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Vietnam's growing luxury market, one of the most dynamic worldwide 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 $6 million. Fashion. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. Car sales and wine imports, before being impacted by the pandemic, had maintained consistent growth of 12.9 percent and 9.8 percent between 2016 and 2019. And the cost for this could be 7200$ or more. Knowing her target audience, Coco Dressing Room runs pop-ups in cool, hip places across Ho Chi Minh City like Lusine and Le Cafe Des Stagiaires. 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. 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 . 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. 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. Mara Hoffman is a premium fashion designer that creates luxury basics, knitwear, outerwear, and swimwear out of hemp, recycled textiles, and other eco-friendly materials. The European UnionVietnam Free Trade Agreement (EVFTA) should help stimulate more brands to do just that. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. . Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. 1992-2023 Dezan Shira & Associates All Rights Reserved. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) Women Men Kids. While the most exclusive luxury brands sell truly expensive and uniquely stylish pieces, fashion houses from Salvatore Ferragamo . The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. By 2025, it is forecast to cross the US$1 billion. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. We all have days when we just dont know what to wear. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. Also, I think making unisex clothes is another way to be sustainableyou and your boyfriend can share clothes!, Location: 7 Duong C22, Tan Binh, Ho Chi Minh City, Rusteasminimalist free-size styles are cosy and comfortable, like when you sip a hot cup of tea.. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. 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. Luxury brands such as Louis Vuitton, Chanel and Herms dominate the BrandZ TM Top 50 Most Valuable French Brands 2019 ranking, demonstrating the powerful position of traditional fashion houses within the country's corporate landscape.. Beware Moi Dien is not for the fainthearted customer. ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. We wanted to create a 100% environmentally and socially responsible brand made with high-end fabrics and production and distribution all in the same country., For Florence, the companys other co-founder, Metisekos mission to promote sustainable practices in the fashion industry is personal. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. Its fashion items seem to be as expensive as other international brands (expect $70 for a decent dress). Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. The advantage for Vietnamese designers is that they can offer customised pieces tailored specially for Vietnamese customers, while most international ready-to-wear luxury brands cant, said Trang Le, founder and CEO of Vietnam International Fashion Week (VNIW). Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. (VIFW). 17 Best Luxury Affiliate Programs in 2023 (Top Offers) - Authority Hacker Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. What is behind the rise in mid-priced luxury labels? - Harper's BAZAAR You should raise your budget from 350$ to approximately $650. The calendar is quite packed." Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. 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. Distributors of luxury brands in Vietnam seem to be doing well. Luxury Apparel Potential in Indian Cities- Divergent India For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. 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). Knight Frank estimates that the number of people with a net worth of $1-30 million will balloon by 32 percent to over 25,800 by 2025. For the woman looking for something different, elegant, timeless, theres only Gia Studios. 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. 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. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. Her message is getting through. 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. Marc Jacobs: Quirky, Playful, and Fashion-Forward Designs. Vietnam Briefingis produced byDezan Shira & Associates. Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. The Perfect Balance: How Luxury Brands Can Maintain - Forbes They mostly get their supply from people clearing out their wardrobe. Having graduated from the Academy of Art University, San Francisco, Tran Phuong My came back to Ho Chi Minh City to open her own custom label, Phuong My, in 2013. 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. 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. Dior continues its steady ascent. Instagram is a visual platform that allows luxury brands to showcase their best work. Before you go out and about for a day of shopping, do check out our food guides for places to eat in Vietnam! Hanoi Radio Television He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. Tjada DOyen McKenna, the CEO of Mercy Corps, shares insights on growing global food insecurity and deepening inequality. How much does it cost to start a luxury clothing brand? Customers can shop the collection online and in stores, or search Nosbyn at shopee. 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. With over 30 million socks manufactured annually, the Japanese brand is conscious about the it's environmental footprint. Mytheresa - Luxury Fashion and Designer Shopping in the US. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. As per Worldometer 37.7 percent of the population is urban. Our free webinars are packed full of useful information for doing business in Vietnam. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. 5. 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. Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. The dresses are often compared to pieces of art, looking like wearable paintings. Vietnam's Luxury Market: An Appetite for High-End Products When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. Heres why. 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. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. I understand how hard it can be hard for a Vietnamese fashion brand to get fabric from a supplier when ordering small quantities. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership and the expectations of minimum, initial capital in comparison with what a number of regional competitor countries require, Lourey said. 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. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. KIDSWEAR. In the second annual BrandZ France ranking, released today by WPP and Kantar which tracks and anticipates the evolving environment for the country's . After receiving his degree from Parsons School of Design, Tom knew that he wanted to establish his own Vietnamese fashion brand with bold designs and with sustainable practices. Previously, Gautier was the chief growth officer at Maison Retail Group, a distributor of about 20 international brands in the country, including Coach, Dsquared2 and Puma. The coronavirus pandemic changed it all in a few short months. Her designs use everything from nuts and coal to stone and wood for trimmings, as well as organic cotton and hemp as fabric. Copyright 2023 FARFETCH UK Limited. The most popular luxury brands in the UK | Consumer - YouGov Offsetting emissions is also in the hands of the consumerthey can pressure more brands and suppliers to change their practices, Linda explains. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. Made In Vietnam - Famous Brands that Manufacture in Vietnam As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. Farfetch Viet Nam - Designer Luxury Fashion for Men & Women Why do so many brands manufacture in Vietnam? 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 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 . 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. For both the luxury and non-luxury fashion sectors, Vietnam saw tremendous growth in e-commerce channels over the course of the pandemic, with Shopee, Lazada and Tiki as leading players. 2021 . 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. Within the consumer electronics industry, local player Vingroup JSC offered consumers new experiences in its smartphone and television series. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. Each product has a code with the kilograms of carbon dioxide emission and the number of kilometers cycling it translates to. At present, they have a permanent store in the city centre at The Joi Factory, an ideal place to pick out items and have a cup of coffee. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. Peace United Street Warriorz or PUSW is street style brand with a great story. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. Heres this weeks Vietnam News in Brief. 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. Thats what makes a fashion brand sustainable, Jo explains. Valentino has reported a 62 % increase in online sales for 2020. Examples of popular luxury fashion brands include Louis Vuitton, Burberry, Hermes, Salvatore Ferragamo, Gucci and Prada. Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. Interestingly, most of the biggest luxury brands come mainly from several countries around the world. Vietnam; At the heart of our company is a global online community, where millions of people and thousands of political, cultural and commercial organizations engage in a continuous conversation about their beliefs, behaviours and brands. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. The Porsche Center Saigon opened last year in Ho Chi Minh Citys District 7 and regards Vietnam as one of its fastest-growing markets in the Asia Pacific. This is the embodiment of their brand culture. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. Starting from a small out of the way studio, Moi Dien, living their brand story, has grown from strength to strength. The capitals of the luxurious fashion brands are mainly France, Italy, Great Britain and the USA. The high-net-worth demographic in Vietnam is forecast to grow faster than in many of the more established luxury markets of Southeast Asia. Luxury car brands are expanding their presence in Vietnam. Vietnamese are also buying more watches. Our world-class team of fashion and luxury consulting experts applies expertise, proprietary tools, and Future of Retail framework across every facet of the value chain. Known to sell quality fabrics and outfits with subtle details, Nosbyn is a good place to shop for wardrobe staples t-shirts, midi dresses, collared stops, neat skirts. Customers can shop at CONG TRIs three locations at the centre of Saigon, where off-the-rack options are available, or pieces can be custom made with 10 days lead time. Vietnams luxury market is expected to grow significantly thanks to a growing middle class and the increasing number of high-net-worth individuals. Now, I apply those skills to my designs so others can appreciate them too, says Hoang Tu. our latest doing business publications, and access to our Asia archives. All rights reserved. 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. . Here are our top 8 fashion boutiques worth checking out in town. Sign up for your complimentary subscription to our weekly newsletter here. Rustea founder Jo Lams philosophy is to use 100% natural fabrics. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution.