Phu Nhuan Jewelry is the largest branded jewelry company in Vietnam, serving the mass market with broad appeal. At the time of our investment, it was a mid-sized enterprise. Since then, we’ve witnessed its transformation into a market leader, now operating 429 stores across 31 of Vietnam’s 34 provinces.
Investment Rationale:
Vietnam has reached upper-middle-income status, with GDP per capita surpassing USD 4,700. As the middle class continues to expand and aspirations for a higher quality of life grow, discretionary spending is gaining momentum. With the country aiming to achieve high-income status by 2045, the structural drivers behind consumption remain strong.
