The leading health and beauty retail brand in Asia and Eastern Europe, Watsons has launched its first flagship store in Vietnam on Jan 17, 2019. The store is strategically placed in the lower level of Bitexco financial tower in District 1, HCM City, offering 6,000 products in beauty and health care. Vietnam is the 13th market to join Watson’s network of over 7,200 stores across Asia and Europe.
On the launching date, Watson also announced its plan for 50 more shops within 5 years to keep up with the two country’s biggest players: Guardian, founded in Singapore, and local player Medicare. Vietnam’s beauty products market has grown at a compound annual rate of 30% over the past few years, with foreign brands making up more than 90% of sales. Watson is expected to face a fierce competition as these players has been well established in the market. Moreover, there are many smaller cosmetics chains or individual stores sell imported products from South Korea, Japan, France and the U.S. in addition to a bustling online trade in health and beauty products on e-commerce platforms, such as Lazada, Sendo and Tiki.
Vietnamese spent an estimated USD 6 billion on imported cosmetics and beauty products in 2018, a threefold increase over 2016.
(Sources: Inside Retailer Asia: Nikkei Asian Review)