KIDO Group (stock code KDC) has successfully acquired a 58.05% stake in Hung Vuong Plaza, making it a subsidiary of the group.
At the recent annual general meeting, the company leadership revealed their plan to acquire a 77% stake in Hung Vuong Plaza by the end of this year.
Hung Vuong Plaza is the second venture into the world of shopping malls by Mr. Tran Le Nguyen, following the success of Van Hanh Mall. Hung Vuong Plaza is located at 126 Hong Bang, District 5, Ho Chi Minh City, in the former premises of Parkson.
“In 2006, I leased this space to Parkson for their retail business. At that time, I wasn’t yet a retail developer. Now that Parkson has gone bankrupt, instead of leasing it out again, I decided to invest and develop it myself. I have gained significant experience from operating Van Hanh Mall over the past five years,” shared Mr. Nguyen.
Notably, a large proportion (70%) of the brands currently at Hung Vuong Plaza are familiar partners who had successfully operated at Van Hanh Mall and continue to place their trust in Mr. Nguyen’s new venture.
It is no exaggeration to say that with just a few years of experience operating Van Hanh Mall, Mr. Nguyen has gained the confidence to build a new shopping mall where a foreign brand had failed, especially amidst the current challenging economic climate. In the 50,000m2 segment, Van Hanh Mall has proven to be highly successful, generating hundreds of billions of VND in revenue each year with a profit.
In 2023, Van Hanh Mall achieved a revenue of 450 billion VND with a net profit of 150 billion VND, resulting in an impressive profit margin of 33.3%. Meanwhile, Hung Vuong Plaza is estimated to generate a revenue of 250 billion VND in its first year of operation.
Riding on this success, Mr. Nguyen revealed that after Hung Vuong Plaza, he plans to develop a similar shopping mall model at the current site of Pandora Truong Chinh (which is currently leased to a partner). This new mall will cater to a diverse range of customers, especially young people in the surrounding areas.
KIDO Group Reports Earnings of VND 21.7 Billion in Q1 2024
In Q1 2024, KIDO reported after-tax profit of VND 21.7 billion, while in the same period last year, the company made a loss of VND 150.6 billion.
The Tasty Takeover: Tho Phat’s Steamed Buns Join the Mid-Autumn Festival Frenzy
The Mid-Autumn Festival of 2024 is set to be more exciting than ever as the food industry giant, KIDO, launches its Tho Phat brand into the mooncake market for the very first time. With a focus on traditional mooncakes, this new venture is sure to shake up the season’s festivities.
