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Vietnamese retail cosmetic chains in 2023 reached a scale of USD billions

After the COVID-19 pandemic, Vietnamese people are increasingly focusing on health care. In particular, beauty and aesthetics are also areas of interest to many people. This has helped the Vietnamese cosmetic retail market to create more attraction, while also creating greater competition.

According to the latest data on Vietnam's population, Vietnam is one of the countries with the fastest middle-class population growth in Southeast Asia. Currently, the middle class in Vietnam accounts for 13% of the population and is expected to grow to 26% by 2026. As people's incomes increase, their health care and self-beautification needs also increase, thereby helping the cosmetic retail market to develop more.

The Vietnamese cosmetic market is estimated to reach $2.69 billion by 2027

In Statista’s recent report on the revenue of the Vietnamese cosmetics retail market, in 2022, the cosmetics industry's revenue will reach $2.2 billion and is expected to reach $2.69 billion in 2027. By 2023, Statista predicts that the revenue from the cosmetics retail market in Vietnam will stand at $2.36 billion and is predicted to reach a Compound Annual Growth Rate (CAGR) of 3.32% from 2023 through 2027.

Famous retail cosmetic brand chains in Vietnam

In the Vietnamese cosmetic market, products from Korea dominated with 30% of the total market share, followed by products from the European Union, Japan, Thailand, and the US. In addition, products from China and Singapore are currently occupying a certain proportion of the market share.

We can see that the demand for cosmetics from Vietnamese consumers is increasing, which makes cosmetic distribution stores appear on the Vietnamese market more and more. They compete with each other, share profits in the potential cosmetic distribution market, and simultaneously provide customers with various beauty cosmetic experiences.

Some of the famous cosmetic retail chains in Vietnam are trusted by many people such as The Gioi Skinfood, Hasaki, Beauty Garden, Nuty Cosmetics, Beauty Box, Coco Shop (CocoLux), Mat Hoa Da Phan,...

In terms of store size, Hasaki is currently the largest chain of cosmetic stores in the country with 100 branches. Other brand chains have a much more modest number of stores: Beauty Box and Beauty Garden have about 12 stores, Cocolux has 11 stores, Mat Hoa Da Phan and Nuty Cosmetics have 9 stores while The Gioi SkinFood has only 6 stores.


Hasaki is a chain of genuine cosmetic retail stores from many major health and beauty brands which is cooperating with such as L'Oreal, Maybelline, La Roche-Posay, Klairs, Vichy, Cerave, Eucerin, Bioderma, Cocoon, Estee Lauder, MAC, 3CE, Garnier, Paula's Choice,...

Established in 2016 with the motto "True Quality - True Value", Hasaki has always been oriented to build a brand to bring customers genuine cosmetic products at good prices at all times. This has helped Hasaki create trust for customers and grow stronger.

Hasaki's stores are spread across 27 provinces and cities nationwide. Most recently, on April 16, Hasaki opened a new store in Go Vap, reaching the first 100 branches and marking Hasaki's development after 7 years of joining the cosmetics "race".

In terms of revenue, Hasaki is currently the leading cosmetic store system in the cosmetic retail industry. With system-wide revenue reaching over 2200 billion in 2022, an increase of 144% compared to 2021 and 314% over the same period in 2020. This shows the scale and purchasing power of consumers for brands today. more expanded.

As a result, Hasaki also achieved significant positive growth in profits. Specifically, Hasaki brought in nearly VND 35 billion in profit after tax in 2022. This profit increased 7 times compared to 2021 and 8.3 times compared to 2020.

Beauty Box

Beauty Box is a trademark of Hoan Vu General Trading Service Joint Stock Company. Beauty Box store chain is the exclusive distributor of The Face Shop (cosmetic brand of LG Cosmetics, Korea) since 2005 and many other brands such as CLUB CLIO, A'Pieu, Dear Dahlia, Banila Co, AHC,... with a portfolio of more than 7,000 cosmetic products from more than 70 different brands.

Up to this year, Beauty Box has had 12 big stores spread across 3 big cities: Hanoi, Hai Phong, and Ho Chi Minh. In which, most concentrated in Ho Chi Minh City.

Beauty Box's retail sales are also at the top. However, there is still quite a distance compared to the top position belonging to Hasaki. Accordingly, Beauty Box's revenue in 2022 reached nearly VND 400 billion, up 73% over the same period last year.

The sharp increase in revenue made Beauty Box's profit situation more positive after 2 consecutive years of reporting losses in 2020 and 2021. Accordingly, Beauty Box's after-tax profit in 2022 achieved a positive profit of more than VND 1.2 billion.

Skinfood World

SkinFood World is a genuine cosmetics retail system belonging to Blue Ocean Trading Service Company Limited. Skinfood World is a gathering place of more than 300 famous cosmetic brands from Korea as well as leading brands from the US, Japan, France, and other countries. The products sold here are genuine with full information stamps and many exclusive incentives from the company.

Not only encapsulated in Ho Chi Minh City, the brand intends to implement a nationwide business expansion strategy. Up to now, the brand has had 6 branches and expanded to the whole Southwest region with one store located at Vincom Plaza, My Tho.

In recent years, SkinFood World's revenue has been quite positive, always increasing year by year. In particular, in 2023, the brand brought in nearly VND 260 billion, recording a growth of 55% compared to 2021 and an increase of 336% compared to 2020.

However, in terms of profit, SkinFood World has not yet recorded a positive profit for 2022. Although the loss ratio has decreased compared to 2021, the brand still has a negative business profit of more than VND 500 million in 2022.

Nuty Cosmetics

Nuty Cosmetics is one of the largest and most trusted cosmetic chain stores in Saigon. Present on the market since 2012, Nuty Cosmetics has 9 showrooms in prime central locations in Ho Chi Minh City & Hanoi.

According to the report, we can see that the revenue of this cosmetic store chain has grown continuously in recent years. In 2022, Nuty Cosmetics' revenue increased sharply, reaching more than VND 150 billion, up more than 250% compared to the same period in the 2 years before 2021 and 2020.

From 2020 - 2022, Nuty Cosmetics always records positive profits. However, the profit in 2022 has not reached the level of 2020. Specifically, in 2020, the profit after tax of this store chain will reach about VND 280 million, by 2021 the profit will decrease by 80%. In 2022, Nuty Cosmetic's profit increased by 3 times compared to the previous year, but compared to 2020, profit still decreased by about 40%.


In Vietnam today, Cocolux is one of the pioneer cosmetic stores in the field of beauty with a wide variety of imported cosmetic products. Products from Europe to Korea, France, and England. Not only that, Cocolux is also a partner of Christian Lenart, Bioderma, Maybelline New York, Vichy, Laroche Posay, Senka...

To mark an important step forward after 8 years of operation, in 2020, Coco Shop will officially change its name to CocoLux. After 11 years of operation, Cocolux has had 11 stores spread across the country such as Hanoi, Ho Chi Minh City, Hung Yen, Thanh Hoa,...

In 2022, CocoLux's revenue grew quite impressively. Accordingly, the revenue of this cosmetic store chain reached more than VND 45 billion, setting the highest revenue growth among 7 cosmetic retail brands, increasing by 680% after 3 years. Therefore, the brand's profit after tax also reached a positive level of nearly VND 150 million after 2 years of negative profit growth.

Beauty Garden

Beauty Garden is the leading brand of genuine cosmetic retail distribution, owning a system of stores spread across 3 regions of the country, present in major cities and provinces such as Hanoi, Da Nang, and Ho Chi Minh City. Ho Chi Minh City, Dak Lak, Gia Lai, Dong Nai, Can Tho.

Established in 2014, Beauty Garden has affirmed its reputation and received the love and support of millions of customers, becoming the favorite cosmetic shopping destination of many young people.

Beauty Garden's business situation begins to slow down in 2021 compared to 2020. By 2022, revenue has increased again, but revenue is still down more than 7% compared to 2020, reaching only VND 4 billion. Although the revenue was not high compared to competitors in the industry, Beauty Garden still recorded a positive profit, the brand brought in VND 35 million in 2022, an increase of 2.6 times compared to 2020.

Mat Hoa Da Phan

Established in November 2016 as a personal blog, with the initial purpose of sharing knowledge articles or creative products in the process of studying and working.

After a period of operation and significant progress in both quality and form, the brand has switched to specializing in distributing beauty genuine products and updating the latest trends in the world with guaranteed quality and competitive prices.

The brand has built a strong foothold in the cosmetic market after many years of operation. Currently, Mat Hoa Da Phan owns 9 branches, mainly in Ho Chi Minh City and some other provinces.

According to data from the report, after 2 years of maintaining a flat revenue of about VND 2.5 billion. In 2022, the brand's revenue broke through nearly VND 12 billion, up more than 360% compared to 2 years earlier. Although the revenue increased, the profit remained negative and there was no breakthrough, the loss level decreased by nearly 60% compared to 2021 and was at negative VND 400 million.

With the scale of the industry as well as the speed of development in the future, the cosmetics & beauty retail sector in Vietnam still has a lot of room for development, and it will not be surprising that in the coming time, there will be more businesses competing for this potential “piece of cake”.

Source: Vietdata's 2022 Vietnam Retail Comestic Chain Market Report


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