Recently, it is reported that Alibaba has acquired a minority stake in Hasaki, a Vietnamese cosmetic and beauty retail chain, through its subsidiary Alibaba International Digital Commerce Group (AIDC). The transaction amount has not been disclosed yet.
Hiep Dinh, the Founder and CEO of Hasaki, stated in a statement, “We are delighted to welcome Alibaba International as our investor. Despite the challenging macro environment, this transaction demonstrates the capabilities and business model of the Hasaki team.”
Public information shows that Hasaki was established in 2016 and has become one of the most popular beauty retail chains in Vietnam, with 140 physical stores and an online platform. Previously, it received support from Excelsior Capital Asia’s Vietnam Fund, a Hong Kong-based private equity firm. As of November 2023, Hasaki has accumulated 3.8 million members, with approximately 750,000 monthly shoppers. The company aims to capture at least a 35% market share in Vietnam by 2027.
It is worth noting that AIDC is a business unit that was spun off from Alibaba Group in March this year. It is responsible for managing Alibaba, China’s largest comprehensive international online wholesale marketplace, as well as several international retail businesses including Lazada, AliExpress, Trendyol, and Daraz. Alibaba Group stated in its third-quarter conference that they believe the international market will provide significant growth potential in the coming years. Therefore, they will increase investment in high-potential markets and seize high-probability opportunities.
