Erablue Officially Erases All Accumulated Losses

Erablue, the electronics retail chain in Indonesia owned by The Gioi Di Dong, has officially erased all of its previously accumulated losses after over three years of intensive investment, marking a major financial turning point on their ambitious journey toward an Initial Public Offering (IPO) scheduled for before 2030.

According to data announced by Mr. Doan Van Hieu Em, Chief Executive Officer of Dien May Xanh Investment JSC (DMX), since opening their first retail store in June 2022, Erablue – a subsidiary of DMX in a strategic joint venture with their influential local partner Erajaya – has experienced an impressive growth trajectory within the Indonesian retail market.

Concluding the first six months of 2026, Erablue recorded total revenue of 1,888 billion IDR, reflecting a surge of 92% compared to the same period in the previous year. Same-store sales growth (SSSG) reached 17%. Notably, the company's net profit after tax reached 30 billion IDR, marking a substantial increase of up to 154% year-on-year. With this strong level of profit growth, Erablue has now officially cleared all accumulated losses from the initial investment phase, entering a new, vibrant cycle of expansion. Specifically, the air conditioning segment – a key strategic focus in this tropical market – recorded a revenue growth rate of 235% year-on-year, demonstrating superior operational efficiency in their core category.

As of June 30, 2026, the overall scale of the Erablue chain reached 261 stores, an increase of 146 stores compared to the same period last year and adding 80 new stores in just the first half of the year. In mid-June, the business also inaugurated its 250th store in Bekasi, West Java province – a new area in their expansion strategy. Erablue management stated that their business model has been proven effective, as 100% of new retail stores achieved their breakeven point after just 6 months of operation, providing a solid foundation for the enterprise to confidently accelerate its pace of expansion in the coming periods.

The growth momentum continued throughout July. Accumulated for the first 7 months of 2026, the total revenue of Erablue reached 2,228 billion IDR, reflecting a robust increase of 89% year-on-year, while the SSSG figure hit 15%. The total number of retail stores has now officially surpassed the milestone of 283, equivalent to successfully opening 102 new stores in just 7 months and increasing by 157 stores compared to the same period last year – an average of nearly 15 new stores opened every single month, representing an expansion speed rarely seen in the regional electronics retail market landscape today.

Looking back at the development journey, from having only 5 stores back in 2022, Erablue has grown exponentially through every year: 38 stores (2023), 87 stores (2024), 181 stores (2025), and has now officially surpassed the milestone of 280 stores. The enterprise has set a clear target to reach 500 operational stores by the first quarter of 2027 and 1,000 stores before 2030 – which is 5.5 times the scale of the 2025-2030 period – with a bold ambition of achieving $1 billion in total annual revenue and conducting a major IPO, listing their shares on the stock exchange, and step-by-step becoming a successful "second Dien May Xanh" entity in Indonesia.

Source: Q2/2026 Presentation Materials on dmx.vn website

To realize this goal, Erablue leadership has confirmed that they have successfully signed official lease contracts for 80% of the retail locations required for their 500-store target and completed comprehensive surveys and mapping of all potential development regions across the island of Java. Regarding human resources, approximately 40 senior personnel were sent by DMX from Vietnam to manage operations and transfer their specialized operational know-how, while the dedicated frontline workforce – responsible for finding prime locations and retail sales – are 100% local people, with more than 2,000 to 3,000 local employees currently working at the chain. The partner, Erajaya, continues to play a vital supporting role in providing necessary assistance regarding finance, legal matters, and human resources within the local market.

Regarding overall investment efficiency, each new retail store requires an initial investment capital (including construction costs and 2-3 year lease security deposits) of over 2 billion Rupiah, which is equivalent to approximately 3.2-3.5 billion VND, with an average, highly efficient capital payback period of only about 15 months. This fast speed of capital recovery is viewed as a key, strategic foundation that significantly strengthens investor confidence in their comprehensive plan to rapidly accelerate scale expansion across the nation in the coming years.

The strong growth of the retail chain in Indonesia comes as DMX in Vietnam is also maintaining positive growth momentum.

Source: dmx.vn