Japan’s casual clothing group Stripe International has acquired Vietnamese fashion retailer Global Fashion, which owns women’s accessories brand Vascara, marking its second M&A (merger and acquisition) deal in the Southeast Asian country in two years.
The acquisition was completed earlier this month, Global Fashion said in an announcement on Monday, without disclosing the value of the deal or the stakes now owned by the Japanese company.
Harigae Tsutomu, general director and CEO of Stripe Saigon, a Vietnamese subsidiary of Stripe International, hailed Vascara as a “brand that has great potential for development.”
Stripe International, with experience and technology accumulated from many markets around the world, will help the brand’s development, expand its system of stores, and serve millions of Vietnamese consumers, Tsutomu added.
Following the deal, Global Fashion has transferred all of its 134 Vascara outlets across Vietnam to Stripe International.
The Japanese apparel firm will also make changes to the brand recognition and store model of Vascara, according to Le Canh Bich Hanh, CEO of Global Fashion.
Both sides are working on exporting the Vietnamese brand’s products to Japan and bringing Stripe merchandise to Vascara’s customers in Vietnam, Forbes Vietnam quoted Hanh as saying.
Established in 2007, Global Fashion specializes in manufacturing shoes and bags. Vascara says it served more than 1.5 million shoppers in 2018.
Founded in 1994, Stripe International currently owns 20 brands. It largely focuses on fashion but the firm has also expanded into restaurants and hotels.
The Tokyo-based casual clothing company also acquired Vietnam’s clothing retailer Nem Group in 2017.
In the long run, Stripe International aims to achieve sales of 8 billion yen (US$74.4 million) and an operating profit margin of 25 percent in the Southeast Asian country, Nikkei Asian Review reported on April 28.
Source: Tuoitrenews