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Tag: hasaki

  • Alibaba Buys Minority Stake in Vietnam Beauty Retailer Hasaki

    Alibaba Buys Minority Stake in Vietnam Beauty Retailer Hasaki

    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.

    Terms and Network Scale

    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.

    Modern Trade Displaces Independent Shops

    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.

    Strategic Deployment in Southeast Asia

    Alibaba completed the transaction through Alibaba International Digital Commerce (AIDC), the business unit formed during the parent group’s corporate restructuring in March 2023. AIDC runs wholesale platform Alibaba.com alongside regional consumer operations including Lazada, AliExpress, Trendyol and Daraz.

    AIDC lifted its third-quarter 2023 revenue by 53 per cent year-on-year to $3.36 billion. Backing offline networks provides Alibaba with logistics and customer-acquisition infrastructure that purely digital storefronts struggle to duplicate efficiently.

    Competition for organised cosmetics sales in Vietnam has accelerated over the past three years. Mekong Capital backed local chain Beauty Box in 2021, following the market entry of Social Bella with support from L Catterton in 2020.

    Building Offline Reach in Vietnam

    The deal builds on previous capital deployments by Alibaba in Vietnamese consumer infrastructure. In 2021, Alibaba teamed up with BPEA EQT to lead a $400 million cash purchase of a 5.5 per cent stake in The CrownX, the integrated retail subsidiary of Masan Group.

    That transaction paired Lazada’s online channel with Masan’s grocery network, setting a precedent for integrating tech operations with brick-and-mortar shelf space.

    Hasaki has set a target to control at least 35 per cent of Vietnam’s domestic beauty and cosmetics market share by 2027.

  • Vietnam Cosmetics Stores Reach 574 as Hasaki Leads Expansion

    Vietnam Cosmetics Stores Reach 574 as Hasaki Leads Expansion

    Vietnam’s beauty retail sector recorded 574 stores as of March 2026, up 4.5 percent from 2025 as the pace of store openings moderated after years of rapid growth.

    According to market research firm Q&Me, the physical expansion unfolded alongside rapid digital adoption, with beauty and personal care online sales reaching VND74.4 trillion ($2.83 billion) in 2025.

    Domestic chains take market share

    Hasaki Beauty & Clinic remained the industry’s fastest-growing chain by store openings, adding 52 outlets in a single year to expand its footprint from 172 locations in 2024 to 252 in 2025, with projections to reach 304 stores in 2026.

    Founded in 2016, Hasaki operates an integrated business model combining beauty retail with on-site aesthetic clinics. The retailer raised capital repeatedly to fund network growth, increasing its charter capital to VND350 billion ($13.27 million) in October 2024.

    Co Mem, a domestic brand focused on natural beauty formulas, posted store count growth exceeding 20 percent. The chain is on track to expand from 62 stores in 2025 to 80 locations in 2026 by targeting provincial retail markets beyond Hanoi and Ho Chi Minh City.

    International players slow the pace

    Pan-Asian pharmacy and beauty chains maintained their networks while opening fewer new outlets than local competitors. Guardian is projected to increase its Vietnamese footprint from 125 to 127 stores, while regional rival Watsons maintained steady store counts.

    Smaller multi-brand operators also posted incremental gains. Aeon-backed Glam Beautique is expected to rise from 14 to 16 outlets, and domestic competitor The Gioi SkinFood is projected to increase from 10 to 12 locations.

    Single-brand formats lose ground

    Single-brand cosmetics stores recorded sharp contractions across Vietnamese high streets and shopping centers. Korean beauty chain The Face Shop is projected to shrink its retail presence from 28 stores in 2025 to nine outlets in 2026.

    British retailer The Body Shop also reduced its physical footprint, bringing its store count down to 29 nationwide. Shoppers have shifted spending toward multi-brand formats that offer broader product selections, cross-brand promotions and rapid delivery fulfillment.

    Shifting retail economics

    The divergence between multi-brand store growth and mono-brand closures alters leasing terms for shopping mall operators and streetfront landlords. Landlords in secondary cities now rely on multi-brand beauty chains to anchor personal care floors rather than standalone boutique stores.

    Alibaba International Digital Commerce Group completed the purchase of a minority stake in Hasaki in late 2023. That backing gave the local chain the financial reserves needed to build density across secondary provinces, where lower commercial rents allow larger floorplates.

    Retailers now face the task of sustaining store-level profit margins as physical network growth slows toward single digits. The next milestone for the sector comes at the end of 2026, when Hasaki aims to cross the 300-store mark across Vietnam.