBES backwards?’ His first stopping place when each issue arrives: the final page of editorial content on which invariably appears THOUGHTS ON THE BUSINESS OF LIFE Many readers may not realize that the THOUGHTS feature is as old as FORBES itself From the very first issue of FORBES, in 1917, this magazine has been devoting space to printing a selection of snippets of wit and wisdom from some of the great philosophic minds in mankind’s history When the late B.C Forbes founded this magazine, it was with the idea—in those days a revolutionary idea—of making public what were then regarded as the secret and private affairs of business Yet he felt too that there was a place for—indeed, a need for—attention to an even more fundamental matter: the challenging and difficult business of life.” —From the Jan 1, 1960 issue of FORBES Thoughts on Children There’s only one thing we can be sure of, and that is the love that we have for our children, for our families, for each other The warmth of a small child’s embrace, that is true The memories we have of them, the joy that they bring, the wonder we see through their eyes, that fierce and boundless love we feel for them, a love that takes us out of ourselves and binds us to something larger, we know that’s what matters We know we’re always doing right when we’re taking care of them, when we’re teaching them well, when we’re showing acts of kindness We don’t go wrong when we that There’s no tragedy in life like the death of a child Things never get back to the way they were —Dwight D Eisenhower But Jesus said, Suffer little children, and forbid them not, to come unto me: for of such is the kingdom of heaven —Matthew 19:14 Ask your child what he wants for dinner only if he’s buying There is always one moment in childhood when the door opens and lets the future in —Fran Lebowitz —Graham Greene —President Barack Obama Of all the needs (there are none imaginary) a lonely child has, the one that must be satisfied, if there is going to be hope and a hope of wholeness, is the unshaking need for an unshakable God In every child who is born, under no matter what circumstances, and of no matter what parents, the potentiality of the human race is born again; and in him, too, once more, and of each of us, our terrific responsibility towards human life —Maya Angelou —James Agee Childhood is the kingdom where no one dies —Edna St Vincent Millay SOURCES: THE COLUMBIA DICTIONARY OF QUOTATIONS; THE NEW INTERNATIONAL DICTIONARY OF QUOTATIONS; THE OXFORD DICTIONARY OF HUMOROUS QUOTATIONS; PETER’S QUOTATIONS: IDEAS FOR OUR TIME; SIMPSON’S CONTEMPORARY QUOTATIONS; WASHINGTON POST 80 | FORBES INDONESIA JANUARY 2013 ... Silva, harvest cakes & cheese cake factory owner | FORBES INDONESIA JANUARY 2013 BLUE BIRD JANUARY 2013 FORBES INDONESIA | FORBES INDONESIA Indonesia Editorial Department Chief Editorial Advisor... HOTLINE +6221 2935 6188 24 | FORBES INDONESIA JANUARY 2013 Email: customercare.indo@zurich.com Website: www.zurich.co.id zurich JANUARY 2013 FORBES INDONESIA | 25 FORBES INDONESIA companies & people... the Chartered Institute of Marketing in the U.K 28 | FORBES INDONESIA JANUARY 2013 jakarta post JANUARY 2013 FORBES INDONESIA | 29 FORBES INDONESIA OF T H E Y EAR Medicine Man At 80, Dr Boen