Thai Watsadu owner pulls out of Vietnamese hardline unit

Shortly after selling its entire stake in Italian fashion brand Rinascente, Thai retailing giant Central Retail Corp., owner of hardline brand Thai Watsadu, has divested its Vietnamese electrical appliances retailing company.

CRC entered into an agreement with Vietnamese firm PICO Holdings Joint Stock Company for the sale of NKT New Solution and Technology Development Investment Joint Stock Company, the Thai powerhouse’s Vietnamese holding firm for Nguyen Kim and its subsidiaries. The sale, valued at USD 36 mio, is set to be completed once certain conditions, including regulatory approvals, are met.

"This disposal represents a strategic portfolio realignment of the Company’s business in Vietnam, aimed at reallocating resources to enhance operational efficiency, accelerate business expansion, and generate improved returns from its two core businesses: the Food and Property segments," CRC…