Vietnam Cosmetics Stores Reach 574 as Hasaki Leads Expansion
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Vietnam’s beauty retail sector recorded 574 stores as of March 2026, up 4.5 percent from 2025 as the pace of store openings moderated after years of rapid growth.
According to market research firm Q&Me, the physical expansion unfolded alongside rapid digital adoption, with beauty and personal care online sales reaching VND74.4 trillion ($2.83 billion) in 2025.
Domestic chains take market share
Hasaki Beauty & Clinic remained the industry’s fastest-growing chain by store openings, adding 52 outlets in a single year to expand its footprint from 172 locations in 2024 to 252 in 2025, with projections to reach 304 stores in 2026.
Founded in 2016, Hasaki operates an integrated business model combining beauty retail with on-site aesthetic clinics. The retailer raised capital repeatedly to fund network growth, increasing its charter capital to VND350 billion ($13.27 million) in October 2024.
Co Mem, a domestic brand focused on natural beauty formulas, posted store count growth exceeding 20 percent. The chain is on track to expand from 62 stores in 2025 to 80 locations in 2026 by targeting provincial retail markets beyond Hanoi and Ho Chi Minh City.
International players slow the pace
Pan-Asian pharmacy and beauty chains maintained their networks while opening fewer new outlets than local competitors. Guardian is projected to increase its Vietnamese footprint from 125 to 127 stores, while regional rival Watsons maintained steady store counts.
“The retailer raised capital repeatedly to fund network growth, increasing its charter capital to VND350 billion ($13.27 million) in October 2024.”
Smaller multi-brand operators also posted incremental gains. Aeon-backed Glam Beautique is expected to rise from 14 to 16 outlets, and domestic competitor The Gioi SkinFood is projected to increase from 10 to 12 locations.
Single-brand formats lose ground
Single-brand cosmetics stores recorded sharp contractions across Vietnamese high streets and shopping centers. Korean beauty chain The Face Shop is projected to shrink its retail presence from 28 stores in 2025 to nine outlets in 2026.
British retailer The Body Shop also reduced its physical footprint, bringing its store count down to 29 nationwide. Shoppers have shifted spending toward multi-brand formats that offer broader product selections, cross-brand promotions and rapid delivery fulfillment.
Shifting retail economics
The divergence between multi-brand store growth and mono-brand closures alters leasing terms for shopping mall operators and streetfront landlords. Landlords in secondary cities now rely on multi-brand beauty chains to anchor personal care floors rather than standalone boutique stores.
Alibaba International Digital Commerce Group completed the purchase of a minority stake in Hasaki in late 2023. That backing gave the local chain the financial reserves needed to build density across secondary provinces, where lower commercial rents allow larger floorplates.
Retailers now face the task of sustaining store-level profit margins as physical network growth slows toward single digits. The next milestone for the sector comes at the end of 2026, when Hasaki aims to cross the 300-store mark across Vietnam.
Questions & Answers
Q.Why are single-brand cosmetics stores in Vietnam reducing their physical presence?
Why are single-brand cosmetics stores in Vietnam reducing their physical presence?
Shoppers have shifted their spending to multi-brand formats, which offer wider product selections, cross-brand promotions, and efficient rapid delivery services. This change in consumer preference has led to sharp contractions for single-brand stores.
Q.How did Hasaki manage to fund its significant store expansion in Vietnam?
How did Hasaki manage to fund its significant store expansion in Vietnam?
Hasaki raised capital repeatedly to support its network growth, increasing its charter capital to VND350 billion in October 2024. Also, Alibaba International Digital Commerce Group's purchase of a minority stake in late 2023 provided essential financial reserves.
Q.What impact is the shift in retail formats having on landlords in Vietnam?
What impact is the shift in retail formats having on landlords in Vietnam?
The divergence between multi-brand store growth and single-brand closures is altering leasing terms. Landlords, particularly in secondary cities, now depend on multi-brand beauty chains to anchor personal care floors instead of relying on standalone boutique stores.
Q.Which international beauty retail chains are mentioned as maintaining their networks in Vietnam?
Which international beauty retail chains are mentioned as maintaining their networks in Vietnam?
Pan-Asian pharmacy and beauty chains are maintaining their networks, but opening fewer new outlets compared to local competitors. Guardian is projected to increase to 127 stores, while regional rival Watsons has kept steady store counts.
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