Vietnam’s biggest mattress retailer Vua Nem posted a loss of over VND54 billion ($2.30 million) last year after just turning to the black in 2021.
The company did not release its revenue figures, but had earlier said that revenues had increased by 128% last year thanks to an expansion in the number of its retail outlets.
Vua Nem’s equity dropped by 34% to VND105 billion last year.
The year 2021 was the only year so far that the company reported a profit, recording more than VND4 billion for the year. By the end of 2021, it was posting an accumulative loss of over VND130 billion.
Vua Nem was established in 2007 as a startup by Nguyen Vu Nghia and Hoang Tuan Anh. In 2017 Mekong Capital invested in the company and restructured its ecosystem, seeking to make it the biggest retailer of mattresses in Vietnam.
The company had earlier targeted opening 500 stores this year, but later lowered the target to 300. So far it only has over 150 outlets. However, it is still the biggest mattress retailer in the country in terms of retail outlets.
The company sold 46,000 mattresses in 2021.
CEO Hoang Tuan Anh said in a talkshow of VnExpress in July last year that the company’s market survey showed that 40% of Vietnamese do not use mattresses, especially in the outskirts of cities and rural areas.
“The mattress market is worth over $1 billion, which offers a great opportunity for expansion.”
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