The company was founded in May
12, 1971 as PT Modern Photo film. The company had been as the sole distributor
of all fuji film products since 1971. It also supervised 1200 fuji image plaza
outlets across indonesia until august 2015. The company has signed the
agreement to return back the right as sole distributor of fuji film brand to
the principal. It decided to focus to its new business, seven eleven business
through its subsidiaries, Modern Sevel indonesia.
Seven eleven
The company started in seven eleven
business since 2009, the business of seven eleven is called as convenience
store business. Indonesia is as the 17th country which is opening
seven eleven franchise in the world. it signed the letter of intent for master
franchise of seven eleven in 2008 at Dallas, USA. Until December 2015, the
company has opened 188 convenience stores in Jabodetabek area. The company sets
its convenience store as food destination store which is selling fresh fast
food and drinks with good quality.
To strengthen its position, the
company cooperated with warabeya nichiyo for building central kitchen. In
addition, the company also produced packaged food and drink, it also built
central warehouse for its logistic operation.
Seven eleven is divided two types
of store, small formats and large formats. There have been 81 small formats
stores and 107 large format stores formats in jabodetabek area. Small format
area is less than 100 SQM and large one format area is larger than 100 SQM. For
small format stores, it is usually located inside such building,
The company was closing down more
than 20 stores during 2015 due to underperformance reason. The stores were
under-performance because of government regulation which banned alcoholic
product. However, the company still intends to expand its business, it will
focus to small format stores which will be opened inside the building of train
station, offices, apartment and trade center.
The company also runs business in
medical imaging, photography and graphic art and printing.
As the closing down of 20 stores
in 2015, its revenue declined 14.5% in comparison to revenue in 2014. COGS and
operating expense in 2015 were also higher than COGS and operating expense in
2014. The higher cost was caused by the write off in inventory of fuji film
brand. The company decided to return back its distributor right to principal.
In addition, the corporation has to pay compensation to laid off employee in
2015.
72 % of total sales was
contributed by seven eleven segment, its imaging business was only making 19 %
of total sales and the remains was its IT solution business.
Modern International belongs to
Asialink electronic pte ltd (23.76%), Inti putra modern (14.32%), CIMB private
equity (9.09%), Morgan Stanley and co Intl PLC (8.42%) and public (44.4%). The
company is part of modern group which was established by otje honoris. In 1992
the business was inherited to his four son, they are Luntungan honoris,
Sungkono Honoris, Samadikun Hartono and Siewie Honoris. Besides, the group also
has business in real estate through Modernland realty.
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