Croatian-Bolivian who built a $500m retail empire shares his secret to success

Tomislav Kuljiš (Photo: Meeting G2 Conference)

ZAGREB, 16 November 2024 – On the second day of the 10th Meeting G2 Conference, A Decade of Business Connectivity, attendees engaged in nine panels covering a range of topics and several keynote presentations.

The keynote speech was delivered by Tomislav Kuljiš, founder and CEO of Hipermaxi S.A. Bolivia, a leading supermarket chain with diverse investments in consumer goods, leather, IT, beef and livestock, insurance, banking, logistics, energy, and construction.

Kuljiš highlighted that while the Croatian community in Bolivia is small, it is highly entrepreneurial, with some members ranking among the country’s wealthiest individuals.

He recounted the journey of building his largest business, Hipermaxi, which he acquired when it had an annual revenue of $10 million.

Today, it generates $500 million annually and employs 4,000 people.

“My family moved to Bolivia between the two world wars and brought certain values with them. For example, my grandfather was the largest wine producer on the island of Vis between the wars, producing 50,000 litres annually.

My father instilled in me discipline and work ethic from an early age. From childhood, I learned that reputation is one of the most important traits in business. Once you build it, everyone wants to work with you.

I believe success is built on work ethic, trust, honesty, and the values my family cherished and developed further in Bolivia,” Mr Kuljiš concluded.

Highlighting Croatian Women Leaders Abroad

The panel Women Leaders – The True Spirit of MG2 featured three daughters of successful Croatian expatriates in the United States.

Jennifer Kerum, daughter of Hollywood’s top caterer Toni Kerum, shared insights into working with the film industry and emphasised her growing involvement in the business.

Jerka Jennifer Maglica, daughter of Maglite founder Toni Maglica, who has returned to live in Croatia, remarked: “My father has incredible willpower and seems indestructible. He believes he’ll live to 140. My husband and I are retired, but he cannot comprehend how anyone can retire, saying he’ll stop working only when he dies.”

Maya Sertić, daughter of Matt Darko Sertić, who left Silicon Valley to establish several successful companies in Sisak, shared her journey.

“I was born and raised in California but returned to Croatia after university. I now work in biology and partially in my father’s company.

I’ve settled in Sisak, where I’ve started a family. Sisak is beautiful, life is slower, and my son grows up with more freedom here than in California or even Zagreb.”

(Photo: Meeting G2 Conference)

Bringing Emigrants Back Home: Challenges and Incentives

The panel How to Bring Emigrants Back to Croatia? Taxes and Status focused on a recently proposed measure exempting returning Croatian emigrants from income tax for five years, provided they have lived abroad for at least two years.

Nikola Mijatović from the Faculty of Law, University of Zagreb, criticised the proposal as superficial: “Serious countries have a suite of 10 to 15 measures aimed at creating long-term impact. Who’s to say this policy won’t be scrapped in a year or two?

When it comes to income tax, there was a measure for digital nomads a few years ago, but do you know how many digital nomads actually came to Croatia? Only 400 to 500. I’m not optimistic about this proposal.”

Luke Jurčević, a successful entrepreneur from Perth, Australia, provided a perspective from the diaspora: “Salaries in Australia are significantly higher than in Croatia, and I’m unsure how much impact this measure will have.

A broader programme, including easier pathways to work, study, and relocate to Croatia, would be more promising. Communication between the homeland and the diaspora also needs improvement.”

Innovating Croatian Tourism

The panel New Forms of Tourism featured discussions on moving beyond Croatia’s traditional sun-and-sea tourism to offer sustainable and enriched experiences connected to nature and local gastronomy.

Bruce Yerkovich, a Croatian-American entrepreneur and owner of The Resort Company, introduced his €440 million Heart of Lika project, aiming to transform Lika into the first destination for integrative tourism in Croatia and the region.

“We must preserve cultural identity and the environment. That’s what Italians and Germans return for, what they love to see and feel. This project isn’t about building beds; it’s about creating opportunities and setting a new paradigm for tourism, which could inspire other parts of Croatia.”

Prominent entrepreneur Davorin Štetner presented his projects in Veljun and Žumberak. “In Veljun, we plan to build Formula 1-level racing tracks, a hotel, and villas on 70 hectares, with an initial investment of €30 million, expanding to €100 million later.

On the other hand, my project in Žumberak is purely a passion project. I’ve purchased 25 hectares where we’re raising Wagyu cattle. It’s a return to nature, and it’s a special feeling to realise something in a place like Žumberak.”

(Photo: Meeting G2 Conference)

Croatian AI on the Global Stage

In the panel Croatian Artificial Intelligence on the Global Stage, participants discussed how Croatian companies can compete internationally and explored the future impact of AI on daily life.

Mislav Malenica from Mindsmits predicted that within five years, every business with a website and email would have its own AI communication system.

“Croatia has made significant progress in the last five years. For a country of our size, we have many successful companies. However, our mindset is a challenge. Being born in Croatia often gives you the feeling that, as a small nation, you don’t deserve much.”

Nenad Raca from Aduro Ideja emphasised AI’s potential in creating scenarios before they occur: “AI allows people to make mistakes in simulations rather than real life – whether it’s market scenarios or difficult conversations.

(Photo: Meeting G2 Conference)

This elevates education and prepares people for a variety of situations.” Hajdi Cenan from Airt noted the pace of change: “People aren’t generally afraid of automation – they’re relieved to offload repetitive tasks. Will some jobs disappear? Yes, but every technology brings this. The difference with AI is the speed of transformation.”

The full programme is available on the Meeting G2.10 website, and interested participants can register online.