From empty hands, Mr. Vo Mau Quoc Trien has successfully “piloted” RitaVo to become the leading distributor of building materials and high-end furniture in Vietnam with 23 showrooms and 30 major sales points across the country ( including Fashion, Sport, Life Window & Automotive). Even at the time of asking for cooperation with Kohler (a 150-year-old high-end kitchen and bathroom sanitary ware brand), he also surpassed many competitors to gain the right to distribute products in the market. Vietnam does not have much experience and financial potential. The reason revealed by the chairman is from the philosophy of “integrity and quality” in business as well as a plan showing a deep understanding of the domestic market.
According to Mr. Quoc Trien, Vietnam’s retail market has enormous potential, especially in the field of building materials and high-end furniture. He shared: “Vietnamese people always have the mentality of saving money to buy land and leave it to their children. Everyone has the desire to design a home of their own. Therefore, Rita Vo is constantly expanding its showroom network throughout the North – Central – South and moving towards the goal of opening up to 50 centers. Currently, revenue from retail business accounts for 60-65% of Rita Vo’s revenue structure.
When encroaching on the Hanoi market, RitaVo also achieved great success. Mr. Vo Mau Quoc Trien said: “The Hanoi market is very difficult, mainly because this market has always had ambiguity in the issue of goods of origin. I am very clear, goods made in Thailand are Thailand, Malaysia is Malaysia, Italy is Italy. Large corporations have placed production lines all over the world, so it doesn’t matter where the production is, what matters is the technology of which corporation, the product of which brand.”
While many global brands copy the international model when entering Vietnam, RitaVõ chooses a very different path. Once again, Mr. Vo Mau Quoc Trien proved his understanding of the market when he knew how to “make a plate” to suit Vietnamese tastes. President RitaVo shared: “We find collections suitable for Vietnamese people, directing manufacturers to launch products suitable for the Vietnamese market. For example, the height of Vietnamese people is a bit limited compared to Europe and America, it is wrong to carry a very large chair to sell.”
More impressively, Rita Vo used revenue and market characteristics to convince leading manufacturers like Kohler to launch mid-range high-quality interior bathroom sanitary ware products with outstanding quality but low cost. Cheaper than competitors in the same segment. For example, “A domestic brand of furniture and equipment sells a toilet for 8 million. We sell 4.5 million, Kohler quality, Kohler standard but for customers with more affordable income. That is the Karat Brand, a Thai brand that has been acquired by Kohler, suitable for the vast majority of Vietnamese people’s pockets.”
Rita Vo also expressed her determination to expand the market and conquer new customers through the acquisition of a factory manufacturing aluminum doors and plastic doors LifeWindow. After acquiring and restructuring the factory’s operations, Rita Vo has successfully reduced product costs by about 30% compared to before.
RitaVo has officially become the owner of the LifeWindow brand and factory.
As an exclusive partner of leading brands in the world such as Kohler, Miele, Simmons… RitaVõ has a high-class customer base of up to millions of people. This is a potential audience for super high-end projects in various fields of this company. Since 20 years ago, Mr. Vo Mau Quoc Trien has had a burning desire to develop real estate projects that redefine high-end standards. Through the preparation of land fund in prime areas of Ho Chi Minh City such as Thu Duc, District 5… RitaVõ plans to build 6 real estate projects in the future.
Talking about the real estate sector, Mr. Vo Mau Quoc Trien said that this is an auxiliary industry group, developed based on Rita Vo’s potential in the field of furniture and high-class building materials. It is expected that by the end of 2022, this company will break ground for a super-luxury apartment project, with an area of 3,600m2 in Nguyen Van Cu (District 5) with 22 floors and 4 basements. The project includes more than 280 super luxury apartments, designed by HBA Architecture with the lowest selling price of about 12,000 USD/m2. All of the furniture in these apartments comes from leading brands such as Kohler sanitary ware, Miele kitchen equipment, Florim tiles… setting true high-class standards.
In addition to the high-end apartment project, Rita Vo also plans to develop a super luxury hotel in Phu Quoc with about 300 rooms.
It is thanks to the understanding of the market, customers and the right business strategy of President Vo Mau Quoc Trien that have helped Rita Vo achieve many impressive successes. In 2021, this business pays the state tax of 700 billion VND, in the first 6 months of 2022 it will pay nearly 450 billion VND. Rita Vo also deducts the budget to fulfill corporate responsibilities to society through projects on building schools and building roads; to build Tam Viet Education Center for Disabled Children in Quang Ngai; sponsor heart surgery for patients with difficult circumstances; Adopting 11 children orphaned parents because of Covid-19 in District 8
RitaVo sponsors the construction of Tam Viet Education Center for Disabled Children in Quang Ngai by the end of 2021
Source: Rita Vo