This marks the second deal Stripe International has made in Vietnam following its first acquisition of local apparel company NEM Group in 2017.
Given its extensive experience and expertise and skills in the apparel industry, Stripe International will support Vascara to improve its product quality and sales network.
Harigae Tsutomu, general director and CEO of Stripe Saigon, said that Vascara is a brand that has great potential for further development.
“We see the potential of the Vietnamese fashion market, especially the footwear and bags industry. We believe that the experience and technology accumulated from many markets around the world will accompany and support Vascara to accelerate development, expand the system of stores and serve millions of Vietnamese consumers,” he noted.
Founded in 1994, Stripe International currently owns 20 apparel brands. Notable names include Koe, Green Parks, American Holic and Garage of Good Clothing.
The company has also expanded its business lines into lifestyle and technology in recent years, with the launch of fashion rental service Mechakari to cater to the clothing rental needs amongst its customers for a monthly fee.
Stripe International is known to proactively consider various strategic options including additional M&A and capital investments, in a bid to expand its business activities both domestically and overseas.
Meanwhile, CEO of GF Le Canh Bich Hanh revealed that Vascara has been enjoying a growth of almost 100 per cent on an annual basis and currently owns 134 stores nationwide.
“The experience of Stripe International will help Vascara launch more new quality products, increase the number of new stores in a faster fashion and thus bring our products closer to more women across the country,” Hanh said.