Cofounder of US mattress retailer joins Vua Nem

16-Oct-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

Vua Nem, a Vietnamese firm specialising in mattress distribution and sleep solutions, on October 12 announced that Craig Schmeiser, a cofounder of Resident Home, US-based leading mattress and bed frame provider, had become a member of the board of Vua Nem.

However, Vua Nem did not reveal the size of the investment Schmeiser had made or his ownership stake in the company.

Schmeiser stated that he had used the investment fund Mekong Capital for the investment in Vua Nem.

Resident Home has developed four mattress brands, Nectar Sleep, Dreamcloud Sleep, Awara and Level Sleep, as well as the Wovenly rug brand and the Bundle and Cloverlane furniture brands.

After three years of operations, Resident Home has distributed its products through 1,500 outlets, generating revenue of some $400 million. It has been named the fastest growing ecommerce firm in North America by Internet Commerce and Digital Commerce 360.

Nguyen Vu Nghia, chair of Vua Nem, noted that Schmeiser is experienced in digital marketing and business development, so he could help Vua Nem access customers through online channels to reach its growth targets.

Schmeiser will be an important asset in helping Vua Nem formulate and execute its development strategies, accelerating Vua Nem’s growth rate by five to seven times, Nghia added.

After 12 years of development, Vua Nem has become a fast-growing mattress retailer in Vietnam. It has developed a distribution network of 59 stores in 19 cities and provinces and expects to have more than 300 stores by 2023.

Schmeiser said Vua Nem has accounted for only 1 percent of Vietnam’s mattress market, adding that he will help raise the company’s market share to 3 percent-5 percent, even 10 percent, in the coming years.

https://english.thesaigontimes.vn/72026/cofounder-of-us-mattress-retailer-joins-vua-nem.html

 


Category: Business, Vietnam

Print This Post