Able C&C Co. (CEO Seo Young-Pil) announced on Aug. 1 that it has recently opened its 15th store in Ho Chi Minh City, Vietnam.
The new store is located at Cach Mang Thang 8 St., which is the center of Ho Chi Minh. Famous hotels and restaurants are concentrated in the street, so the area is frequently visited by tourists and younger people.
Missha opened this new store in Vietnam just three months after it opened one in Danang in April. This is the second store to be opened this year in the country, largely due to the fact that the brand has become so popular to local consumers, the company explained. According to data, Missha posted US$570,000 (663.48 million won) in sales in Vietnam in the first half of this year, up 32.5 percent from the same period last year.
Also, the future outlook is further growth. According to data from the Foundation of the Korea Cosmetics Industry Institute, the Vietnamese cosmetics market is estimated at only US$700 million (814.8 billion won) a year as of 2013. However, its average annual growth rate stands at 17.5 percent, being ranked second in the top 10 countries in Asia, following India with 18 percent. In particular, Korean makeup cosmetics, such as lipstick and nail polish, are the most preferable to local consumers.
Able C&C is planning to target the Vietnamese market based on these characteristics. Lee Kwang-sup, chief manager of Missha's overseas business, said, “With Missha’s main items of makeup cosmetics, including mascaras and BB creams, we will accelerate the market invasion in Vietnam. As Missha has already been established as one of the most popular brands in the country, we will dominate the market in advance by actively expanding stores.”
Missha is currently running 1,650 stores in 29 countries around the world. The company has nearly 110 stores in nine countries in Southeast Asia, such as Singapore, Thailand, and Indonesia.