Vietnamese maternity and baby product retailer Con Cung has secured a $90m investment from healthcare-focused private equity firm Quadria Capital.
The company plans to use the proceeds to support its expansion, with the aim of opening 2,000 local stores by 2025.
Con Cung will also use the fund to add to its product portfolio and develop an all-in-one ‘super app’ to offer personalised maternity products and services.
Con Cung co-founder and chairman Minh Nguyen said: “While traditional offline trade still occupies an important part of commerce in Vietnam, digitalisation is fast-changing consumer preferences and 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.
“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.
“We are fortunate that Quadria Capital shares our vision and we look forward to tapping into Quadria’s network of leading consumer and healthcare companies to serve more families in Vietnam.”
Con Cung offers milk powder, nappies, bottled nutrition and vitamins, baby equipment and apparel.
Founded in 2011, the company operates more than 600 fully-owned stores across 45 provinces and cities in Vietnam.
It also owns exclusive distribution rights to certain international brands from Japan, the US, Australia and South Korea.
Con Cung co-founder and CEO Tien Luu said: “We plan to open one super centre a month, with a target to reach 200-300 of such stores across Vietnam.
“While the Covid pandemic brought many challenges, we believe it has also presented opportunities for us to transform our store concept to better serve the ever-changing demands of young Vietnamese parents.”
Quadria Capital has more than $2.5bn in assets under management and particularly focuses on the Asian healthcare sector.