A Matsumotokiyoshi store (Photo: globalcosmeticsnews)Hanoi (VNA) – Japanesedrugstore operator Matsumotokiyoshi Holdings Co. on November 13 announced itsplan to set up a joint venture in Vietnam to operate and develop the MatsuKiyodrug and cosmetics shop chain in the Southeast Asian country.
The firm signed a joint ventureagreement with Vietnam’s Lotus Food Group Joint Stock Co. in July to form MatsumotoKiyoshi Vietnam Joint Stock Co. in Ho Chi Minh City, which will be officiallyestablished in February 2020.
Capitalised with 31.5billion VND (1.36 million USD), the local unit is 51 percent owned by Matsumotokiyoshi, 48.87 percent by Lotus Food Group, and 0.13 percent by Le Van May,president and CEO of the local partner.
With the formation ofthe joint venture, the Japanese firm aims to expand its network tonewly-emerged markets in Asia, including Vietnam where the cosmetics market wasvalued at about 2.3 billion USD at the end of 2018.
As of September 2019,Matsumotokiyoshi had run 34 stores in Thailand, five in Taiwan. It plans toset up more shops in Asia.
Set up in 1932, Matsumotokiyoshi Holdings Co., formerly known as Matsumotokiyoshi Ltd. based in Chiba,has currently managed and operated many drug and cosmetics retail and wholesalecompanies in Japan./.
The firm signed a joint ventureagreement with Vietnam’s Lotus Food Group Joint Stock Co. in July to form MatsumotoKiyoshi Vietnam Joint Stock Co. in Ho Chi Minh City, which will be officiallyestablished in February 2020.
Capitalised with 31.5billion VND (1.36 million USD), the local unit is 51 percent owned by Matsumotokiyoshi, 48.87 percent by Lotus Food Group, and 0.13 percent by Le Van May,president and CEO of the local partner.
With the formation ofthe joint venture, the Japanese firm aims to expand its network tonewly-emerged markets in Asia, including Vietnam where the cosmetics market wasvalued at about 2.3 billion USD at the end of 2018.
As of September 2019,Matsumotokiyoshi had run 34 stores in Thailand, five in Taiwan. It plans toset up more shops in Asia.
Set up in 1932, Matsumotokiyoshi Holdings Co., formerly known as Matsumotokiyoshi Ltd. based in Chiba,has currently managed and operated many drug and cosmetics retail and wholesalecompanies in Japan./.
VNA
