JakartaGlobe-Sept 30
Legendary footwear maker Sepatu Bata (BATA), part of the global Bata Group, announced on Tuesday that it will cease the production of daily footwear in Indonesia, marking the end of a historic chapter for one of the country’s most recognized brands. The decision was unanimously approved by shareholders at a meeting on September 25, the company said in a filing to the Indonesia Stock Exchange (IDX). “Shareholders representing 100 percent of ownership have agreed to discontinue the company’s footwear manufacturing operations,” said Hatta Tutuko, Bata’s director and corporate secretary, in the statement. Following the announcement, which ends nearly a century of the company’s daily footwear manufacturing in Indonesia, Bata’s shares dropped 3.7 percent, closing at Rp 52 on Tuesday afternoon. Bata’s brand has been present in Indonesia since 1931, 14 years before the nation’s independence. Initially importing shoes, the company opened its first local factory in South Jakarta’s Kalibata area in 1940. On March 24, 1982, Bata was listed on the Jakarta Stock Exchange (now IDX). Twelve years later, it built a new factory in Purwakarta, West Java, and grew into one of the country’s largest footwear producers, serving both domestic and export markets. At its peak, Bata operated 435 retail stores nationwide, supported by a wholesale division that supplied independent retailers. The company also confirmed leadership changes approved earlier this year. Rajeev Gopalakrishnan stepped down as president commissioner on June 25, replaced by Shaibal Sinha, while Amitav Nandy was appointed president director. Read more at: https://jakartaglobe.id/business/legendary-shoe-brand-bata-stops-daily-footwear-manufacturing-in-indonesia
