Masan Group renames VinMart, one year after acquiring the multi-format chain of grocery stores from Vingroup.
Restructuring will take place before rebranding
Vietnam's conglomerate Vingroup sold its retail subsidiary VinCommerce, which operates VinMart, VinMart+ and agriculture arm VinEco to Masan Group in a merger deal in December 2019. The CrownX, the retail subsidiary of Masan Group, is restructuring the business. Many shoppers have noticed that VinEco vegetable products have been labelled WinEco recently, with the brand color remaining red. However, the rebranding of the stores will only begin after the restructure is complete.
Better performance in 2020
The CrownX reported a 14% rise in revenues last year to VND31tn (US$1.35bn). VinMart+ convenience stores have achieved revenue growth of 42% despite closing over 744 underperforming stores. Danny Le, CEO of Masan Group, said the company plans to increase the number of VinMart and VinMart+ outlets by 30,000 in the next five years, with 20,000 of them being franchised. It currently has over 2,300 outlets.
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