Vietnamese conglomerate, Massan Group, increases its investment in Phuc Long less than a year after purchasing a minority stake in the company
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A Phuc Long Coffee & Tea kiosk in Vietnam | Photo credt: Masan Group
Masan Group has taken a majority stake in Vietnamese coffee chain, Phuc Long Coffee & Tea. The Vietnamese conglomerate took an additional 31% stake in the company for $110m, increasing its ownership 51% in a deal that values Phuc Long at around $355m.
Masan’s further investment in Phuc Long comes less than a year after the company bought a
20% minority stake in the company for $15m. The proceeds of that deal were used to introduce branded coffee and tea kiosks at Vinmart+ supermarkets in Vietnam, with pilot stores now “showing positive results”, according to a company filing.
Looking to the year ahead, Masan Group said it expected Phuc Long to achieve full-year revenues of VND2.5-3trn ($110-$153m) for 2022.
Phuc Long operates around 80 brick-and-mortar stores in Vietnam alongside a further 80 kiosk locations. In June 2021, the Ho Chi Minh City-based café chain opened its first US store in Garden Grove, California.