The company signed an agreement in Ho Chi Minh City on December 16 with Vietnamese Lotus Food Group in July to set up the Matsumoto Kiyoshi Vietnam Joint Venture Company.

Under the deal, the joint venture will be officially established in February 2020 with a total capital of 31.5 billion VND (1.35 million USD), with Matsumoto Kiyoshi holding 51 percent of the shares and Lotus 48.87 percent. The remaining 0.13 percent will be held by Lotus President Le Van May, who will be the president of Matsumoto Kiyoshi Vietnam. Executive director of the joint venture will be undertaken by a member of Matsumoto Kiyoshi.

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Japanese cosmetics retailer set up joint venture in VietnamA store of Matsumoto KiYoshi in Japan. Source: vietnamfinance.vn

The first store will be opened in HCM City at the end of next March, followed by another 10-15 in the next three to five years.

Matsumoto Kiyoshi said firstly the company will focus on HCM City and then expand its network to other provinces and cities.

Its goal is to take advantage of Vietnam, one of the most promising emerging markets in Asia.

According to survey data, Vietnam’s cosmetics market is worth about 2.3 billion USD as of the end of 2018, however, the operation of the market was old fashioned. Vietnamese consumers are very fond of cosmetics products as well as functional foods from Japan.

As of the end of September 2019, Matsumoto Kiyoshi has 34 stores in Thailand and five stores in Taiwan. The company aims to open more chains in Asia.

Founded in 1932, Matsumoto Kiyoshi Holding was formerly known as Matsumoto Kiyoshi Co., Ltd. with headquarters in Chiba, Japan. Currently, it operates many wholesale and retail pharmaceutical and cosmetic companies in Japan.

Source: VNA