Asia dominates global retail acquisitions in September

1 min readUpdated Jun 4, 2025Nov 8, 201911:14 PM

In this article (5)

Asian deals dominated global retail acquisitions in September according to a database compiled by GlobalData.

Retail industry deals for the month were worth more than US$7.52 billion, representing an increase of 94.9 percent over August and 38.6 percent above the 12-month average of $5.43 billion.

In terms of a number of deals, the sector saw a rise of 15.1 percent over the 12-month average with 145 deals against the average of 126 deals.

In value terms, Asia-Pacific led the activity with deals worth $5.14 billion.

The top five retail deals accounted for 72.7 percent of the overall value during September – and three of them were in Asia.

The top five retail industry deals of September tracked by GlobalData were:

Yahoo Japan’s $3.72 billion acquisition of Zozo.
The $750 million acquisition of Jetro Restaurant Depot by Fomento Economico Mexicano.
GIC Singapore’s $500 million private equity deal with VCM Services and Trading Development Joint Stock (VinGroup’s VinMart in Vietnam).
The $300 million venture financing of Zhuan Zhuan by 58.com and Tencent Holdings.
Glade Brook Capital Partners, TCV and Thrive Capital’s venture financing of Capsule for $200 million.

AdvertisementAdvertise with usMobile 320×100

What this means

The surge in Asian retail acquisitions, particularly GIC Singapore's significant investment in VinMart, confirms a clear trend towards consolidation and market penetration. This aggressive capital deployment puts pressure on smaller, independent regional players who may struggle to compete with integrated supply chains and enhanced financial backing. Unlike Panpuri's organic expansion into China and Japan or Kau Kee Food Factory's single store opening, these large-scale acquisitions represent a more immediate and disruptive market play, often sidestepping the regulatory hurdles seen in JD.com's CECONOMY bid. The move suggests a belief in robust long-term regional consumption despite immediate economic headwinds in some markets. Watch for the operational integration and market share shifts resulting from these major September transactions.

Sarah Chen · Retail News Asia newsroom

Questions & Answers

What was the total value of global retail acquisition deals recorded in September?

The total value of retail industry deals globally for September was over US$7.52 billion. This figure represents a significant increase compared to both the previous month and the 12-month average for such transactions.

How did the September deal value compare to the average activity over the last year?

The September deal value of over US$7.52 billion was 38.6 percent higher than the 12-month average, which stood at US$5.43 billion. This indicates a substantial increase in financial activity compared to typical periods.

Which specific regions or countries were involved in the top retail deals during September?

The top deals involved Yahoo Japan, Fomento Economico Mexicano, GIC Singapore with Vietnam's VinMart, 58.com and Tencent Holdings with Zhuan Zhuan, and Glade Brook Capital Partners, TCV, and Thrive Capital with Capsule.

What proportion of the total September deal value did the top five acquisitions represent?

The top five retail deals tracked in September accounted for 72.7 percent of the overall value during the month. Three of these five most valuable deals were based in Asia.

Reader pulse

Are these Asian M&A trends sustainable?

16,072 votes so far