How Successful Brands are Navigating Uncertainty in China and Southeast Asia, Exploring Southeast Asias 2023 Outlook Opportunities and Trends, Investing and Doing Business in Vietnam - Looking Ahead to 2023, Vietnam Labor Market 2023 - Latest Labor Law, Hiring Locals and Foreigners, Salary, and Expectations, An Introduction to Doing Business in Vietnam 2023, Tax, Accounting, and Audit in Vietnam 2022, An Introduction to Doing Business in ASEAN 2023, Vietnam's HR Landscape, Compliance, and Recruitment, Finding an Ideal Location Utilizing Vietnams Economic Regions, Digital Economy Prospects in Vietnam and Identifying Government Support, Browse or Search over 100 Doing Business Guides, Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Regional Comprehensive Economic Partnership, Luxury car brands are expanding their presence in Vietnam, Planning for Uncertainty: Global Staffing Solutions to Facilitate Your Vietnam Market Entry, Vietnams Health Supplement Market: Trends, Opportunities, Market Entry. In 2019, Moi Dien was one of the 16 finalist in the London International Fashion Showcase. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. 2021 . Bottega Veneta It has become a norm to see models, celebrities, and. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. 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. 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. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? 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. Her message is getting through. Facebook is currently the countrys most popular social-commerce platform, followed by Instagram, and the local chat-based platform Zalo. By signing up, you agree to our .ltr-1kby4wd-Body{font-family:var(--typography-body-font-family);font-size:var(--typography-body-font-size);line-height:var(--typography-body-line-height);background-color:transparent;cursor:pointer;transition-property:color,text-decoration;transition-duration:var(--motion-functional-duration-s);transition-timing-function:var(--motion-functional-easing-standard);-webkit-text-decoration:underline;text-decoration:underline;color:var(--colors-actions-ghost-dark-enabled-label);}.ltr-1kby4wd-Body:hover{color:var(--colors-actions-ghost-dark-hover-label);}.ltr-1kby4wd-Body:focus{transition-property:color;}Privacy Policy. 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. Valentino has reported a 62 % increase in online sales for 2020. Top fashion ecommerce trends in 2023. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. Distributors of luxury brands in Vietnam seem to be doing well. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. Ministerial approval of business activities can also be cumbersome in this nominally communist state with sometimes opaque regulations. For more information read our Terms & Conditions. 2022 . 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. 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.. Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. He reduces waste by using leftover fabric to make accessories and has plans to use canvas to package his products instead of paper packaging. 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. Globetrotting Clients Want Greater Choice. Our free webinars are packed full of useful information for doing business in Vietnam. While respecting the traditional feminine style of the ao dai, Thuy transforms them into ethereal things of beauty. For the woman looking for something different, elegant, timeless, theres only Gia Studios. The regions $89 billion fashion industry is set for unprecedented change in the upcoming years thanks to a mix of factors, from shifting consumer behaviours to new government investment policies, according to BoF Insights new report. According to some local industry leaders, the Italian companys decision to prioritise Vietnam will herald greater investment from other brands in the months and years ahead. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions. Discover the latest in . Visit their website to see how their services can help your business succeed. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. Apr 12, 2022. "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 . Tom positions his sturdy tote bag, made of linen and canvas, as an alternative to leather bags. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. 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. 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. Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton. Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. The company is a milk and milk-based products manufacturing company in Vietnam. As international borders are only beginning to slowly reopen, no one can predict the extent to which repatriation of luxury spend back to Vietnam might fall away as both grey market activity and legitimate travel retail resumes. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. The countrys import of watches increased by 28.2 percent annually from 2016-to 2020. It is about the experience, beyond just expensive products. This year, Vietnam has witnessed prime apartment selling prices exceed the US$10,000 per square meter barrier, driven by local demand. 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. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. Ranker Shopping. ; The top 5 brands alone capture 56% of the affluent consumers' attention online. Cancel. Vietcetera had a chance to catch up with Linda Mai Phung in Evolution3s factory during her short trip back to Ho Chi Minh City. 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. His attire can be seen on numerous covers of ELLE Vietnam and Harpers BAZAAR Vietnam. Finally, luxury brands should be bullish on Vietnam because there is high demand for their goods. Updated April 24, 2022 62.4k votes 9k voters 360.9k views. 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 . 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. 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. In French, metis or metissage is used to describe something that is a combination of two different cultures, Erwan Perzo explains. Being a . Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. Hanoi Radio Television Fashion should be expressive. This is the embodiment of their brand culture. 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. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. 5. 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. By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. 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. Switch to the app for an even smoother experience, Sign up for promotions, tailored new arrivals, stock updates and more straight to your inbox. The luxury designer is well-known for its sustainable swimsuits made from pre and post-consumer waste. The Best Luxury Fashion Brands. Readers may write tovietnam@dezshira.comfor more support on doing business in Vietnam. 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. To be trendsetters, broadcasting the latest buzz. Vietnam already accounts for the third-largest ASEAN wine consumer market. 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. Some of these classic designer brands like Herms and Louis Vuitton originated in the 1800s but have evolved to present-day ideas. Ive spent years traveling to various traditional fine-craft villages all over Vietnam to learn their techniques. Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . Lindas Insights: I like the central idea of encouraging people to be different. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. 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. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. This is one reason some brands have yet to accurately appreciate the demand or penetration for their products in the country, a retail advisor who spoke on the condition of anonymity, recently told local press outlet Phong Vu. 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. Luxury brands have started to inject investment in retail outlets where clients are underserved. The dresses are often compared to pieces of art, looking like wearable paintings. 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. 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). Local fashion e-commerce start-up Coolmate, which recently completed a $1.1 million fundraising round, said its revenue last year was up 3.5 times compared to the year before, reaching $6 million. Its centered around using natural fibers and reducing pollution. As per Worldometer 37.7 percent of the population is urban. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. 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. In this post, we discuss top consumer brands that have most or a significant amount of manufacturing in Vietnam, including: SAMSUNG NIKE INTEL FJLLRVEN ADIDAS LG THE NORTH FACE FOXCONN MERRELLS FOOTWEAR EVERLANE Other Notable Brands Where do Vietnamese shops get their discount brand-name products? Women. Featured brands. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. 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..