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Diamond World acquisition expands list of major M&A deals by giants Do Minh Phu
The DOJI Gemstone Jewelry Group’s official announcement said that on April 30, this group completed the “very special” deal, which is taking over the Diamond World Company.
Diamond World is regarded as one of the top 3 jewelry retail businesses in Vietnam with a chain of over 100 stores, hubs in most major shopping malls, and supermarkets across the country. In the jewelry field, Diamond World’s revenue is estimated at billions of dong each year.
For many years, Diamond World has focused on retailing through the Modern Trade distribution channel, which means having stores in malls and supermarkets rather than opening separate stores abroad. The large shopping centers and supermarkets that Diamond World appears can name: BigC, Vincom, Co-opmart …
This agreement took place quickly, unexpectedly with the market in general. Through this acquisition, the total number of DOJI centers and stores rose to almost 200.
DOJI’s acquisition of Diamond World came at a time when the economy was struggling due to the Covid 19 pandemic. The gold and silver jewelry market in particular and the economy in general were negatively affected.
Previously, DOJI also surprised with acquisitions, taking advantage of opportunities in crisis. This group has carried out a number of notable mergers and acquisitions.
In 2006-2007, DOJI used to buy and hold dominant shares of SJC Hanoi and SJC Da Nang, paving the way to attack this market, and quickly became the largest gold bullion trading and distribution company in the country. .
In 2011, this group sold 95% of Diana’s shares to partner Unicharm (Japan) for almost 4 billion dong. After that, he invested money to invest in the Tien Phong Commercial Joint Stock Bank (TPBank) in 2012 and the owner of DOJI Do Minh Phu became Chairman of the Board of Directors of TPBank.
Mai Chi
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