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DMX Investment Joint Stock Company (DMX), a subsidiary of MWG, reported four-month 2026 results with revenue of VND 43,283 billion, up 32% year over year and reaching 35% of the annual plan. The average daily revenue was VND 360 billion. Growth was broad-based across all banners and core product groups, driven by 33% same-store sales growth (SSSG). All DMX chains in Vietnam posted double-digit revenue growth without opening new stores. The main product categories rose 15% to 60% versus the same period last year. Notably, Topzone delivered the strongest performance as revenue from Apple products rose 60% YoY. EraBlue revenue rose 94% YoY, supported by 20% SSSG and 123 new stores. In the four months, revenue from buy-now-pay-later (BNPL) increased 48% YoY and accounted for 38% of total revenue, with 96% of products having BNPL. The value of utility and banking payment services totaled VND 37,000 billion in four months, up 9% YoY, with 25 million transactions in this segment. DMX’s service segment posted total revenue of VND 1,252 billion in four months, up 60% YoY. Revenue from external customers contributed VND 153 billion, up 45% and representing 12% of DMX’s total revenue. SuperApp recorded 58 million visits in the four-month period, delivering VND 2,460 billion in revenue, or about 6% of total DMX revenue. DMX is one of MWG Group’s three specialized business segments, alongside Bach Hoa Xanh (BHX) and other retail banners. By the end of April, the DMX network comprised 2,005 Điện Máy Xanh stores, 927 The Gioi Di Dong stores, 85 Topzone stores, and 222 EraBlue stores in Indonesia. Looking ahead to the next five years (2026–2030), DMX projects revenue of around VND 182,000 billion, implying a CAGR of about 11% per year. Importantly, contributions from services (finance, after-sales) with higher margins are expected to lift net profit at a double-digit pace, targeting net profit of VND 13,000 billion by 2030. Notably, DMX plans an IPO in the second quarter of this year. According to DMX CEO Doan Van Hieu Em, management will participate in the offering with personal funds or by restructuring MWG-owned stakes, reaffirming a long-term commitment to shareholders while balancing MWG’s existing shareholders with new DMX shareholders.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
