HÀ NỘI — Việt Nam’s baby care-focused firm Con Cưng has secured an investment of US$90 million from Singapore-cased Quadria Capital.
The fund will be used to support Con Cưng’s ambitions to launch 2,000 local stores by 2025, with the plan of launching its first-ever 2,000sqm Super Center in HCMC in January this year.
The investment will be also used to develop an all-in-one super app that provides personalised products and services for more than five million Vietnamese mothers, Quadria Capital said in a statement on Tuesday.
Founded in 2011, the Vietnamese baby-care firm has established 600 stores nationwide, selling more than 2,000 stock-keeping units of mum and baby-care products including milk powder, equipment, and baby fashion. It holds exclusive distribution rights for a number of international brands, including from Japan, the US, Australia, and South Korea.
Minh Nguyên, CEO and co-founder of Con Cưng said many Vietnamese mothers are shifting part of their spending towards e-commerce.
“We aim to be the one-stop destination for mothers to fulfil their maternity and baby-care needs in a convenient and safe environment,” he said.
Ewan Davis, Managing Director of Quadria Capital said the COVID-19 pandemic has shown how important it is for us to prioritise health and wellbeing. The investment company sees great potential in Con Cưng to address such unmet needs and it has lined up several collaborations to help them penetrate the health and wellness segment, as well as further develop better mother and child-centric products and services.
Over the last four years, Con Cưng has been growing exponentially at a compound annual growth rate (CAGR) of 70 per cent. — VNS