Painting by Numbers
Forbes Indonesia|July 2020
HERMANTO TANOKO is Expanding to New Businesses Beyond Avian Brands.
Elisa Valenta
Painting by Numbers

SIMPLY KNOWN AS ONE OF THE “CRAZY RICH SURABAYANS” – A TERM TAKEN FROM THE MOVIE “CRAZY RICH ASIANS” THAT IS APPLIED TO WEALTHY FAMILIES AND INDIVIDUALS RESIDING IN THE CAPITAL CITY OF EAST JAVA, HERMANTO TANOKO (58) SURELY HAS A GOOD EYE IN BUSINESS.

ALONG WITH HIS SIBLINGS, Hermanto helped Avian Brands, founded by his father, Soetikno Tanoko, in 1978 to become one of the largest integrated paint companies in Indonesia. In 2018, the management stated it had plans to raise Rp 3 trillion by selling 10% of its shares in the group flagship company PT Avia Avian through an IPO, valuing the paint company at Rp 30 trillion – the plan has yet to materialize. But since 2003, Hermanto has also been building his own business empire with his wife and children under their flagship PT Tancorp Abadi Nusantara (Tancorp). The holding company manages eight sub-holdings in various sectors like manufacturing, retail, food and beverages, property, hospitality, and consumer goods. Tancorp is also one of the major shareholders at Avian.

Hermanto was born and raised in Malang, from a poor but hardworking family. The family used to live in a tiny house, packed with seven people. His parents used to trade crops and used clothes before they opened a shop selling paints in 1962. Hermanto’s entrepreneurial skills were honed from a young age. He practiced playing marbles until he was really good at it and sold the marbles he won. When he had extra money back then, his father would encourage him to invest the cash to buy commodities that could be sold at higher prices whilst helping his parents at the paint shop taught him marketing and product knowledge.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FORBES INDONESIAView all
BACK ON TRACK
Forbes Indonesia

BACK ON TRACK

Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.

time-read
10+ mins  |
December 2021
Championing Locals
Forbes Indonesia

Championing Locals

The wave of social commerce is enabling inclusive digital economies beyond urban areas.

time-read
6 mins  |
December 2021
Boys in the Bubble
Forbes Indonesia

Boys in the Bubble

Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.

time-read
6 mins  |
December 2021
Enduring Relations
Forbes Indonesia

Enduring Relations

The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.

time-read
6 mins  |
December 2021
Sweet Success
Forbes Indonesia

Sweet Success

Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.

time-read
5 mins  |
December 2021
Marathon Man
Forbes Indonesia

Marathon Man

Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.

time-read
5 mins  |
December 2021
Gold Rallies on Inflation Fears
Forbes Indonesia

Gold Rallies on Inflation Fears

During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.

time-read
2 mins  |
December 2021
Set Off to A New Start
Forbes Indonesia

Set Off to A New Start

Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.

time-read
5 mins  |
December 2021
The Daily Intake
Forbes Indonesia

The Daily Intake

YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.

time-read
4 mins  |
December 2021
THE CROESUS OF CRYPTO
Forbes Indonesia

THE CROESUS OF CRYPTO

FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.

time-read
10+ mins  |
November 2021