Vietnamese tycoon family’s fashion firm suffers sudden loss

Duy Anh Fashion and Cosmetics JSC, owned by the family of billionaire Johnathan Hanh Nguyen, recorded a net loss of VND7 billion ($288,900) in the first half of 2023 compared to a profit of VND130.6 billion ($5.39 million) in the same period last year.

The Ho Chi Minh City-based company's (DAFC) return on equity (ROE) decreased sharply from 22.87% to negative 1.3% at the end of the second quarter, according to its semi-annual financial statement.

DAFC’s total assets reached VND1.38 trillion ($56.95 million), down nearly 5.7% compared to June 30, 2022. Of which, liabilities were VND809.5 billion, down 9.2% year-on-year, and equity was VND570.1 billion ($23.52 million), down 0.2%. Its outstanding bond debt decreased sharply by 79% to just over VND17 billion ($701,600).

DAFC is a "link" in the retail and high-end fashion segment of Le Hong Thuy Tien, wife of Johnathan Hanh Nguyen, and is the official distributor of more than 60 luxury fashion brands worldwide.

Besides the fashion segment, DAFC currently holds over 10% of the voting shares at Tan Son Nhat Airport Service Co., Ltd (Sasco), listed on the unlisted public companies market (UPCOM) as SAS.

Data shows that at the end of the second quarter of 2023, the group of shareholders related to Johnathan Hanh Nguyen owned 45.44% of SAS shares.

In addition to DAFC, Johnathan Hanh Nguyen's family also owns Au Chau Fashion and Cosmetics Co., Ltd (ACFC), a distributor and manager of international fashion brands such as Nike, Mango, Levi’s, Gap, Old Navy and Calvin Klein in Vietnam, with more than 270 stores nationwide.