Con Cung, a retail network for mom and baby products in Vietnam, has secured US$90 million in a financing round from healthcare-focused private equity firm Quadria Capital.
Con Cung will use the funds to open 2,000 local outlets by 2025 and expand its product line. It will also develop an “all-in-one super app” to provide personalised products and services to over five million mothers.
The retailer will leverage Quadria’s network of portfolio companies such as FV Hospital, a hospital platform in Vietnam.
As part of the deal, global retail expert Robert Willett will join Con Cung’s Board of Directors.
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Founded in 2011 by chairman Minh Nguyen and CEO Tien Luu, Con Cung aims to be the one-stop destination for mothers to fulfil their maternity and baby-care needs. Its offerings include over 2,000 stock keeping units (SKUs) of products such as milk powder, diapers, bottled nutrition and vitamins, equipment, and baby fashion.
The company claims that it has been growing at a compound annual growth rate (CAGR) of 70 per cent over the last four years. Con Cung operates 600 stores in 45 provinces and towns and plans to expand to 1,000 stores by the end of 2022.
Besides a network of physical stores, Con Cung also owns a mobile app to serve the mounting mobile-based purchases. “We recognise the need to expand our retail channels, both online and offline, and create a holistic ecosystem to support mothers and families,” said Nguyen.
In January, Con Cung will open its first 2,000-square-meter Super Center in Phu Dong 6, Ho Chi Minh city. This will feature all Con Cung products and other services such as a coffee shop, an integrated playground area, and one dedicated floor for infant care, nutrition, and OBGYN consulting services provided by doctors and healthcare professionals.
Con Cung plans to open one supercentre per month to reach 200-300 such stores across Vietnam.
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The fresh infusion comes 18 months after the closure of Quadria’s oversubscribed US$595 million Fund II, which focuses on investing in the healthcare and consumer health companies in Asia Pacific. The firm is looking to raise Fund III following the rapid deployment of Fund II.
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Image Credit: Con Cung
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