Stripe International acquires Vietnamese footwear brand Vascara
Japanese fashion company picks up local footwear brand.
The value of the deal was not disclosed by either side.
Mr. Harigae Tsutomu, Chairman of Stripe Saigon, a subsidiary of Stripe International, said that the company sees the potential of Vietnam’s fashion market, especially the footwear and bags segments, and believes Vascara has the potential to grow. “We believe that with our experience in many countries around the world, we can accompany the Vietnamese brand to grow and expand its store network,” he said.
“Stripe International’s experience will help us launch more high-quality product lines, expand faster, and help products reach more women in the country,” said Ms. Le Canh Bich Hanh, CEO of Global Fashion. “With this milestone, we will officially change our brand identity through new store models. We want our customers to have a great experience when they enter the new space.”
With the change in brand identity, a new logo design is consistent with the development trend of brands to avoid saturation of brand nuances. Instead of strong lines and a special commercial identity, the new store identity is also more feminine and harmonious with high-end fashion trends.
Vascara’s network of stores has been doubling every year and stands at 134. It first launched in 2007, with 1.5 million purchases on its system last year.
Stripe International, founded in 1994, owns 20 brands. It focuses on fashion but has expanded into restaurants and hotels. With the acquisition of Vascara, the group’s total number of stores has increased to over 1,400.
It came to Vietnam in 2017 and earlier acquired another fashion brand - NEM - which has 90 stores nationwide.
According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear sector has been growing at 9.7 per cent each year. Ninety per cent of the country’s footwear products are exported. In recent years, demand for footwear in Vietnam was about 150 million pairs each year and is increasing.
The value of the deal was not disclosed by either side.
Mr. Harigae Tsutomu, Chairman of Stripe Saigon, a subsidiary of Stripe International, said that the company sees the potential of Vietnam’s fashion market, especially the footwear and bags segments, and believes Vascara has the potential to grow. “We believe that with our experience in many countries around the world, we can accompany the Vietnamese brand to grow and expand its store network,” he said.
“Stripe International’s experience will help us launch more high-quality product lines, expand faster, and help products reach more women in the country,” said Ms. Le Canh Bich Hanh, CEO of Global Fashion. “With this milestone, we will officially change our brand identity through new store models. We want our customers to have a great experience when they enter the new space.”
With the change in brand identity, a new logo design is consistent with the development trend of brands to avoid saturation of brand nuances. Instead of strong lines and a special commercial identity, the new store identity is also more feminine and harmonious with high-end fashion trends.
Vascara’s network of stores has been doubling every year and stands at 134. It first launched in 2007, with 1.5 million purchases on its system last year.
Stripe International, founded in 1994, owns 20 brands. It focuses on fashion but has expanded into restaurants and hotels. With the acquisition of Vascara, the group’s total number of stores has increased to over 1,400.
It came to Vietnam in 2017 and earlier acquired another fashion brand - NEM - which has 90 stores nationwide.
According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear sector has been growing at 9.7 per cent each year. Ninety per cent of the country’s footwear products are exported. In recent years, demand for footwear in Vietnam was about 150 million pairs each year and is increasing.
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