Matahari commenced its operations on October 24, 1958, with the opening of its first store in Jakarta, founded by Hari Darmawan. In 1986, PT Matahari Putra Prima Tbk (MPP) was established and subsequently listed its shares on the Jakarta and Surabaya Stock Exchanges through an Initial Public Offering (IPO) in 1992.

In 2009, PT Pacific Utama Tbk, an affiliate of MPP, acquired the Matahari Department Store division. Following this, Matahari operated independently under PT Matahari Department Store Tbk with the stock code LPPF.

In 2010, Matahari was acquired by PT Meadow Indonesia, a subsidiary of Asia Color Company Limited (ACC) under CVC Asia Fund III, with the merger process completed in 2011.

The Company’s ownership structure has undergone several changes, until in 2020 Auric Capital, through Greater Universal Ltd, became a shareholder. In 2021, the Auric Group was designated as the controlling shareholder of the Company.