Indonesia-Vietnam retail chain EraBlue targets $790 million by 2030

According to a Vietcap Securities store visit report published on April 10, the chain had 212 stores as of the first quarter of 2026, up from five at launch in late 2022. Full-year 2025 revenue reached $148.2 million, implying a five-year compound annual growth rate of 41 per cent to the 2030 target.

EraBlue operates stores of 150 to 350 square metres, small enough to enter dense residential neighbourhoods. Revenue per store is 1.5 to 2.6 times that of comparable Dien May Xanh outlets in Vietnam, with around 40 per cent of sales completed through instalment financing.

Source: Vietcap

Dien May Xanh, a key subsidiary of Mobile World Group, is one of Vietnam's leading electronics retailers, offering a wide range of appliances and digital products nationwide. PT Erajaya Swasembada Tbk is an Indonesian distributor and retailer of mobile devices and electronics, partnering with global brands and operating an extensive nationwide retail network.

Vietcap attributed the outperformance to Java’s population density of approximately 1,250 people per square kilometre, versus around 300 in Vietnam, which structurally supports higher foot traffic.

The chain’s ambitions are anchored in Indonesia’s underpenetrated market. The country’s combined ICT and consumer electronics market stands at $10.9 billion and is forecast by Statista to reach $20.4 billion by 2030 with no modern retailer currently holding nationwide coverage.

Existing chains such as Electronic City, with roughly 60 stores, and Hartono, with seven, operate large-format outlets of 1,000 to 4,000 sq.m inside shopping malls, effectively serving only the top 3 per cent of households by income.

Vietcap analysts drew a parallel between Indonesian consumer behaviour today and Vietnam's roughly 15 years ago, before Dien May Xanh accelerated market formalisation there.

In areas where the chain has operations for at least a year, offline consumer electronics market share has risen sharply, with long-term targets standing at around 50 per cent of the consumer electronics market and 10 to 20 per cent of the phone market in served areas.

The consumer electronics segment alone could expand to $4-8 billion, Vietcap said, as modern retail penetrates underserved residential areas and instalment-based purchasing grows.

An e-commerce channel is set to begin generating revenue from the second quarter of 2026, targeting 5 per cent of offline revenue, with the chain's expanding physical network serving as an omnichannel backbone.

Dien May Xanh, which holds a 45 per cent stake in the joint venture, has designated Erablue its fifth strategic growth pillar, projecting the venture's attributable net profit contribution at $13.6 million by 2030, or roughly 3 per cent of group net profit after tax.

Within the joint venture, Dien May Xanh leads store expansion and day-to-day operations, contributing its retail operating model, logistics design, service standards, KPI-based management culture and training systems.

Erajaya, which owns 55 per cent, provides the local platform, including real estate access, supplier relationships, legal execution and distribution infrastructure.

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