Alibaba Group has quietly deepened its footprint in Southeast Asia’s consumer sector, acquiring a minority stake in Vietnamese beauty and personal care chain Hasaki through its international e-commerce arm, Alibaba International Digital Commerce Group (AIDC). The investment, first reported by DealStreetAsia and confirmed by Hasaki’s founder, positions the Chinese retail giant to capture a slice of Vietnam’s rapidly formalizing $2.2 billion cosmetics market.
The deal, advised by Ho Chi Minh City-based Koru Capital, comes as Hasaki accelerates an aggressive expansion strategy. Founded in 2016, the chain has grown from a local pharmacy-style retailer into a dominant modern trade player with more than 140 stores nationwide and a robust online presence spanning its own app, website, and marketplace storefronts. The company claims 3.8 million members and roughly 750,000 monthly shoppers as of late 2023, targeting a 35% domestic market share by 2027.
For Alibaba, the move is less about cosmetics and more about infrastructure. Hasaki’s network offers AIDC which also operates Lazada and AliExpress a physical and digital laboratory for integrating online-to-offline retail in a market where traditional mom-and-pop shops still dominate but modern chains are gaining ground rapidly. The investment follows Alibaba’s earlier co-investment in The CrownX, reinforcing a broader strategy of backing category leaders in Vietnam’s consumer economy.
Hasaki founder and CEO Hiep Dinh framed the partnership as validation amid macroeconomic headwinds. “Despite challenging economic conditions, this transaction is a testament to the capabilities and business model of the Hasaki team,” he said in a statement. The capital injection is expected to fuel logistics upgrades, warehouse expansion, and automated management systems operational foundations necessary for the chain to sustain its store-opening velocity and defend against rising competition from both local rivals and international beauty retailers.
The timing is notable. Vietnam’s beauty retail sector is transitioning from fragmented, individual sellers toward organized chains, a shift that favors players with scale and digital integration. With Alibaba’s backing, Hasaki gains not only capital but proximity to the group’s logistics and e-commerce ecosystem, potentially sharpening its edge in a market where online and offline beauty shopping are increasingly intertwined. Neither party disclosed the stake size or valuation.
