Mekong Capital has completed an investment into Vietnam’s cosmetics retailer HSV Group under its Mekong Enterprise Fund IV. 

Founded in 2004 as the exclusive distributor of South Korean cosmetics brand The Face Shop, HSV Group now operates 105 stores across five retail brands, including Club Clio, Adidas, and Reebok. In 2018, the company launched a multi-brand cosmetics chain called Beauty Box which now has 11 stores across the country.  

The fund is expected to accelerate the group’s store network growth and increase its brand assortment in Vietnam. The company said it also aims to strengthen corporate culture and enhance the capabilities of its leadership team. 

“We believe that corporate culture will foster a collective power for an ever-growing business,” said Le Thi Bich Phuong, co-founder, and CEO of HSV Group. “Mekong is an experienced partner in building a corporate culture as a solid foundation for breakthrough development.”

HSV Group is the third investment by Mekong Enterprise Fund IV this year after chocolate maker and retailer Maison Marou and water purifier maker Mutosi.