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Retail

SK to invest $340 mn in Vietnam’s major retail platform The CrownX

The investment is part of SK Chairman’s strategy to make preemptive investments in promising local companies for new markets

By Nov 11, 2021 (Gmt+09:00)

Masan Group chairman Nguyen Dang Quang (Courtesy of Masan Group)
Masan Group chairman Nguyen Dang Quang (Courtesy of Masan Group)

South Korea’s conglomerate SK Group said on Nov. 11 that it agreed to invest $340 million in The CrownX, a retail platform of Masan Group Corp., Vietnam’s top F&B and retail company.

Through the investment, SK aims to strengthen a strategic partnership with Masan for cooperation in Vietnam’s retail, logistics and fintech sectors that are expected to rapidly grow.

SK Group signed a deal to acquire secondary shares in The CrownX. Post the completion of the transaction, SK will own a 4.9% stake in The CrownX, while Masan will hold 85.0%, according to the Vietnamese company.

The CrownX has two subsidiaries – Masan Consumer Holdings, Vietnam’s No. 1 food and beverage company, as well as WinCommerce, the country’s top retailer.

Masan Consumer has been reporting revenue growth of more than 20% since 2018 as it succeeded not only in the existing business such as home convenience foods but also new sectors including household goods.

WinCommerce rules more than 50% of the country’s modern retail markets, operating 2,300 convenience stores and 120 supermarkets. It recently launched the online retail business in cooperation with Lazada, Alibaba’s e-commerce marketplace in Southeast Asia.

SK’s investment is a part of its chairman Chey Tae-won’s strategy to make preemptive investments in promising local companies and create new markets through strategic partnerships, sources at the group said.

Write to Jeong Min Nam at peux@hankyung.com

Jongwoo Cheon edited this article.

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