Mustika Ratu
Mustika Ratu (PT Mustika Ratu Tbk, IDX: MRAT) is an Indonesian beauty, personal care, and traditional jamu wellness company founded in 1975, serving consumers across 40+ countries with natural botanical products, premium spa services, and the Puteri Indonesia pageant platform.
- Company typePublic
- Founded1975
- HeadquartersJakarta, Indonesia
- Headcount1,001–5,000
- GTM typeB2C
- OfferingHardware or Manufacturing
What Mustika Ratu does
Mustika Ratu (PT Mustika Ratu Tbk, IDX: MRAT) is an Indonesian public company founded in 1975 by BRA Mooryati Soedibyo that manufactures and markets cosmetics, personal care products, and traditional herbal jamu beverages rooted in Javanese Keraton beauty traditions. The company's product portfolio spans hair care (Hair Tonic, Green Tea Shampoo), body care (Minyak Zaitun/Olive Oil, Body Serum with E-Bion nano-encapsulation technology, Body Lotion), facial care, and decorative cosmetics under multiple brands including Mustika Ratu, Mustika Puteri, BASK, Ratu Mas, and Anargya. The Health Care segment features modern jamu beverages (Jejamu, ready-to-drink formulations) which grew 105% in Q3 2025.
The business operates across three pillars: consumer goods (manufactured at the GMP-certified Ciracas facility in East Jakarta), wellness services (Taman Sari Royal Heritage Spa with outlets and franchise expansion), and entertainment (Mustika Ratu Entertainment managing the Puteri Indonesia pageant platform). Revenue is generated through multi-channel distribution including direct-to-consumer e-commerce (mustikaratuonline.com), retail stores, pharmacies, modern trade, spa outlets, and international export to 40+ countries. The company maintains ISO 9001:2015, ISO 14001:2015, and GMP certifications, with massage and spa services priced at premium tiers and consumer products available in mass-market ($5-15) and premium ($15-60+) ranges.
The company serves female consumers across Gen Z to older generations seeking natural, halal, and culturally authentic Indonesian beauty products, alongside premium wellness consumers, spa franchisees, and government/multi-industry partners. Recent strategic moves include a joint venture with Sugi Holding Co., Ltd. (Japan) for technology transfer, a supply chain digitalization partnership with RestockTech, a marketing collaboration with Grab Indonesia, and alignment with the Ministry of Tourism's wellness tourism initiatives. Mustika Ratu reported FY2025 net sales growth of 26.97% and Q1 2026 net sales of Rp123.73 billion (+44.93% YoY) with net profit of Rp1.12 billion (+319.67% YoY).
Mustika Ratu firmographics
Firmographics- Name
- Mustika Ratu
- Legal name
- PT Mustika Ratu, Tbk
- Website
- https://mustika-ratu.co.id
- Company type
- Public
- Founded year
- 1975
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Mustika Ratu (PT Mustika Ratu Tbk, IDX: MRAT) is an Indonesian beauty, personal care, and traditional jamu wellness company founded in 1975, serving consumers across 40+ countries with natural botanical products, premium spa services, and the Puteri Indonesia pageant platform.
- Ownership category
- akta.pro rank
Mustika Ratu industry classification
Industry- Product category
- Cosmetics and Personal Care
- NAICS
- Soap and Cleaning Compound Manufacturing (32561), Food Manufacturing (311)
- SIC
- Perfumes, Cosmetics & Other Toilet Preparations (2844)
- akta.pro primary industry
- Hand & Body Care (Lotions, Creams, Body Oils) (CRADANAC)
- akta.pro secondary industries
- Hair Care (Shampoo, Conditioner, Styling, Treatments) (CRADANAE), Herbal & Botanical Supplements (CRADAGAD)
Keywords
Where Mustika Ratu is headquartered
LocationHeadquarters
- HQ city
- Jakarta
- HQ country
- Indonesia
- HQ region
- Asia
Offices5 records
Markets served
Mustika Ratu business model
Business model- GTM type
- B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Consumer Goods - Personal Care & Beauty: Revenue from manufacturing and selling cosmetic products, personal care items, and beauty treatments. Includes hair care (Hair Tonic, Shampoo), body care (Body Serum, Body Lotion, Olive Oil), facial care, and decorative cosmetics under brands Mustika Ratu, Mustika Puteri, BASK, and Anargya.
- Health Care & Jamu Wellness: Revenue from traditional Indonesian herbal beverages (jamu) and wellness products. Segments include Health Care showing 105% growth in Q3 2025. Products include ready-to-drink jamu and herbal supplements.
- Wellness & Spa Services: Revenue from Taman Sari Royal Heritage Spa services including massage, body treatments, facial care, and spa rituals. Also franchise opportunities for spa outlets.
- Puteri Indonesia Entertainment & Licensing: Revenue from Mustika Ratu Entertainment (MRE) through licensing, brand collaborations, and commercial activities related to Puteri Indonesia pageant platform including brand ambassador services, content creation, and cross-industry partnerships.
- Franchise & Business Partnerships: Franchise revenue from Taman Sari Royal Heritage Spa expansion and wellness business partnerships, offering comprehensive franchise systems including location assistance, interior design, SDM training, and product supply.
- International Export: Revenue from exporting products to 40+ countries globally including Canada, USA, China, Iraq, New Zealand, Bulgaria, Japan, Vietnam, Malaysia, Thailand, Papua New Guinea, Chinese Taipei, and European markets.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Mass market products through retail stores and pharmacies |
| Unit Pricing | Pay-as-you-go | Premium spa services at Taman Sari Royal Heritage Spa |
Go-to-market motion4 records
Distribution channels8 records
Marketing channels9 records
Mustika Ratu product offering
Product offeringCore offering
PT Mustika Ratu Tbk manufactures and sells Indonesian cosmetics, personal care products, and traditional herbal jamu wellness products under multiple brands (Mustika Ratu, Mustika Puteri, BASK, Anargya, Ratu Mas). The company also operates premium wellness spa services through Taman Sari Royal Heritage Spa (with franchise network), manages the Puteri Indonesia pageant via Mustika Ratu Entertainment (MRE), and exports products to more than 40 countries. Core physical products include Hair Tonic, Olive Oil (Minyak Zaitun), Body Serum, Body Lotion, Green Tea Shampoo, and jamu beverages.
Product overview
PT Mustika Ratu Tbk (MRAT) is an Indonesian beauty, personal care, and wellness company founded in 1975 by BRA Mooryati Soedibyo, organized as a multi-brand, multi-category portfolio spanning consumer goods and wellness services. The core consumer goods lineup is led by the Mustika Ratu brand with its flagship Minyak Zaitun (Olive Oil), Hair Tonic, Green Tea Shampoo, Body Serum, and Body Lotion products, alongside sub-brands Mustika Puteri, BASK, Ratu Mas, and Anargya. The wellness segment includes the Taman Sari Royal Heritage Spa (premium spa with franchise model), the Jejamu/ready-to-drink jamu beverage line, and the Taman Sari Royal Heritage product line (Papaya Enzym Series, Boreh, Murut, Bengkoang-based skincare). A third business pillar is Mustika Ratu Entertainment (MRE), which manages the Puteri Indonesia pageant brand and its commercial ecosystem. All products share a unifying philosophy rooted in Indonesian natural ingredients (zaitun/olive, bengkuang/papaya, teh hijau/green tea, bunga telang/butterfly pea, kunyit/turmeric, temulawak) and Javanese Keraton beauty traditions, manufactured in GMP-certified facilities.
Differentiator
Problem solved
Functional benefit
Brands
- Mustika Ratu: Primary consumer goods brand for beauty and personal care products
- Mustika Puteri
- BASK
- Anargya
- Ratu Mas
- Taman Sari Royal Heritage Spa
- House of MR
- Java Princess
- Jejamu by Mustika Ratu
- Mustika Ratu Entertainment (MRE)
- Mustika Ratu Sugi
Products and services
- Mustika Ratu Brand Consumer Beauty and Wellness Products The primary consumer beauty and wellness brand of PT Mustika Ratu Tbk, offering body care, facial care, cosmetics, hair care, and jamu herbal wellness products rooted in Indonesian natural ingredients and Javanese Keraton beauty traditions. Flagship products include Hair Tonic, Olive Oil (Minyak Zaitun), Green Tea Shampoo, Body Serum, Body Lotion, and jamu beverages, sold via e-commerce, retail stores, and pharmacies.
- Mustika Puteri Brand Products Sub-brand under the Mustika Ratu portfolio targeting younger consumer segments with beauty and personal care products formulated with Indonesian natural ingredients.
- BASK Brand Products A sub-brand within the Mustika Ratu consumer goods portfolio offering body care and beauty products formulated with Indonesian natural ingredients.
- Anargya Brand Products Sub-brand under Mustika Ratu focused on holistic wellness and natural health products.
- Ratu Mas Brand Products Sub-brand within the Mustika Ratu consumer goods portfolio offering traditional beauty preparations based on Indonesian herbal formulations.
- Taman Sari Royal Heritage Spa Services Premium spa and wellness services under PT Mustika Ratu Tbk offering authentic Javanese royal heritage spa treatments including Royal Javanese Pampering, Kumara Ratih Spa Ritual, Taman Sari Body Massage, Javanese Body Massage, Face Accupressure, and Biolifting Face Treatment. Flagship outlet at Jl. KH Wahid Hasyim No.133, Jakarta Pusat, recognized as one of 150 World Class Spas by Spa Asia.
- Taman Sari Royal Heritage Spa Franchise Comprehensive spa franchise system offering location selection assistance, Royal Heritage concept interior design, professional HR training via LPPMS, exclusive spa product supply from GMP-certified Mustika Ratu manufacturing, and integrated marketing strategy support for wellness entrepreneurs.
- Mustika Ratu Entertainment (Puteri Indonesia Platform) Subsidiary entity managing the commercial rights and business development of the Puteri Indonesia pageant, developing cross-industry brand collaborations, co-creation, and sales activations across beauty, fashion, FMCG, hospitality, transportation, entertainment, electronics, and creative industries. Provides brand ambassador, content creator, and licensing services.
- Mustika Ratu Minyak Zaitun (Olive Oil) Multi-purpose olive oil enriched with antioxidants and Vitamin E for skin and hair care. Used for nourishing facial and body skin, removing waterproof makeup, softening hair, and as a massage medium with rose and jasmine aroma. Top-selling body oil brand in Indonesian e-commerce and Indonesia Brand Excellence in Customer Value 2026 awardee.
- Mustika Ratu Hair Tonic Hair tonic formulated with kina extract and urang aring (Eclipta prostrata), climbazole for anti-dandruff benefits, and natural ingredients traditionally trusted to nourish and strengthen hair roots. Popular among Gen Z consumers on TikTok for hair regrowth and hair loss prevention results.
- Mustika Ratu Shampoo Teh Hijau (Green Tea Shampoo) Green tea-based shampoo offering deep cleansing while nourishing hair with antioxidants to protect against pollution and free radicals, supported by ceramides that strengthen the hair cuticle for bouncy, voluminous results.
- Mustika Ratu Body Serum and Body Lotion Range New body care line combining Indonesian natural ingredients with E-Bion and BioPlav technology. Body Serum offers nano-encapsulated active ingredient delivery; Body Lotion provides moisturization with botanical extracts and vitamins. Distributed via beauty stores, e-commerce, and Mustika Ratu outlets nationwide.
- Taman Sari Royal Heritage Spa Signature Product Lines (Papaya Enzym Series, Boreh, Murut, Bengkoang Face Mask and Serum Anti-Ageing) Traditional herbal spa and skincare product lines used in Taman Sari Royal Heritage Spa treatments. Papaya Enzym Series offers skin brightening; Boreh and Murut are traditional herbal spa products for therapeutic healing; Bengkoang (papaya) Face Mask and Serum Anti-Ageing are signature anti-aging skincare products used in Biolifting Face Treatment and Face Accupressure services.
- Jamu Wellness Beverages (Jejamu and Ready-to-Drink) Range of traditional Indonesian herbal wellness beverages including Jejamu (modern functional jamu drinks based on authentic Keraton recipes), traditional brewed jamu, and ready-to-drink jamu products. Featured at wellness events and distributed through wellness and spa channels. Mustika Ratu is recognized as the pioneer of the jamu and wellness industry since 1975.
Quantifiable outcome
- Net sales grew 26.97% YoY in 2025 with products sold in 40+ countries
- +4 more outcomes
Companies that use Mustika Ratu
Customer profileNamed customers1 record
Segments5 records
Ideal customer profiles4 records
Mustika Ratu technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature4 records
Mustika Ratu partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core, minor and flagship.
- Grab Indonesiacore'Kepala Adem Rambut Kalem' campaign partnership distributing 50 special edition helmets with QR codes to Grab driver partners in Jakarta. QR codes link to Shopee for Hair Tonic product purchases. Includes female driver empowerment programs and CSR activities.
- KADIN Indonesia (APEC Business Advisory Council)coreTaman Sari Royal Heritage Spa designated as Official Spa & Wellness for ABAC 2026 Spouse Program. Introduced to international delegates from Japan, Vietnam, Malaysia, Papua New Guinea, Thailand, Chinese Taipei.
- Governor Sherly Tjoanda (Maluku Utara)minor#MyForeverStrength campaign collaboration featuring Maluku Utara culture (wastra traditional cloth, butterfly pea flower). Includes CSR for women's skill training in makeup artist, spa therapy, and womenpreneur mentoring.
- PT Cerita Restock Technologi Amanah (RestockTech)coreStrategic partnership for supply chain optimization and asset management at the Ciracas facility. RestockTech provides digital inventory management, warehouse optimization, and supply chain integration services. Supported by Staf Khusus Presiden Bidang UMKM dan Teknologi Digital Tiar Nabilla Karbala.
- Ministry of Tourism and Creative Economy (Kemenparekraf)coreMoU signed for strengthening creative economy ecosystem. Collaboration on natural product development, creative industry capacity building, and global market access. Includes Women Empowerment Conference (WEC) support and brand promotion.
- Sarinah (State-owned Retail)minorBody Serum product launch at Sarinah Front Area, supporting local products movement. Strategic retail partnership for premium product distribution.
- Sugi Holding Co., Ltd. (Japan)flagshipJoint venture PT Mustika Ratu Sugi for technology transfer, access to latest technology development, and strengthening global operational standards. Represents Japanese collaboration for innovation enhancement.
- Yayasan Puteri IndonesiaflagshipMustika Ratu Entertainment (MRE) holds license as main partner for Puteri Indonesia pageant. Platform serves for brand ambassador, content creator, and cross-industry collaboration across beauty, fashion, FMCG, hospitality, transportation, entertainment sectors.
- Ministry of Tourism and Creative Economy (NgeJamu Program)corePartnership promoting 5 Super Priority Destinations (Borobudur, Lake Toba, Labuan Bajo, Likupang, Mandalika) through jamu experiences. Supporting Wonderful Indonesia Wellness tourism initiatives.
- 150 World Class Spa NetworkminorTaman Sari Royal Heritage Spa recognized among 150 World Class Spas by Spa Asia, providing international quality benchmark and network visibility.
- LPPMS (Lembaga Pendidikan dan Pelatihan Manajemen Spa)coreTraining institution for spa professionals under Mustika Ratu umbrella. Provides professional SDM training for Taman Sari franchise operations.
Scale indicators13 records
Recent moves9 records
Expansion highlights6 records
Mustika Ratu competitors and assessment
Company assessmentDirect peers
- Wardah (PT Paragon Technology and Innovation): Indonesia's leading halal cosmetics brand serving mass-market Muslim female consumers with color cosmetics, skin and hair care. Directly competes with MRAT's Mustika Puteri and core brands on the same Indonesian retail shelves, particularly in pharmacies and modern trade.
- PT Industri Jamu dan Farmasi Sido Muncul Tbk: Indonesia's largest traditional herbal (jamu) and wellness beverage manufacturer. Closely comparable to MRAT's Health Care / jamu segment, sharing the same Indonesian botanical heritage narrative and overlapping wellness-beverage customer base, but at significantly larger scale.
- Sariayu Martha Tilaar (PT Martina Berto Tbk): Indonesian heritage beauty and personal care company built on Javanese cultural traditions and natural ingredients, with similar positioning to MRAT across facial, body and hair care plus a spa adjacency (Martha Tilaar Spa). Closely comparable product portfolio, customer base and cultural-heritage narrative.
- Emina (PT Kino Indonesia Tbk): Indonesian consumer goods company targeting young female consumers with the Emina cosmetics range alongside other personal care brands. Comparable mass-market, Gen Z-leaning positioning and similar retail footprint in modern trade and e-commerce.
Emerging players
- Nu Skin Indonesia: Direct-selling personal care and wellness brand active in Indonesia with skin care and nutritional products using proprietary ingredient stories. Comparable on the personal-care-plus-wellness combination and consumer-direct marketing motion.
Broad incumbents
- The Body Shop Indonesia (Natura &Co): International natural-ingredient beauty retailer with Indonesian presence. Competes with MRAT on natural/botanical positioning and ethical sourcing narrative, but operates as part of a broader global portfolio rather than a heritage-local specialist.
- L'Oréal Indonesia: Global beauty leader operating in Indonesia across mass (Garnier, L'Oréal Paris), dermatological (La Roche-Posay) and luxury (Lancôme, YSL). A broad incumbent that competes with MRAT at the premium end of natural/traditional beauty positioning.
- PT Unilever Indonesia Tbk: Multinational FMCG leader in Indonesia with deep portfolios across personal care, hair care (Dove, Sunsilk, TRESemmé) and skin care (Pond's, Lux). A broad incumbent competitor that overlaps with MRAT across nearly every personal care category but at vastly greater scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Mustika Ratu social profiles
Digital presenceMustika Ratu compliance and trust
Trust signalCompliance5 records
Mustika Ratu financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mustika Ratu leadership team
Management profileNumber of profiles
Profiles9 records
Mustika Ratu subsidiaries and ownership
Company hierarchySubsidiaries7 records
Mustika Ratu funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mustika Ratu M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mustika Ratu
What does Mustika Ratu do?
PT Mustika Ratu Tbk manufactures and sells Indonesian cosmetics, personal care products, and traditional herbal jamu wellness products under multiple brands (Mustika Ratu, Mustika Puteri, BASK, Anargya, Ratu Mas). The company also operates premium wellness spa services through Taman Sari Royal Heritage Spa (with franchise network), manages the Puteri Indonesia pageant via Mustika Ratu Entertainment (MRE), and exports products to more than 40 countries. Core physical products include Hair Tonic, Olive Oil (Minyak Zaitun), Body Serum, Body Lotion, Green Tea Shampoo, and jamu beverages.
Is Mustika Ratu a public or private company?
Mustika Ratu is a public company. It is classified as public and is currently operating.
When was Mustika Ratu founded?
Mustika Ratu was founded in 1975. It employs 1,001 to 5,000 people.
Where is Mustika Ratu based?
Mustika Ratu is headquartered in Jakarta, Indonesia, in the Asia region.
How does Mustika Ratu make money?
Six revenue lines are on record. Consumer Goods - Personal Care & Beauty is the primary driver. The others are health Care & Jamu Wellness, wellness & Spa Services, puteri Indonesia Entertainment & Licensing, franchise & Business Partnerships and international Export.
Who are Mustika Ratu's main competitors?
Direct peers on record are Wardah (PT Paragon Technology and Innovation), PT Industri Jamu dan Farmasi Sido Muncul Tbk, Sariayu Martha Tilaar (PT Martina Berto Tbk) and Emina (PT Kino Indonesia Tbk). Nu Skin Indonesia is listed as an emerging player. Broad incumbents are The Body Shop Indonesia (Natura &Co), L'Oréal Indonesia and PT Unilever Indonesia Tbk.
Does Mustika Ratu have an API?
No public API is recorded for Mustika Ratu.
What industry is Mustika Ratu in?
Mustika Ratu's product category is Cosmetics and Personal Care. Its primary akta.pro industry code is CRADANAC, Hand & Body Care (Lotions, Creams, Body Oils), with a secondary code of CRADANAE, Hair Care (Shampoo, Conditioner, Styling, Treatments). Its NAICS code is 32561 and its SIC code is 2844.