On June 14, Masan Group Joint Stock Company announced that it had completed the issuance of 5.5% new shares of The CrownX to a group of investors including Alibaba Group and Baring Private Equity Asia with a total value of money. face is 400 million USD.
The signing of the transaction was first announced on May 18, 2021. The CrownX is a retail consumer platform that merges Masan’s interests in Masan Consumer Holdings and VinCommerce. Through this transaction, The CrownX is valued at USD 6.9 billion (before issuance) for 100% equity, equivalent to a value of USD 93.5 per share (approximately VND 2,150,000). After this issuance, Masan’s ownership rate in the company is 80.2%.
Launched in 2020, The CrownX unites two leading enterprises in the industry to establish a leading retail – consumer platform in Vietnam. Within the framework of the transaction, The CrownX will partner with Lazada to accelerate the company’s digital transformation, accelerating the development of the integrated retail market from offline to online (“O2O”) in Vietnam. This transaction strengthens shareholders’ vision of the potential to build Vietnam’s first technology-enabled retail-consumer ecosystem, while expanding its reach to serve consumers nationwide. Alibaba and partners complete the investment of 400 million USD in The CrownX Mr. Danny Le – General Director of Masan Group – shared: The strategic cooperation agreement will help us accelerate the transformation of The CrownX into a Point of Life – an “all-in-one” platform serving the needs of customers. daily necessities of consumers on offline and online shopping channels. Our first priority is to modernize the retail essentials market in Vietnam, serving consumers with the best products and services. I believe this partnership will help the company realize Point of Life more quickly and effectively. Kenny Ho – Investment Director of Alibaba Group in Southeast Asia and India – said: The combination of Alibaba’s understanding in online retail industry, Lazada’s e-commerce platform, and selling system Masan’s scale of offline retail will be a catalyst to promote the modernization of Vietnam’s retail industry. We look forward to accompanying Masan to build a leading retail and consumer platform integrated from offline to online in Vietnam. Within the transaction framework, VinCommerce (VCM) will establish a strategic cooperation agreement with Lazada – Alibaba’s e-commerce platform in Southeast Asia. Accordingly, VCM will be the leading retailer of necessities on the Lazada e-commerce platform. The two sides will share knowledge and experience to promote necessities to become a key industry of e-commerce. At the same time, develop the feature of supplying goods for online orders at VCM’s offline selling points. Although shopping with daily frequency, the ability of consumers to access essential products through online channels is still limited. Masan sets a target that the total value of goods from The CrownX’s online channel will account for at least 5% of the Company’s total sales in the near future.
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