A leather factory built with $300,000 of Argentine capital, under the name Serendipity Bros, will be officially inaugurated in the southern province of Binh Duong on May 31.
Serendipity Bros was founded in Vietnam on August 9, 2021, as a consequence of the internationalization of the Argentine company Donto S.A., the parent company of Serendipity Bros.
Donto S.A. was founded in Argentina in 1995 with the aim of producing leather covers for home and office upholstery, for export mainly to the US and Europe. The company currently produces more than 3 million square feet of leather each month. It has international quality and environmental certifications and supplies raw material to international brands of recognized global prestige.
Initially, Donto S.A was established in Vietnam at the beginning of 2017 through a commercial representative office and from there it expanded and positioned itself within the country and the industry. In 2021, despite the challenges posed by the Covid-19 pandemic, Donto S.A. finally decided to become a 100 per cent foreign capital company in Vietnam, thus creating Serendipity Bros.
The building of a leather finishing factory in Vietnam allows Donto S.A. to significantly improve its ability to meet the requirements of Vietnamese customers and comply with large and small orders and reduce delivery times, thus improving the company’s export capacity from Argentina. Currently, Serendipity Bros imports leather (salted and semi-finished leather) from Argentina to Vietnam, where the final product is processed and finished according to the requirements of each brand, adding value and with a 100 per cent Vietnamese workforce.
Total volumes sold by Donto S.A. in Vietnam since the representative office was established in 2017 stands at 9,904,702 square feet, with a value of approximately $15.6 million.
The new Serendipity Bros factory is located in Tan Phuoc Khanh ward in Tan Uyen city, Binh Duong province, on a total area of 4,118 sq m.
It currently has 15 Vietnamese employees, with the expectation of this increasing to 60-70 by the end of 2023.
The new factory began operations on May 5 and has a production capacity of 600,000 square feet, equivalent to $1 million in revenue a month.
Production will focus on supplying inputs for the manufacture of leather shoes, handbags, accessories, and sofas produced in Vietnam and exported mostly to US and European markets and other countries such as Bangladesh, China, Indonesia, Hong Kong (China), India, and Cambodia.
It will also cooperate with several local companies, such as Tavi Co., Ltd., Rieker Vietnam Ltd., Sao Vang Co., Ltd., Hengseng Vietnam Co., Ltd., Leather Win Shoes Co., Ltd., Gia Dinh Group JSC., Richever, Stella Group, and Orion.
The company’s plan to boost business in Vietnam is to connect directly with local factories and offer a better service both in delivery and quality. In this sense, the cooperation of Serendipity Bros with local factories allows the commercial expansion of the company to different markets such as China, Indonesia, India, Bangladesh, the US, and the EU (Spain, Italy, Great Britain, and Germany), and has generated work opportunities with new partners and brands, overcoming the obstacles of distance and delivery time from Argentina.