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Alibaba Invests in Vietnamese Beauty Retailer Hasaki

Published November 22, 2023
Published November 22, 2023

Alibaba, through its unit Alibaba International Digital Commerce Group (AIDC), has acquired a minority stake in Vietnamese beauty retailer Hasaki.

WHO: Founded in 2016, Hasaki is a leading Vietnamese beauty retailer headquartered in Ho Chi Minh City. The chain currently operates more than 140 stores and clinics across Vietnam. The company runs a unique shop-spa-warehouse store model with retail on the ground floor, a skincare clinic and spa services on the upper floor, and a mini-distribution center servicing online orders. In addition to its physical store network, Hasaki is highly tech-focused and operates an online retail platform, which includes its website, mobile application, and store-in-store on an e-commerce marketplace. Hasaki is one of Vietnam’s leading e-commerce platforms focused on the cosmetics sector.

Alibaba International Digital Commerce Group is a business unit spun off from Alibaba Group following corporate restructuring in March this year. AIDC manages and owns several international retail businesses, including Lazada, AliExpress, Trendyol, and Daraz. 

WHY: Hasaki aims to capture at least 35% of local market share by 2027. The Vietnamese market is valued at $2.2 billion and witnessing an annual growth rate of 7%. This sector is undergoing a transformation, with modern retailers replacing traditional individual sellers and small stores.

IN THEIR OWN WORDS: "We are thrilled to welcome Alibaba International as a financial investor. Despite challenging macro conditions, this transaction is a testament to the Hasaki team's capability and business model," said Hiep Dinh, founder and CEO of Hasaki.

“In the coming years, we believe that international markets will offer significant growth potential. Therefore, we will intensify our investments in high-potential markets within selected regions and capitalise on highly probable opportunities,” a representative from Alibaba said.


  • Alibaba, through its unit Alibaba International Digital Commerce Group (AIDC), has acquired a minority stake in Hasaki. The value of the transaction has not been disclosed. 
  • Hasaki is backed by Hong Kong–headquartered private equity firm Excelsior Capital Asia's Vietnam fund.
  • As of November 2023, the company's customer base has expanded to 3.8 million members, with nearly 750,000 shoppers per month. 
  • Ho Chi Minh City–based Koru Capital acted as Hasaki's financial advisor.

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