All rights reserved. I know a lot of distributors and companies that have seen their e-commerce share of revenue go from 5 percent to 25-30 percent, said Gautier. Although not strictly a fashion brand, Coco Dressing Room deserves a shout out for being one of the most innovative and outspoken fashion platforms in Vietnam. For the woman looking for something different, elegant, timeless, theres only Gia Studios. I want customers to know what theyre paying for, explains Morgan. Why do so many brands manufacture in Vietnam? TimTay foreground wearability and functionality in their designs. HANOI, Vietnam Since she began opening stores for global luxury brands in 2007, GlobalLink Co.Ltd's Chief Executive Tran Thi Hoai Anh has brought the likes of Balenciaga, The Row and Celine to Vietnamese shoppers. In Vietnams fashion industry, the trend is evidenced by the growth of Vietnamese fashion brands that are developing with a dedication to sustainably. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. In what was one of the countrys most extravagant luxury fashion events to date, Gucci took over the opera house in April in Vietnams commercial capital Ho Chi Minh City. However, according to Lourey, the bigger picture for foreign brands is that recent changes in Vietnams Law on Investment 2020 have led to an improved business environment with greater certainty. Tom and his team are not afraid to produce genderless-silhouettes, source deadstock fabric and materials, and rely on the digital rather than paper to produce information. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. Several luxury brands want to enter or expand their presence in Vietnam since its retail market is growing, while rentals are low compared to other Asian locations such as Singapore and Hong Kong. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. Women. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. The fashion house has a reputation for being one of the most expensive clothing brands in the world. It is about the experience, beyond just expensive products. With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. our latest doing business publications, and access to our Asia archives. Vietnam recently has signed several new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam FTA (EVFTA), the UK-Vietnam FTA(UKVFTA), and most recently the Regional Comprehensive Economic Partnership (RCEP), where tariffs and regulatory barriers are reduced. The brand counts three boutiques in Ho Chi Minh City, including a flagship store at Hotel Continental. The TimTay collection, on the other hand, takes a different approach. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. While hes defying gender stereotypes, hes also promoting environmental consciousness. An analysis of consumers in the United Arab Emirates and Saudi Arabia from BoF Insights reveals whats at stake for both local and global brands in an industry in the midst of vast change. Oh the lifestyle of the rich and the famous! (GlobalLink). A guide to unlocking opportunity in emerging and frontier fashion markets. Heres eight of them. Rustea is a minimalist, free-size clothing brand for those who want to be cozy and comfortable. Inspired by Vietnams military, it won first prize in the New Idea category at the Vietnam Collection Grand Prix 2000. The Vogue Business Luxury Fashion Index, which surveyed more than 8,000 luxury consumers worldwide, found that Alexander McQueen, Versace and Valentino outperformed its peers in digital marketing and brand perception. Decision Labs Connected Consumer report suggests 46 per cent of consumers started adopting social commerce around two to five years ago, marking the time frame for a surge in its popularity in Vietnam. Specialising in Ao Dai (the traditional dress of Vietnam), the brand manages to transcend expectations. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. Finally, luxury brands should be bullish on Vietnam because there is high demand for their goods. To Linda, its all about appreciating the art of fashion while paying attention to how the clothing was made. For example, LVMH is a conglomerate specializing in luxury goods, and owns some of the most popular luxury brands, such as Louis Vuitton, Fendi, Christian Dior, Givenchy & Marc Jacobs. Heres this weeks Vietnam News in Brief. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. Gucci is the hottest brand online, again. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. food guides for places to eat in Vietnam! 1. So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? Instagram influencer marketing has been proven to bring success to brands entering Vietnam. Tran Thi Hoai Anh, GlobalLinks founder and president, said the new store will occupy the Pham Ngoc Thach Street frontage of Diamond Plaza, adding to her portfolio of multi-brand luxury boutiques, Runway and RRR, which have several locations in both Hanoi and Ho Chi Minh City. Luxury Vietnamese consumers use Instagram to . In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. SSENSE's luxury fashion affiliate program is available through two networks: SOVRN and Skimlinks. Vietnams high spenders choose premium, expensive wines mostly from France, Italy, Chile, the US, and Australia with French wines representing 35 percent of the market share. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. Ive been following the brand from the very beginning., I really like that they respect Vietnamese culture in every collection by sourcing their silk locally and by taking inspiration from Vietnam. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. I still believe there is a lot of room for distributors to bring in more brands and set up more stores and operate more e-commerce platforms in Vietnam. Thailands pre-pandemic HNWI tally (32,303) was greater than Vietnams (20,645) but the growth rate between 2020 and 2025 of that cohort in Vietnam (32 percent) is forecast to be almost double that of Thailand (16 percent). Unsubscribe anytime at the bottom of our emails. Women. Our free webinars are packed full of useful information for doing business in Vietnam. In a report titled "Has Luxury Gone too Mass? I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes, she explains. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. The company also launched Southeast Asias second Porsche Studio in Hanoi last year, with the CEO of Porsche Asia Pacific attributing the capitals vibrant young population to the presence of the store while mentioning that Vietnam also has the youngest demographic among the companys markets. Vietnam Briefingis produced byDezan Shira & Associates. See a List of: Luxury Fashion Brands and the conglomerates they belong to. One of Vietnams biggest fashion distributors, Duy Anh Fashion and Cosmetic (DAFC), added Tiffany & Co. and Montblanc to its portfolio of more than 60 international brands last year, following the return of Christian Louboutin in 2020. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. Underdeveloped corporate legislation is one of the reasons for the hesitation among foreign companies that wish to enter the country. As Vietnamese fashion for women continues to take great strides into the high-end international market, weve put together a list of seven designers. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. TimTay is designed for people of all ages who share a love for comfort and the environment. Tien Nguyen, its deputy director in charge of luxury fashion brands, said demand from middle-class and wealthy clientele remained strong last year. At the same time, DAFC, which runs over 60 luxury brands, including Cartier and Rolex, announced its sales in Vietnam were up by 35 percent in 2020. . It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. Fashion. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. If you have more time in Saigon, these new brands, Lykke and Giulia Fashion House have just arrived and are making a splash on the scene, while Lib is a hot favourite among the youth. DAFCs parent company, Imex Pan Pacific Group (IPPG), led by husband-and-wife duo Johnathan Hanh Nguyen and Le Hong Thuy Tien, also signed a business cooperation agreement with the local unit of South Korean luxury retail group Lotte Duty Free in the same year to open a chain of downtown duty-free stores in Hanoi and Da Nang. Pursuitists are ahead of the curve & authentic. Her message is getting through. Yet Apple has not opened a single self-operated store in the country even though it rolled out two and three locations in Thailand and Singapore respectively. The agreement, which took effect in August 2020, saw Vietnam reduce import tax by 65 percent for goods from the EU, with the remainder being removed over a 10-year period. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. 2022 . Dior continues its steady ascent. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. Join our Facebook Group with over 168.100 travelers, expats and locals who love Vietnam. Moi Dien, which translates as outspoken, boasts a loud, daring unisex style. The European UnionVietnam Free Trade Agreement (EVFTA) should help stimulate more brands to do just that. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. Ranker Shopping. Lam was a runner-up in Vietnam Project Runway in 2013 and became Elle Designer of the Year in 2014 for his first label LAM GIA KHANG. Loan has been building her independent boutique, NGOTHAIBAOLOAN, since 2013. The luxury designer is well-known for its sustainable swimsuits made from pre and post-consumer waste. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. Celine, Dior, and Fendi are among those slated to unveil new monobrand boutiques in Manila, notes celebrity stylist Liz Uy, who is based in the Philippines capital. As a fresh graduate from The London College for Design and Fashion, he won the first prize in the Vietnam Belve Fashion Design Awards 2012 and was the runner-up in Project Runway 2013. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. She is a huge advocate for changing our consumption habits, apart from walking the talk with Coco Dressing Room, Thu often speaks at panel discussions and fireside chats around Saigon and internationally. His brand CONG TRI is known for producing unique womens day and evening wear with fashion-forward designs with traditional hand-made techniques, with a particular emphasis on jewel and sequin embellishments. An open economy: Since 1986, market reforms, collectively dubbed Doi Moi, have turned Vietnam into a coveted playing ground for global players. This will set the trend for the car market in Vietnam as other electric vehicle models have also launched in the Vietnamese market in the first half of 2022 such as the Kia EV6, Mercedes Benz EQB, Mercedes Benz EQE, and Mercedes Benz EQS. This Japanese brand is fixated on providing a wide range of quality socks that are both durable and comfortable. KIDSWEAR. Moreover, clothing manufacturing was over 70% of that slice. 1992-2023 Dezan Shira & Associates All Rights Reserved. CONG TRI is a subsequent luxury label in Vietnam which is established by Nguyen Cong Tri - the most Vietnamese famous fashion designer. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. Thanks to these FTAs, luxury goods can become more affordable, allowing more access to shoppers. Local distributors advise brands to be more bold and targeted with marketing activities, and to be cautious of the complex operating environment. Gucci. Prada is one of the world's leading luxury high fashion brands offering clothes, apparel, luggage and luxury goods manufactured with the finest artisanal techniques, using exquisite. Vietnam's personal luxury goods market is complemented by hospitality offerings like the Dolce Hanoi Golden Lake Hotel, which markets itself as the world's first gold-plated luxury hotel. Luxury Apparels Market Competitor Analysis Some key players operating in the global luxury apparel market are Prada S.p.A., LVMH Mot Hennessy Louis Vuitton, Herms International S.A., Capri Holdings Limited, and Kering. The above data points offer a wealth of growth opportunities for fashion and apparel retailersdespite the huge shifts in consumer behavior, global trade, and "normal" day-to-day lives for millions around the world. Country . Thuy is for the woman who wants to wear art. Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . When asked by Vietcetera on the motivations for his collections, Lam said I dont want women to be beautiful for men, I want women to be beautiful for themselves. To inspire, educate, be relevant. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. Over the past few years, aside from Vietnam International Fashion Week (VIFW) and other home-based fashion events like the Elle Fashion Show and the Fashionology Festival, Vietnamese designers have received a large number of invitations to present their collections in major fashion weeks around the world. These players hold a dominant share of the overall market. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. From bright to subtle. Take a trip to Ho Chi Minh Citys central districts to understand the fashion renaissance bourgeoning. However, Helen Sac, consultant director of WGSN Asia-Pacific, cautions that the countrys e-commerce facilities are not very sophisticated and not necessarily set up well to reach the capacity they can have online.. Car sales and wine imports, before being impacted by the pandemic, had maintained consistent growth of 12.9 percent and 9.8 percent between 2016 and 2019. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. Vietnamese Fashion For Women: 7 Of The Best Designers. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. In French, metis or metissage is used to describe something that is a combination of two different cultures, Erwan Perzo explains. Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. And its a good idea to source 100% linen fabric from markets. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. Its centered around using natural fibers and reducing pollution. https://www.facebook.com/cocodressingroom/. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. Gucci and Tiffany are among the brands investing in the Southeast Asian market. Founder Morgan Truong describes the style as minimalism with a twist. The company is a milk and milk-based products manufacturing company in Vietnam. But besides sustainability, Lindas goal is to make cycling sexy. But she wants people to wear the clothes for their style, not just for functionality.