Quadria Capital, Asia’s leading healthcare investment firm, announced the completion of its $90 million investment in Con Cung, Vietnam’s largest and fastest-growing mom and baby retail network. The fund will be used to support Con Cung’s ambition to launch 2,000 local stores by 2025, expand its product portfolio, as well as to develop an all-in-one super app that provides personalized products and services for over five million Vietnamese mothers.
Founded in 2011, Con Cung is a household name in the mother and baby products industry with over 600 fully-owned stores across 45 provinces and cities in Vietnam. The company retails over 2,000 SKUs of mom and baby-care products such as milk powder, diapers, bottled nutrition and vitamins, equipment, and baby fashion products. It holds exclusive distribution rights for a number of international brands, including Japan, the US, Australia and South Korea, and actively collaborates with leading factories across Asia to develop and manufacture private-label childcare products that are safe, high-quality and affordable.
“While traditional offline trade still occupies an important part of commerce in Vietnam, digitalisation is fast-changing consumer preferences and many Vietnamese mothers are shifting part of their spending towards e-commerce,” said Minh Nguyen, chairman and co-founder of Con Cung.
“We aim to be the one-stop destination for mothers to fulfill their maternity and baby-care needs in a convenient and safe environment. To do so, we recognise the need to expand our retail channels, both online and offline and create a holistic ecosystem to support mothers and families. We are fortunate that Quadria Capital shares our vision and we look forward to tapping into Quadria’s network of leading consumer and healthcare companies to serve more families in Vietnam.”
Over the last four years, Con Cung has been growing exponentially at a compound annual growth rate (CAGR) of 70 per cent. It launched its first app in 2019 in response to an upsurge in mobile-based purchases and succeeded in doubling its store footprint between 2019 and 2021, said a statement.