Vietnam’s largest maternity retailer Con Cung has secured a US$90 million investment from Asian healthcare investment firm, Quadria Capital.
The funds will be used to support Con Cung’s expansion plan, which includes opening 2000 local stores by 2025. Besides increasing its product portfolio, the retailer will also develop an all-in-one super app that provides personalised products and services for its customers.
“We aim to be the one-stop destination for mothers to fulfil their maternity and baby-care needs in a convenient and safe environment,” said Minh Nguyen, chairman and co-founder of Con Cung. “To do so, we recognise the need to expand our retail channels, both online and offline, and create a holistic ecosystem to support mothers and families.”
Con Cung aims to open 1000 of the promised additional stores by the end of this year. The investment follows the launch of the brand’s first supercentre store, which combines a shophouse, a coffee shop, an integrated playground area and a floor dedicated to infant care and consulting services.
“We plan to open one supercentre per month with a target to reach 200-300 such stores across Vietnam,” said Tien Luu, CEO and co-founder of Con Cung.
Founded in 2011, Con Cung currently operates more than 600 shops in Vietnam, bearing a distinctive pink exterior. The retailer offers more than 2000 SKUs of mom and baby-care products.
Besides having exclusive distribution rights for several international brands, including from Japan, the US, Australia and South Korea, the company also collaborates with factories across Asia to develop and manufacture private-label childcare products. Over the last four years, the retailer has expanded at a compound annual growth rate (CAGR) of 70 per cent.
“The Covid-19 pandemic has shown us just how important it is for us to prioritise health and wellbeing,” said Ewan Davis, MD of Quadria Capital.
“We see great potential in Con Cung to address such unmet needs, and we have 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.”