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 Alibaba.com 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.
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