Is Kaesang's Business Empire Truly Fading?

The name Kaesang Pangarep was once synonymous with a young man aggressively building businesses. From bananas, coffee, traditional drinks, culinary apps, and clothing to investments in publicly listed companies, the youngest son of Indonesia’s 7th President Joko Widodo once held a seemingly vast business portfolio. However, entering July 2026, a difficult question arises: is Kaesang’s business truly entering a bleak period?

This question has resurfaced after PT Panca Mitra Multiperdana Tbk (PMMP), a shrimp processing issuer affiliated with Kaesang, was reported to be facing severe financial pressure. The company has obligations to several banks amounting to approximately Rp2.8 trillion, is experiencing working capital limitations, and is currently operating only one production facility. PMMP is undergoing debt restructuring and preparing corporate actions to improve its financial condition.

However, it is not entirely accurate to call PMMP Kaesang’s company. The entity affiliated with him entered as a minority shareholder, not as the founder or main controlling holder. Therefore, PMMP’s crisis cannot automatically be considered Kaesang’s personal debt. Nonetheless, the issue still adds to the long list of unfavourable news from the business portfolio once linked to Jokowi’s youngest son.

Previously, several brands that Kaesang had built or developed had also ceased operations. Ternakopi, which once had dozens of outlets, has closed, while Goola, Siapmas, the Madhang app, and Sang Javas are also no longer active. However, an important fact is that many of these businesses had already stopped operating while Jokowi was still president. This means it is a stretch to directly label all these failures as a result of his father’s loss of power.

Nevertheless, the string of discontinued businesses and the crisis now hitting PMMP still makes one business question legitimate: how strong are the foundations of Kaesang’s ventures? Was the past expansion into many sectors built on mature business calculations, or was it simply chasing too many opportunities too quickly? The business world does not judge who a shareholder’s father is. Ultimately, cash flow, debt, sales, management, and the ability to survive are what matter.

Questions about the influence of power should also not be swallowed as fact immediately, but they need not be considered taboo either. No evidence has been found so far that banks gave credit to PMMP due to palace intervention or that investors pulled out after Jokowi stepped down. However, because Kaesang grew as an entrepreneur when his father was at the peak of power, the public reasonably demands higher transparency regarding his business relationships, funding sources, investment decisions, and the governance of companies affiliated with him.

So, is Kaesang’s business truly fading? The answer is that some indicators are indeed showing dark colours. Several brands have closed, and one affiliated issuer is now facing very serious financial pressure. But there is no basis yet to conclude that Kaesang’s entire business has collapsed, let alone to confirm that the cause is Jokowi’s loss of power. The existing facts are only sufficient to say that Kaesang’s image as a young entrepreneur with a line of flashy businesses is now facing a major test.

Previously, the public saw Kaesang’s name appear alongside outlet openings, brand launches, business expansions, and new investments. Now, what emerges are stories about brands that have closed and an affiliated company that is restructuring trillions of rupiah in debt. It may not yet be time to declare Kaesang’s business empire collapsed. However, the question of whether his business is fading is no longer just political sniping. It is a question that deserves to be answered with figures, financial reports, and transparency.