Vietnam's startup sector benefits from a myriad of supportive policies and regulations. According to Metisekos website, it is their unique textiles that makes them stand out from the crowd, We draw from inspiring Vietnamese landscapes and folk traditions to create original fabric designs that capture the essence of this enchanting country. This Japanese brand is fixated on providing a wide range of quality socks that are both durable and comfortable. Valentino has reported a 62 % increase in online sales for 2020. Also brands such as Prada founded in 1913, Chanel founded in 1909, and Burberry founded in 1856, seem to confirm this thesis. Peace United Street Warriorz or PUSW is street style brand with a great story. I havent been able to completely develop this part of my brand yet because its so new. As Southeast Asias undisputed international shopping hub with more than 10 times the number of high-net-worth individual (HNWI) residents (US dollar millionaires) than Vietnam, Singapore is clearly in a different league. 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. Further, Vietnams middle-class population has expanded massively in the past years. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. The Moi Dien Ba Gang tote bag launched in March is a prime example of Toms dedication to provide sustainable solutions to problems in the fashion sphere. With a few stores across the heart of Saigon, be sure to pay a visit to Metiseko on your trip. To inspire, educate, be relevant. Nancy noted that she could not find what she was looking for, something simple, beautiful, and affordable. In this collection, co-founders Hoang Anh and Hoang Tu highlight traditional Vietnamese craftsmanship. Profile 11s style is minimalism with a twist designed for the modern working professional. As Linda Mai Phung got ready for the launch of SUPER VISION, a new cycling-focused European streetwear brand, we met to get her guide to five Vietnamese fashion brands pursuing sustainability. The Motley Fool recommends Burberry Group Plc, Diageo Plc, RH, and Tapestry and recommends the following options: long January 2025 $47.50 calls on Nike, long March 2023 $120 calls on Apple, short . The increase in privately-owned cars also significantly impacts the demand for some segments of high-end apartments, resort real estate, and land plots. "The Vietnam market is at an ideal time for the entry of global luxury brands." Born and raised in Danang with eight siblings, Cong Tri attended Ho Chi Minh City University of Architecture, Faculty of Industrial Fine Arts and graduated in 2001. For his outstanding contribution to the Vietnamese Haute Couture Industry, in 2014 Nguyen Cong Tri was the first Vietnamese to be recognized by the Asian Couture Federation. Now, I apply those skills to my designs so others can appreciate them too, says Hoang Tu. In 2019, the industrys export value of US$39 billion contributed to 16% of total GDP, and this was a year-on-year increase of over 8.3%. 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. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. With the small quantities of leftover fabric, she makes small accessories like wallets and passport covers. There needs to be a holistic approach. 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. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. In 2019, the industrys export value of US$39 billion contributed to 16% of total GDP, and this was a year-on-year increase of over 8.3%. Over the past 10 years, we've completed close to 800 projects with fashion brands, apparel, luxury, and department store retailers across six continents. Marc Jacobs: Quirky, Playful, and Fashion-Forward Designs. Operating in a Complex Business Environment. For Vietnam, the textile and garment industry is one of its key industries, and Vietnam is amongst the top textile producing and apparel exporters in the world. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. 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. If you persist in peering beyond this veneer, taking a tour deeper into the alleyways of the city, you will find boutiques to fit your budget, focussed on unique looks and style, from the street fashion popular with the cool Vietnamese young people to refined chic collections appropriate for office wear or evening looks. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. 5. You are currently shipping to Vietnam and your order will be billed in USD $. Kids. Big European luxury brands continue to appeal to the quality and logo obsessed shoppers of Asia. Learn more about Vietnamese fashion with our article about sustainable clothing, or if youre more into shopping, check out a related piece about Millennial Fashion Stores In HCMC. The epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. 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. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. Subscribing grants you this, plus free access to our articles and magazines. Vietnams legal hierarchy of laws, decrees, and resolutions in the past resulted in the slow or ad-hoc implementation of investment laws, whereby there were often gaps when new laws were introduced, and conflicts with old guiding documents that did not match with the new laws. There are more and more international brands entering the Vietnamese market and gradually dominate such as H&M, Zara, Uniqlo, Currently, there are more than 200 foreign fashion brands from mid to high-end products that have their official stores in Vietnam. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. Most recently, Swedish actress Rebecca Ferguson wore an off-the-shoulder gown designed by Cong Tri at the premiere of blockbuster Dune at 2021 Toronto International Film Festival. Visit their shop in Saigon! Market research firm Nielsen forecasts that it will climb to 95 million by 2030. 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. In 2011, she returned to Vietnam and founded Devon London. Born into a family with a strong tradition of craftsmanship, Nguyen decided to study at the Amsterdam Fashion Institute and founded her own atelier in Paris in 2001, making both haute couture and ready-to-wear collections. The Spring/Summer 2022 edition of Aquafina Vietnam International Fashion Week, which took place this from May 25 to 29, featured collections from 18 domestic and international fashion houses. And the cost for this could be 7200$ or more. Sustainability can also be incorporated in other aspects of the production since the origin of the fabrics isnt known., Location: 49 Cach Mang Thang Tam, District 1, Ho Chi Minh City, Address:6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam, Social Media License Number 530/GP-BTTTT, signed on 07/11/2022, issued of the Ministry of Information and Communications, Content Management Responsibility byPhan Nguyen Lap, 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. Dior continues its steady ascent. Unsubscribe anytime at the bottom of our emails. Discover the latest in . In this article, we spotlight seven respected designers and younger talents who are shaping the Vietnamese fashion scene focused on haute couture and ready-to-wear garments for women. 1. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. Coco Dressing Room sells pre-loved clothing from various international designers and local fashion stores. Underdeveloped corporate legislation is one of the reasons for the hesitation among foreign companies that wish to enter the country. "Contemporary brands perform exceptionally well for us each season and sales from brands such as Ganni, Isabel Marant, Rixo, Nanushka, Alexachung and See by Chlo are collectively up by 272 per . In 2019, Moi Dien was one of the 16 finalist in the London International Fashion Showcase. After graduating from Parsons School of Design in New York, Tom Tran took a leap of faith and returned to Vietnam to start his own label. To be trendsetters, broadcasting the latest buzz. Nosbyn is one of the most loved Vietnamese casual clothing brand, with many locations across Ho Chi Minh City and Hanoi. Tjada DOyen McKenna, the CEO of Mercy Corps, shares insights on growing global food insecurity and deepening inequality. Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. You should raise your budget from 350$ to approximately $650. As per Worldometer 37.7 percent of the population is urban. Pursuitist | Style Women. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. All rights reserved. The annual report on the most valuable and strongest luxury & premium brands Ranking Overview of all years 2022 2021 2020 2019 2018 Report view Table view Chart view 2022 . The company's smartphone, Vsmart, which was launched in 2018, quickly grew to become one of the top five brands in Vietnam. Vietnam Briefingis produced byDezan Shira & Associates. 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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. If brands operate directly with consumers, they must have a workforce that understands the market, employees, management systems and a pathway to enter Vietnam, she added. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. The Southeast Asian nation was of the few countries to experience GDP gains in 2020, when the world was besieged with Covid-19. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. Voting Rules. Tom is a young Vietnamese designer to watch. Women. 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. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. Taking a step away from fashion designers, we introduce Tabio. 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. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. The list addresses all budgets and all types of clothing, whether you are in the market for high-end evening wear, a stunning ao dai, or edgy avant garde street wear, Ho Chi Minh City has got you covered. I want customers to know what theyre paying for, explains Morgan. This made Instagram a valuable platform for advertising, and influencers valuable assets for marketing . But basic pieces never fail usthey are long-lasting. Luxury brands have started to inject investment in retail outlets where clients are underserved. KIDSWEAR. Beware Moi Dien is not for the fainthearted customer. 2023 Vietnam Is Awesome. A guide to unlocking opportunity in emerging and frontier fashion markets. 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. Women Men Kids. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . Hanoi Radio Television Manufacturing has bounced back, the Germans are coming to build a recycling plant, and Skoda will be on the streets of Vietnam in May. Luxury Vietnamese consumers use Instagram to . For the more exclusive Gia Studios, for a period of time, Lam carried out a by-appointment-only concept at the Park Hyatt hotel, and now his flagship store is opened in the heart of Saigon. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. Why do so many brands manufacture in Vietnam? In fact, the designer has embraced ethical fashion ideals since his undergraduate years after realizing that the fashion industry is one of the biggest contributors to pollution in the world. Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . Its share of search interest continues to decline, however (from 17.5% in 2020 to 15.2% in 2021 and now 14.8% in 2022). That drives consumers to fly overseas to purchase luxury items as opposed to buying them in Vietnam., The lack of price harmonisation across markets in the region is exacerbated by Vietnams high tax on luxury goods. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. The ability to have all of the foreign ownership, without the explicit need for a Vietnamese national as a director, is one of Vietnams significant selling points., As the market continues to evolve, he explained, moving investors away from the traditional joint venture structures that were often required [by local regulators] to a much more competitive and practical approach, foreign brands are growing more confident and comfortable with Vietnam as an investment destination., 2022 The Business of Fashion. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. Her message is getting through. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. And theyre sustainable, explains Jo. When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. 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. Tien Nguyen, its deputy director in charge of luxury fashion brands, said demand from middle-class and wealthy clientele remained strong last year. Vietnam was one of only a few countries in Asia to be chosen by Gucci to host such an event and the others were mostly larger luxury markets like Japan. Though growth fell marginally last year due to several months of national lockdown resulting from the Delta variant outbreak, the economy is predicted to rebound to 5.5 percent growth this year. 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. Long before coming back and opening VIFW Spring Summer 2017, Dutch-Vietnamese designer Xuan-Thu Nguyen had been recognized worldwide as a guest member of Frances Haute Couture Federation. Vietnamese are also buying more watches. Brands that understand how to build long-term relationships with their customers will also learn how to serve them better in the future when they reach peak earning potential. Added to that, her collections have been exhibited in global fashion capitals like Paris, New York, Milan, and Tokyo. Globally, e-commerce is facing a recession, but Vietnam appears well placed to weather the storm. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. The number of ultra-high-net-worth individualsin Vietnam with a worth of at least US$30 million is also forecast to increase by 26 percent to more than1,500by2026; such growth is equivalent to that in Hong Kong and Taiwan, according to an annual report by UK property consultancy Knight Frank. Here are our top 8 fashion boutiques worth checking out in town. All rights reserved. Pursuitist is luxury redefined. ; Most brands, especially those in the top 10 . An aesthetic that is daring, playful, and not afraid of colour, Thuy Design House brings together tradition and ingenuity. However, Loans design philosophy is more quirky, which developed from her interest in unisex clothing, and style influences that include architectural forms. Brands: Armani, Bvlgari, Bloomingdale's, Banana Republic, Ford, Ferrari, Gucci, Gap, Harvey Nichols, Maserati, Bvlgari, Boucheron, Bottega Veneta, Dolce & Gabbana, Emilio Pucci, Giorgio Armani, Gucci, Ligne Roset, Yves Saint Laurent By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. Though the glamour quotient kept high society matrons talking about the gala for weeks, business leaders were focused on another aspect of the event that had piqued their curiosity. This is the embodiment of their brand culture. The company manufactures products like processed milk, curd, ice cream, and mayonnaise. 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. 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. Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. In addition, Tom is taking other steps to reduce his own brands environmental impact. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. Men. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. Often, the fabrics are leftovers from textile factories, so they can be high-quality. Brands are partnering with Lagos-based talent to help them navigate the complexities of the countrys billion-dollar fashion market and create a ripple effect across the African continent. The degree to which Vietnam is underserved by global luxury brands is hard to estimate but the gap that exists in an adjacent high-end sector, the premium smartphone market, is revealing. GlobalLink, another big luxury distributor in the country which operated mono-brand boutiques for luxury labels such as Balenciaga, Celine, Givenchy, Saint Laurent and Loewe, plans to open a 700 square metre duplex store later this year in Ho Chi Minh City, housing a variety of brands, including Off-White, Ambush and Amiri. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. Heres this weeks Vietnam News in Brief. The calendar is quite packed." At a 2020 customs seminar, IPPGs Nguyen said that European fashion goods entering Vietnam are subject to a tax of at least 30 percent, not including 10 percent VAT.. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. Since the launch of the economic reform policy called Doi Moi in 1986, Vietnam has grown from one of the worlds poorest countries to a middle-income economy. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. 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. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. Distributors of luxury brands in Vietnam seem to be doing well. ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow.