Ariston Group strengthens its presence in Vietnam The group announced theacquisition of 83% of Mutosi Group Joint Stock Company, a Vietnamese company active in residential water purification. The stake was acquired by Mekong Capital, majority shareholder, and several private investors.
Founded in 2018 and headquartered in Hanoi, Mutosi operates in the production and marketing of systems for water purification, designed for both floor-standing and under-sink installation. The company also has an after-sales service network and a dedicated spare parts offering. In 2025, it recorded a turnover of approximately 14 million euros, with double-digit growth over the last three years.
In Bag, title Ariston rises by 0,89% to 3,84 euros, also supported by the target price of 4,10 euros set by Morgan Stanley, which improved its recommendation on the stock to “Equal Weight”.
Ariston, a presence in Vietnam for over 38 years
The acquisition is part of Ariston's consolidated presence in the Vietnamese market. The group is operational in the country since 1988, mainly in the water heating sector, and has had a production plant in Bac Ninh since 2014. In 2025, the site was awarded a bronze medal under the World Class Manufacturing program.
Mutosi's investment now allows Ariston to expand its business to include residential water purification, a segment complementary to water heating and characterized by growth prospects. The transaction also offers the opportunity to develop new sources of recurring revenue from filter replacement and leverage synergies with the company's existing distribution network and industrial structure in the country.
Il Mutosi management will retain a 17% stake and will continue to lead the company, ensuring continuity in the management and development of the local business. Financial details of the transaction were not disclosed.
“We are delighted to welcome Mutosi to the Ariston Group – commented Paul Merloni, executive chairman of Ariston, said: "After more than 38 years of presence and growth in the Vietnamese market, this acquisition represents a significant step in our growth strategy. With our entry into the residential water purification sector, we are expanding our presence in a fast-growing category, complementary to our domestic water heating business, further strengthening our position in one of the most dynamic markets in Southeast Asia."
