VinMart to become WinMart
In this article (5)
A year after conglomerate Masan Group acquired it from Vingroup, the VinMart retail chain is set to become WinMart.
The rebranding would take place after the restructuring of the retail chain is complete, Truong Cong Thang, CEO of The CrownX, a subsidiary that operates VinMart, said at the Masan annual general meeting Thursday.
The CrownX reported a 14 percent rise in revenues last year to VND31 trillion ($1.35 billion), with VinMart+ convenience stores achieving revenue growth of 42 percent despite shutting down over 744 underperforming stores.
Danny Le, CEO of Masan Group, said the company plans to increase the number of VinMart and VinMart+ outlets by 30,000 in the next five years, with 20,000 of them being franchised.
In December 2019, the company acquired a 83.74 percent stake in VinCommerce, the subsidiary of Vietnam’s biggest private conglomerate, Vingroup, which operated VinMart chain.
The chain, which reported a $100-million loss in 2019, broke even last year, and Masan now targets annual sales of $7-10 billion and double-digit profit growth by 2025.
Questions & Answers
Q.When will the VinMart retail chain officially change its name to WinMart?
When will the VinMart retail chain officially change its name to WinMart?
The rebranding of VinMart to WinMart is scheduled to occur after the restructuring of the retail chain has been fully completed. No specific date for this completion was provided in the article.
Q.How did The CrownX's revenues perform last year, and which part of the business saw significant growth?
How did The CrownX's revenues perform last year, and which part of the business saw significant growth?
The CrownX reported a 14 percent increase in revenues last year, reaching VND31 trillion ($1.35 billion). VinMart+ convenience stores were a major contributor, achieving revenue growth of 42 percent.
Q.What are Masan Group's plans for expanding the number of VinMart and VinMart+ outlets in the coming years?
What are Masan Group's plans for expanding the number of VinMart and VinMart+ outlets in the coming years?
Masan Group intends to increase the number of VinMart and VinMart+ outlets by 30,000 over the next five years. Of these, 20,000 are planned to be franchised stores.
Q.What financial turnaround did the VinMart chain achieve last year after its acquisition?
What financial turnaround did the VinMart chain achieve last year after its acquisition?
The VinMart chain, which recorded a $100-million loss in 2019, successfully broke even last year. Masan now aims for annual sales of $7-10 billion and double-digit profit growth by 2025.