Alibaba has agreed to acquire a minority stake in Vietnamese cosmetics chain Hasaki, securing direct exposure to an omnichannel beauty network with more than 140 physical stores.
According to a report on November 18, 2023, the transaction gives the Chinese retail giant direct access to a domestic beauty and personal care sector valued at $2.2 billion that is growing at 7 per cent annually.
Hiep Dinh, founder and chief executive of Hasaki, confirmed the partnership with Alibaba International as modern specialty chains continue to displace independent merchants across Vietnam.
Hasaki operates a retail platform spanning its nationwide branch footprint, an e-commerce website, a mobile application and online store accounts. Ho Chi Minh City-based Koru Capital served as the financial advisor to Hasaki for the transaction.
Hong Kong venture capital firm Excelsior Capital Asia previously backed the retailer, which was founded in 2016. As of November 2023, the chain counts 3.8 million members and has approximately 750,000 monthly shoppers.
Vietnam’s beauty trade is shifting away from fragmented street shops and individual vendors toward standardised retail chains. Structured store networks offer verified supply chains, which matter to consumers wary of counterfeit products in personal care.
Specialty chains also hold bargaining use against international beauty brands seeking reliable nationwide distribution. For commercial landlords, dedicated health and beauty outlets represent steady footfall drivers as shopping centres expand outside tier-one urban cores.
Alibaba completed the transaction through Alibaba International Digital Commerce (AIDC), the business unit formed during the parent group’s corporate restructuring in March 2023.
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