You’re reading it right. One of the earliest Vietnamese convenience store chains, Shop&Go, has made the offer to sell itself to VinCommerce for just $1. As part of the deal, VinCommerce will be overseeing a total of 87 Shop&Go stores in Vietnam.
The reason told by Shop&Go’s spokesperson is that the business results have not turned out to be what they expected and that the competition in Vietnam’s retail industry is very much fiercer than they envisioned. By April, VinCommerce will integrate Shop&Go stores into its convenience store chain VinMart+ network.
Thai O2O Media Firm to Acquire Stakes in Local Competitor for $145.52 Million to Boost Out-of-Home Media Capabilities
VGI Global Media, a Thai-listed online-to-offline media service provider, is in talks to buy 18.59% stakes in out-of-home media rival Plan B Media. The deal will create synergy and economies of scale, ease the competition in the industry, and increase the cost of effectiveness for both companies.
With the merger, both VGI Global Media and Plan B Media will enjoy over 70% market share of Thailand’s out-of-home advertising industry which is estimated to worth $377.76 million. Together, both companies will be able to provide advertisers with data and quality content at the largest out-of-home media spaces.
Alibaba Infuses Investment into Chinese Furnishing Services Provider to Capitalize on Home Improvement Market
Seeing massive potential in the domestic home improvement market, Alibaba has been making some investment in a few companies; Many Craftsmen is the latest venture created by the Chinese Internet giant.
Although the investment details were undisclosed, the fresh funding will be used to expand Many Craftsmen’s service network across the country and to train and upskill its staff. Many Craftsmen has 6,000 partnered brands, providing bathroom hardware, and other utilities such as racks, lamps, and electronic door locks.
The Canada-based brand says that its efforts to revamp its website and improve direct-marketing have paid off as the company posts a 46% increase in online revenue last year. It also unveils that the brand’s ecommerce penetration reaches 26%. Its total revenue for fiscal 2018 was $3.3 billion.
Moving forward, Lululemon will be investing aggressively in ecommerce in new markets, as well as opening ecommerce in countries including France, Japan, and Germany. They expect net revenue to be in the range of $3.7 billion to $3.74 billion for the full fiscal 2019.
eBay Appoints Local Consulting Firm as Its First Malaysian Channel Partner to Educate and Enable 9,000 Malaysian Sellers
Everpeaks Consulting is named the first Malaysia-based company that eBay appointed as its Channel Partner. The two firms have been working closely in onboarding and helping local SMEs sell their products on the US e-marketplace.
The objective of this partnership is to grow the cross-border ecommerce by onboarding and scaling up qualified new sellers through educational programs. Currently, there are 9,000 Malaysian sellers on eBay, 77% of which sell to International markets like US, UK, and Australia.