THE WHAT? Alibaba is said to have agreed to buy a minority stake in Vietnamese beauty retailer Hasaki via its International Digital Commerce Group unit.

THE DETAILS Nikkei Asia reports, quoting DealStreetAsia that the cosmetics chain counts some 140 stores and clinics across the country among its portfolio as well as a thriving e-commerce business, with some 3.8 million users. It is hoping to account for 35 percent of the local market by 2027.

THE WHY? Hiep Dinh, Founder and CEO of Hasaki told DealStreetAsia, per Nikkei Asia, “We are thrilled to welcome Alibaba International as a financial investor. Despite challenging macro conditions, this transaction is a testament to the Hasaki team’s capability and business model.”