Alibaba is reported to have decided on taking a minority stake in Hasaki, a cosmetics and beauty chain based in Vietnam, through its arm Alibaba International Digital Commerce Group (AIDC). 

The value of the transaction has not been disclosed. 

Hasaki is backed by Excelsior Capital Asia’s Vietnam fund, which is based in Hong Kong. Koru Capital, based in Ho Chi Minh City, also acted as Hasaki’s financial counsel. 

Hasaki was founded in 2016 and has become one of the most popular beauty chains in Vietnam with 140 locations along with online platforms. 

Meanwhile, AIDC, founded in March this year, runs Alibaba.com and other retail channels including Lazada, AliExpress, Trendyol and Daraz.

The cosmetics industry is quickly becoming one of the world’s fastest-growing retail categories, with rapid expansion in Vietnam attracting interest from foreign companies as well as locals. Three years ago, the Indonesian beauty brand Sociolla opened its first store in Ho Chi Minh City.  

According to Statista, the cosmetics market in Vietnam will generate US$528.9 million in revenue this year and is expected to expand by 3.21 per cent per year on a CAGR basis from this year through to 2028.