Miguel Cordon · · 1 min readSouth Korean food delivery app launches beauty brand in Vietnam
Photo credit: Baemin Vietnam
Baemin, a South Korea-based food delivery service, has launched its beauty brand in Vietnam.
This is part of Baemin’s efforts to build a lifestyle platform that consists of three verticals – food, retail, beauty – for the Vietnamese market, according to Baemin Vietnam CEO Jinwoo Song.
Named Lazy Bee, the new brand’s products are manufactured in South Korea, the company said. Currently, they are only sold in Ho Chi Minh City via the Baemin app. More distribution channels and cities will be added in the coming months, the firm added.
Baemin, which is part of unicorn Woowa Brothers, entered Vietnam in May 2019 and acquired food delivery app Vietnammm, which it later shut down. The company mainly competes with GrabFood, ShopeeFood, and GoFood. Baemin focuses solely on food delivery and doesn’t offer ride hailing, unlike other competitors.
Baemin’s parent company, Woowa Brothers, was bought out by DeliveryHero in a US$4 billion deal announced in December 2019.
Baemin has about 12% of the market share in Vietnam’s food delivery market, which is estimated to be worth US$1.1 billion, according to Momentum Works report released in January.
Editing by Thu Huong Le and Arpit Nayak
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