In 2020, Vietnam overtook Thailand as the Southeast Asian country with the highest ownership of iPhones by proportion of population. A young, educated, and urban population is the backbone of consumption. 1992-2023 Dezan Shira & Associates All Rights Reserved. Meet the firm behind our content. 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. Lindas Insights: I like the central idea of encouraging people to be different. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. The company's smartphone, Vsmart, which was launched in 2018, quickly grew to become one of the top five brands in Vietnam. As per World Data Lab, with a middle-class forecast to reach 56 million by 2030, Vietnam is set to leap eight places from its current 26th in the global ranking of 30 economies with the largest middle-class populations. Further, Vietnams middle-class population has expanded massively in the past years. Styles from Metiseko's new organic cotton collection. Luxury brands see great potential in Vietnam Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. SOVRN pays a default commission of 12% (dropping to 9% on markdown products) and cites an average order value of $231.19, with an average conversion rate of 1.1%. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton. But she is actively developing the transparency of Profile Man. Pursuitists are ahead of the curve & authentic. And the cost for this could be 7200$ or more. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. Kids. Her designs use everything from nuts and coal to stone and wood for trimmings, as well as organic cotton and hemp as fabric. Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. 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. But like the rest of the world, Vietnam has experienced a difficult time and stagnation during the pandemic, including poorer purchasing power, and lower demand for clothing.. Updated April 24, 2022 62.4k votes 9k voters 360.9k views. Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. Nguyen Cong Tri: The pioneer of Vietnamese haute couture Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. 4. Our free webinars are packed full of useful information for doing business in Vietnam. Vietnams luxury market is expected to grow significantly thanks to a growing middle class and the increasing number of high-net-worth individuals. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. Offsetting emissions is also in the hands of the consumerthey can pressure more brands and suppliers to change their practices, Linda explains. Until now, Nguyen Cong Tri has successfully introduced seventeen collections to the world that include, most notably, his latest, Em Hoa, which garnered widespread media attention after being featured in Vogue fashion magazine while being worn by singers like Rihanna and Katy Perry. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. Proficient in pattern-making and folding, her trademark motifs are 3D and asymmetric shapes, creating timeless essentials for women who are menswear enthusiasts too. They definitely have a holistic approach to sustainability., Locations: Mitsekos organic cotton store is at 157 Dong Khoi, District 1, Ho Chi Minh City, their Mulberry silk store at 101 Dong Khoi, District 1, Ho Chi Minh City, and four other locations in Vietnam. With a core aesthetic that combines both masculine and feminine styles, Devon focuses on innovative silhouettes with a distinctive use of digital printing and bold embroidery. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. After being here for ten years Ive heard so many people say they believed international brands would not last [long but its] not true, said Loic Gautier, founder and CEO of Leflair, Vietnams e-commerce platform dedicated to luxury goods. Readers may write [email protected] more support on doing business in Vietnam. Subscribing grants you this, plus free access to our articles and magazines. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. The Lasting Allure Of Luxury Fashion Brands - Forbes Meanwhile, the country has a relatively young population, with a median age of 32.5 years. Duy Anh Fashion and Cosmetics recorded year-on-year growth of 171 percent in the last quarter of last year. By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. While hes defying gender stereotypes, hes also promoting environmental consciousness. The event lured about 100 VIP clients and celebrities from across the local film and music industries to a private showing of the brands Love Parade collection. As much as 35 per cent of the sales of luxury brands in India are coming from non-metro cities like Aurangabad, Ludhiana, Kochi and Bellary, and luxury brands need to try much . 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). Prada's fashion is all about quality, simplicity, uniqueness, high class, and creative styles. The annual report on the most valuable and strongest luxury & premium With six years of experience, Devons collections have conquered fashion runways from Vietnam to Paris, and have become favorite choices of top fashion magazines such as Fabulous UK, Dep and Harpers BAZAAR. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. Thu Vu, founder and CEO of Coco Dressing Room is here to break the cycle of buy-and-throw-away fashion Thu strongly believes that clothes should be worn beyond just one season. 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(VIFW). From dreamy to frenetic. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. US. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. You must have branding services to create your brand image and give an assertive message to your target audience. Meanwhile, the first Vietnamese female designer known to present a collection at New York Fashion Week, Phuong My, has her collection available across 20 countries. The global luxury goods market size was USD 316.16 billion in 2019 and is projected to grow from USD 257.26 billion in 2020 to USD 352.84 billion in 2027 at a CAGR of 4.6% in the 2020-2027 period. Copyright 2023 FARFETCH UK Limited. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. Metisekos co-founder and general director Erwan Perzo was raised in a household with Vietnamese and French cultures so he wanted to mix both those elements in Metisekos designs. Vietnam's Luxury Market: An Appetite for High-End Products Vietnam Briefing highlights opportunities available in the luxury market industry for investors considering the countrys growing middle class, robust economic growth, and an appetite for luxury goods. And theyre sustainable, explains Jo. Co-founders Hoang Tu and Hoang Anh create clothes that are light, comfortable, and versatile.. Top 10 Famous Fashion Brands In Vietnam - Top List Vote up the highest quality luxury brands. 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. Vietnamese Fashion For Women: 7 Of The Best Designers All rights reserved. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. This is the embodiment of their brand culture. Men, women, and children styles are available at PUSW. 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. A 22.7% drop in sales has seen the Italian fashion house's valuation dip from $17.6 billion in 2020 to $15.5 billion in 2021. Luxury Apparel Potential in Indian Cities- Divergent India 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. In Vietnam, [affluent] people couldnt travel outside the country and had nothing to do with their money, so they kept on spending greatly on luxury goods. Also brands such as Prada founded in 1913, Chanel founded in 1909, and Burberry founded in 1856, seem to confirm this thesis. Gucci. 10 Fashion Designers You Need to Know in Vietnam - Culture Trip 1. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. 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