But it has retained the Vietnamese company’s entire leadership and would only provide strategic advice for now, Le Canh Bich Hanh, CEO of Global Fashion, said.

The value of the deal has not been disclosed by either party.

"Stripe International’s experience will help us launch more high-quality product lines, expand faster, and help products reach more women across the country," Hanh said, adding that Vascara’s network of stores has been doubling every year and reached 134.

Harigae Tsutomu, chairman of Stripe Saigon, a subsidiary of Stripe International, said Vietnam’s fashion market, especially the footwear and bags segments, has a lot of potential.

Vascara, launched in 2007, recorded 1.5 million purchases on its system last year.

Stripe, founded in 1994, owns 20 brands. It focuses on fashion, but has expanded into restaurants and hotels. With the acquisition of Vascara, the group's total number of stores has increased to over 1,400.

Stripe International came to Vietnam in 2017, and earlier acquired another fashion brand, NEM, which has 90 stores nationwide.

According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear sector has been growing at 9.7 percent a year. Ninety percent of the country’s footwear products are exported.