Watsons aims to gain firm foothold in Vietnam

15:26 | 21/02/2019 Companies

Hong Kong-based healthcare and beauty retailer Watsons has set forth an investment plan for the next three years after it launched its first store in Vietnam last month. 

Watsons launched its first store at the Bitexco financial tower in Ho Chi Minh City last month - Source: Watsons

Watsons displays some 6,000 health and beauty products at the brick-and-mortar store covering 239 sq.m at the Bitexco financial tower in Ho Chi Minh City. At the same time, it offers more than 8,000 products online.

Teasing the launch last month, a huge backdrop with the slogan “Look good, Feel great” was built outside the space, attracting Vietnamese youngsters to take selfies and check in on social media.

To compete with other major retailers, Watsons plans to invest 160 million USD in technological improvement, big data analysis and warehouse building in the next three years, aiming to raise its global online sales revenue by at least 40 percent annually.

In the Vietnamese market, Watsons has to compete with Guardian – another health and beauty retailer from Hong Kong, which runs 85 stores nationwide.

Watsons is operated by AS Watson, a subsidiary of retail and telecommunications giant CK Hutchison which is quarter-owned by Singapore sovereign investment fund Temasek Holdings.

Currently, AS Watson has some 6,800 Watsons health and beauty stores in Asia and Europe, including mainland China, Hong Kong, Taiwan, Macau, Thailand, Singapore, Malaysia, the Philippines and Indonesia.

The broader AS Watson group also owns other retail brands like Drogas, Superdrug and Watsons’ Wine, with more than 14,500 stores in 24 markets.

Theo VNA