Aditya Hadi Pratama · · 1 min read🇻🇳 baby care retailer secures $90m
Con Cung, a Vietnam-based retailer focused on products for mothers and infants, has raised US$90 million in funding from healthcare investment firm Quadria Capital.
Photo credit: Con Cung
Founded in 2011, Con Cung operates 600 stores across 45 provinces and cities in Vietnam. It sells more than 2,000 maternity and baby care products, including baby equipment, clothes, milk powder, diapers, and nutrition needs.
In the last four years, Con Cung’s sales recorded a compound annual growth rate of 70%. The company also launched an app in 2019.
The retailer plans to use the fresh funds to launch another 2,000 offline stores by 2025, as well as to continue developing its app. The company will also inaugurate its first 2,000-square-meter shopping center in Phu Dong 6, District 1 of Ho Chi Minh City this month. It looks to open one similarly-sized retail center every month.
As part of the investment, Quadria Capital operating partner Robert Willett will join Con Cung’s board of directors.
See also: These are the most active investors in Vietnam’s startups
Editing by Miguel Cordon and Lorenzo Kyle Subido
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