Masan Group's VinMart renamed as Winmart
The company plans to expand its outlets by 30,000 stores over the next five years.
Vietnam’s Masan Group has renamed VinMart as WinMart one year after acquiring the multi-format chain of grocery stores from conglomerate Vingroup, IGD reported.
Vingroup sold its retail subsidiary VinCommerce, which operates VinMart, VinMart+ and agriculture arm VinEco to Masan Group in a merger deal in December 2019. The CrownX, the retail subsidiary of Masan Group, is restructuring the business.
“Many shoppers have noticed that VinEco vegetable products have been labelled WinEco recently, with the brand color remaining red. However, the rebranding of the stores will only begin after the restructure is complete,” IGD’s senior retail analyst Soo-Eng Tan said.
The CrownX reported a 14% rise in revenues last year to $1.35b (VND31t). VinMart+ convenience stores have achieved revenue growth of 42% despite closing over 744 underperforming stores.
Masan Group’s CEO Danny Le said the company plans to expand the number of VinMart and VinMart+ outlets by 30,000 in the next five years, with 20,000 of them being franchised. It currently has over 2,300 outlets.