Japan’s casual clothing company Stripe International has acquired a 70 per cent stake in Vietnam’s Global Fashion, which owns women’s accessories brand Vascara, for an undisclosed sum, according to a statement.
This is the second acquisition by Okayama-based Stripe in Vietnam after it bought local apparel company Nem Group in 2017. Hanoi-based Nem currently operates 80 stores across the country.
“We see the potential of the Vietnamese fashion market, especially the footwear and bags industry. Vascara is a brand that has great potential for development, so we believe that the experience and technology accumulated from many markets around the world will accompany and support Vascara to accelerate development, expand the system of stores and serve millions of Vietnamese consumers,” said Harigae Tsutomu, general director and CEO of Stripe SaiGon.
Established in 2007, Global Fashion is a local shoes and bags manufacturer with 134 outlets across Vietnam. The company claims its brand Vascara catered to over 1.5 million shoppers in 2018.
Founded in 1994, Stripe International currently owns 20 brands. Stripe largely focuses on fashion but has also expanded into restaurants and hotels.
In the long run, the Japanese company aims to achieve sales of 8 billion yen and an operating profit margin of 25 per cent in Vietnam, Nikkei Asian Review reported.
Vietnam’s fashion market has been increasingly catching the attention of Japanese investors. In February this year, Japanese buyout firm Advantage Partners, through its Asia Fund, acquired Elise Fashion, a local fashion brand targeted at women. The transaction marked the first acquisition of a company in Vietnam by Advantage Partners.