Beauty Box HSV Group
Our Investments

HSV Group

Fund

Mekong Enterprise Fund IV

Deal Leader

Ashley Trang Pham

Website

HSV Group is a beauty retail company in Vietnam, operating a multi-format model that includes both mono-brand and multi-brand retail concepts. Its flagship brand, Beauty Box, exemplifies the company’s commitment to a blend of retail and entertainment that offers customers immersive experiences such as expert consultations, makeup trials, and digital engagement. 

Originally launched as the exclusive distributor of The Face Shop in 2004, HSVG evolved into a curator of beauty and wellness experiences, offering a wide range of international and local brands through Beauty Box. The company focuses on young, trend-conscious consumers, integrating physical stores with a growing digital presence to deliver a seamless omnichannel experience. 

Nationwide Scale and Digital Strength 

As of mid-2025, HSVG operates 42 stores nationwide, making it one of the top 3 beauty retailers in Vietnam by store count. Its footprint spans major urban centers including Ho Chi Minh City, Ha Noi, and other key cities, ensuring accessibility and brand visibility across the country. 

The company has built a robust infrastructure that supports both offline retail and e-commerce, with strong engagement across social media platforms and digital channels. HSVG’s scale is not only reflected in its store network but also in its ability to adapt and innovate in response to market shifts.

 

Growth Since Mekong Capital’s Investment

Since Mekong Capital’s investment, HSVG has undergone a transformational growth journey: 

  • Strategic Focus: The company exited non-core sectors such as sportswear distribution (Reebok, Adidas) to refocus on its core strength – beauty and wellness. 
  • Digital Acceleration: HSVG significantly enhanced its e-commerce capabilities and digital marketing, especially during the COVID-19 pandemic, ensuring continued customer engagement. 
  • Brand Innovation: The expansion and evolution of Beauty Box as a multi-brand concept has been central to HSVG’s growth, offering curated, affordable, and trendy products tailored to Vietnamese consumers. 
  • Operational Efficiency: Underperforming stores were closed, and resources were reallocated to high-performing locations and digital initiatives. 

This strategic transformation has positioned HSVG as a resilient and forward-looking leader in Vietnam’s beauty retail sector, aligned with Mekong Capital’s vision of building enduring consumer brands. 

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