According to a statement made by Matsumoto Kiyoshi Holdings on July 16, the two parties have reached a basic agreement for the development of their drugstore business in Vietnam.
While no specific timeframe for the opening of the business was disclosed, Matsumoto Kiyoshi Holdings said that it is in talk with Lotus Food Group for the detailed development of the stores in the country.
The company has broadened its international presence to Thailand, Taiwan and Hong Kong over the years. It has announced an establishment of its subsidiary, Matsumoto Kiyoshi (HK) Co., Ltd., in Hong Kong, for market research purpose in mid July.
Matsumoto Kiyoshi Holdings said that the distribution and retail market of healthcare and pharmaceutical products in Vietnam is growing rapidly, thanks to the increasing middle income class and a stable economic growth in recent years.
In addition, there is a large prospect for the spread of the Japanese-style drugstore businesses that distributes health and beauty products in Vietnam. The company is expecting further growth in this segment when there are great demands for Japanese cosmetics and health products among local tourists who have visited Japan.
Founded in 1932, the company is targeting at promoting the expansion of a business format that increases its specialisation in health and beauty to cater to market needs, along with the omni-channel strategy responding to the diversification of consumer behavior.
It boasts a large selection of health and beauty products, including medicine, make-up, cosmetics and oral hygiene products as well as supplements and is Japan’s largest drugstore operator with over 1,600 stores.