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Stripe Vietnam JSC has been appointed to handle the acquisition. Stripe International targets to advance into Southeast Asia, where the thriving economic growth will play an important role in corporate strategy aiming for further penetration of the Vietnamese market.
Thanks to this acquisition of womenswear production lines, the Japanese apparel will land the first time in Vietnam. According to the firm’s official press release regarding the acquisition, it stressed that Vietnam is a strategic market in the ASEAN that the firm intends to conquer.
NEM Group expanded its women’s casual brand “NEM” to 44 stores as of October, mainly in Hanoi and Ho Chi Minh City. To date, the NEM fashion brand has been a clothing outlet beacon for working women in their 20s to 40s.
In recent years, the Vietnamese ladies’ fashion brand has managed to open over 10 stores each year, which so far earned over 20 per cent of the brand’s profits and are forecast to make a revenue of $26 million by the end of 2017.
“It (womenswear) is a power product with high popularity in Japan. We will utilise the know-how of NEM Group. By promoting the opening of domestic NEM stores, we will further expand our NEM business in Vietnam, building on the country’s remarkable economic development,” said Stripe International’s spokesperson.
Earlier in 2016, Stripe International successfully acquired a ladies’ clothing provider called Alphabet Pastel and a kids’ clothing brand called Smarby.
The NEM brand was launched in 1997, growing to $26 million in size since. The brand is mainly developed in Hanoi.
Stripe International was founded in February 1995, aiming at the market segment of apparel clothing manufacturing and retail sales. Stripe Vietnam JSC was founded in October 2017 with the chartered capital of VND175 billion ($7.7 million).
Recently, on November 8, Spanish apparel label Zara and the Sweden-based multinational clothing retail company H&M made their debuts in Hanoi to break open the market of fast and affordable fashion for men, women, teenagers, and children.