Million-dollar chocolate startup by a Vietnamese accountant

DNHN - Legendary Chocolate, a startup founded by accountant Bùi Hồng Hạnh, made headlines after securing 10 billion VND in funding from Shark Tank Vietnam.

Appearing on Shark Tank Vietnam, Bùi Hồng Hạnh's startup Legendary Chocolate sought an investment of 10 billion VND for a 10% stake in the company. From a personal passion, Ms. Hạnh self-studied the production process through online courses and gradually transformed Legendary into a premium brand in the food industry. By the end of 2023, nine years after its inception, the startup recorded revenue of 38 billion VND, equivalent to nearly 1.5 million USD.

Founded in August 2015, Legendary now operates two factories in Ho Chi Minh City with a total area of 1,400 square meters. Although it initially faced challenges due to a lack of production and management experience, Ms. Hạnh persevered in experimenting and developing unique products such as chocolate with dried fruit fillings, corporate gifts, and premium handcrafted chocolate. All of Legendary's products use Vietnamese cocoa, ensuring quality while enhancing the value of local agricultural products.

Currently, Legendary products are distributed through major supermarket chains like AEON Mall, Lotte Mart, and BigC. The brand has not only captured the Vietnamese market but also expanded internationally, including markets in Canada, the Middle East, and is preparing to enter the European market.

In the first half of 2024, Legendary achieved 22 billion VND in revenue and 1.5 billion VND in profit. The company expects full-year revenue to reach 50 billion VND with profits of 4 billion VND. With cost of goods sold accounting for about 50%, franchise partners can achieve a gross profit margin of 40%.

Ms. Hạnh stated that the funds raised will be used to launch the Cacao Station model — a chain of franchise stores with an investment of around 500 million VND per location. The company plans to pilot 4-5 stores before expanding the franchise. According to estimates, the payback period will be around 6 months for self-investment and 9 months for franchises.

In the future, Legendary aims to become the leading premium chocolate brand in Southeast Asia and establish a presence on the global map. With a flexible business strategy and continuous creativity, Ms. Hạnh believes that Legendary will continue to grow, bringing the taste of Vietnamese cocoa to customers worldwide.

Ha Chi