Alibaba takes minority stake in Vietnam beauty chain Hasaki
What's the deal? Alibaba has acquired a minority stake in Vietnamese cosmetics retailer Hasaki, gaining direct exposure to an omnichannel beauty network of more than 140 physical stores. Terms were not disclosed. The deal, reported in November 2023, was completed through Alibaba International Digital Commerce (AIDC), the unit formed in the group's March 2023 restructuring.
What each side brings: Founded in 2016, Hasaki runs a nationwide store footprint, an e-commerce site and a mobile app, counting 3.8 million members and roughly 750,000 monthly shoppers at the time of the deal. AIDC operates Alibaba.com alongside regional platforms including Lazada, AliExpressDealroom has a profile for this one. Try Dealroom →, Trendyol and Daraz, and lifted third-quarter 2023 revenue 53% year-on-year to $3.36 billion.
Why now? The transaction targets a domestic beauty and personal care sector valued at $2.2 billion and growing 7% annually. "Modern specialty chains continue to displace independent merchants," founder and chief executive Hiep Dinh said, as Vietnam's beauty trade shifts from street shops to standardised chains with verified supply chains.
What's the endgame? For Alibaba, backing offline networks provides logistics and customer-acquisition infrastructure that digital-only storefronts struggle to replicate. The move follows its 2021 play with BPEA EQT, a $400 million purchase of a 5.5% stake in Masan Group's retail arm, The CrownX, which paired Lazada with Masan's grocery network. Hasaki, previously backed by Hong Kong's Excelsior Capital AsiaDealroom has a profile for this one. Try Dealroom →, aims to control at least 35% of Vietnam's beauty market by 2027.
What could go wrong? Competition for organised cosmetics sales has accelerated, with Mekong CapitalDealroom has a profile for this one. Try Dealroom → backing Beauty Box in 2021 and L CattertonDealroom has a profile for this one. Try Dealroom → supporting Social Bella's 2020 market entry. Online platforms such as Shopee, TikTok Shop and Lazada add further pressure, making omnichannel execution and profitability — not just store count — the real test.
The signal: The stake gives Alibaba a foothold in one of Southeast Asia's fastest-growing retail markets through a chain that has since scaled to 252 stores in 2025 and opened its first US store in California. As physical expansion slows across the region, control of distribution infrastructure — stores, warehouses and digital channels combined — is becoming the asset worth owning.
Read more: retailnews.asia
Image credit: Generated with Gemini
