9X invested USD millions in selling natural cosmetics
While studying Finance and Business Administration in Boston (USA), Nguyen The Anh (Hanoi) dreamed of becoming an entrepreneur. On weekends, this 1990-born boy worked as a part-time employee at a restaurant to learn Western management models.
The idea to trade in natural cosmetics and supplements came to The Anh at random, because before that, this final-year student had many plans to start a business in some other fields.
"When my mother from Vietnam came to visit me, she took advantage of buying supplements, because she did not trust domestic goods. At that time, I suddenly thought why I did not trade in products to meet everyone's needs and related to my mother's beauty field”, The Anh shared.
After learning deeply about supplements, 9X boy realized that this is a potential market. If invested in the right direction, there will be positive results.
Nguyen The Anh and American partner in a seminar.
However, when he started to work, The Anh found that things were not as easy as he thought.
He said the beauty - health field was completely new to himself. Therefore, he spent more time to learn all issues related to cosmetic products and supplements extracted from nature.
When he was confident and sure about his plan, The Anh shared with his mother - CEO Beauty Medi, Businesswoman Dang Thanh Hang but with her marketplace experience, she expressed concern.
Firstly, the capital of tens of billions of dong that The Anh intended to pour into business was quite large, needing intensive investment. Trading in supplements of natural origin was also not a new direction.
"My mother told me that I need to think of something new. I was a little disappointed because she did not trust me. But after thinking about it again, I felt that her concern was reasonable. I need to focus more on the project. This was the period when I need to make a thorough plan", he recalled.
After spending more time surveying market demand, instead of focusing on product lines as before, The Anh found that the weight problem is very much interested, especially in the US - where obesity rate is among the top in the world.
Nguyen The Anh - CEO (middle) with his two cousins Truong Dinh Tung - Director (left) and Mai Quang Duy - Marketing Director (right)
That young boy looked for reputable supplements that could lose weight quickly without affecting health. Also, thanks to his mother's advice that stopping at one product could not last long, The Anh looked for more brands to meet the factors he needed in the Spanish and Japanese markets instead of choosing genuine products in the US
In 2015, The Anh opened a distribution and import-export company and a fairly large-scale store in the US. 9X CEO said he wanted to take full advantage of this market because the annual growth rate of supplement industry here was very strong.
In order to have investment capital, in addition to saving money during his part-time employment in the US, he borrowed from his mother with a commitment to repay after 5 years. In addition, he also called for funding from his two cousins. Although the initial investment amount reached millions of USD, recognizing its prospect, everyone was ready to share and join hands with the project with The Anh.
When deploying the project, their three brothers faced many difficulties. He said that, in addition to complicated paperwork, products encountered competition from other brands in the US. In the beginning, the products were not widely known, the consumption was small, the capital backlog was high.
This young CEO sought opportunities to advertise sales by bringing into supermarkets and exporting to other countries through exhibition fairs. Thanks to a methodical plan, in the first 9 months of this year, the growth rate of product lines has doubled compared to last year.
After stabilizing business in the US, The Anh and his partner decided to penetrate the Vietnamese market by opening the first showroom in the middle of last October in Hanoi. The products he distributes in Vietnam are priced from 2 VND million to over 10 VND million, towards high-income people.
" Quality products are not cheap, and I want to have good products provided to Vietnamese people”, The Anh said
Sharing about his plan in the coming time, he said, after one year of operation for retail and distribution, he will open a chain of 100 showrooms nationwide.
In addition, he intends to invite beauty professionals and reputable doctors to advise customers how to take care of their health from product lines brought by H&H brand to Vietnam.
Nguyen The Anh and his mother, Chairman of the Board of Directors of Thanh Hang Corporation - Ms. Dang Thanh Hang.
The Anh hopes that H&H is not merely a place to sell products, but also a prestigious health address for buyers. "Above business, my real wish is that all Vietnamese people have knowledge of health, especially use of safe and effective cosmetics and supplements with natural products”, 1990-born CEO expressed.