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. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. Unsubscribe anytime at the bottom of our emails. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. Sign up for promotions, tailored new arrivals, stock updates and more - straight to your inbox . 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. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. Further, Vietnams middle-class population has expanded massively in the past years. 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. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. Thats what makes a fashion brand sustainable, Jo explains. 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. Duy Anh Fashion and Cosmetics recorded year-on-year growth of 171 percent in the last quarter of last year. These players hold a dominant share of the overall market. "The appetite for luxury goods is more pronounced than ever in the country's capital Hanoi and in Ho Chi Minh City," says Tran Thi Hoai Anh (Tran Anh), who also owns high-end . A young, educated, and urban population is the backbone of consumption. 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. 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. 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. It is about the experience, beyond just expensive products. Co-founder and designer Hoang Tu is very active so she prefers clothes that are light, comfortable, and versatile, similar to the ones she designs for the brands Casual collection.. Instagram is a visual platform that allows luxury brands to showcase their best work. He reduces waste by using leftover fabric to make accessories and has plans to use canvas to package his products instead of paper packaging. 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. 2022 . 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. Some of these classic designer brands like Herms and Louis Vuitton originated in the 1800s but have evolved to present-day ideas. 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. 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 Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . Tom positions his sturdy tote bag, made of linen and canvas, as an alternative to leather bags. Underdeveloped corporate legislation is one of the reasons for the hesitation among foreign companies that wish to enter the country. https://www.facebook.com/cocodressingroom/. As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. Though Gucci remained silent on the matter, if recent luxury market activity in the country is any indication, it is probably more a case of the former than the latter. As per Worldometer 37.7 percent of the population is urban. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. 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. Subscribe to receive weekly Vietnam Briefing news updates, That means international brands depend on the ability of the distributors to develop and make the investment to expand their retail footprint, which creates its own set of difficulties sometimes for brands to develop properly in the market.. Offsetting emissions is also in the hands of the consumerthey can pressure more brands and suppliers to change their practices, Linda explains. 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. Mussou brought her experience in textiles to complement Perzos passion for sustainability making Metiseko one of Vietnams first fashion boutiques to be committed to fair work conditions and eco-friendliness. A guide to unlocking opportunity in emerging and frontier fashion markets. 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. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. 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.. Men, women, and children styles are available at PUSW. 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. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. She pointed out that Vietnam was the only Southeast Asian country whose economy grew last year. 3. 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. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. We all have days when we just dont know what to wear. Moreover, clothing manufacturing was over 70% of that slice. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. The Best Luxury Fashion Brands. The capitals of the luxurious fashion brands are mainly France, Italy, Great Britain and the USA. All rights reserved. From bamboo furniture to graceful gemstone jewelry, here are 10 product designers in Vietnam you should know about. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. 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. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. Luxury brands have started to inject investment in retail outlets where clients are underserved. 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. Gautier described the market as still having a challenging bottleneck for international brands. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. Operating in a Complex Business Environment. The calendar is quite packed." . Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. Taking a step away from fashion designers, we introduce Tabio. The company is a milk and milk-based products manufacturing company in Vietnam. The fashion house has a reputation for being one of the most expensive clothing brands in the world. In this collection, co-founders Hoang Anh and Hoang Tu highlight traditional Vietnamese craftsmanship. Men. 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). For the woman looking for something different, elegant, timeless, theres only Gia Studios. Read our full article about the evolution of the ao dai here. food guides for places to eat in Vietnam! So, we need to limit its negative impact on the environment and humans., Lindas Insights:: I actually studied with Florence in Paris and designed for Metiseko. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. 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. You can wear a luxury brand garment several years after purchase and still . Its centered around using natural fibers and reducing pollution. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. When you mix natural fabrics with synthetic ones, the brand is no longer sustainable. In addition, whether its cotton, silk, or linen, Jo makes sure to maximize the use of fabrics by precisely mapping the best way to cut out the clothes. So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? And Lam Gia Khang still produces distinctly modern feminine tailoring using high-end fabrics and employing skilled folding techniques. 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. By 2026, the country will have25,812 high-net-worth individuals(UHNW)with liquid assets of at least US$1 million. In the duration of 2017-2022, the GDPs of Mumbai and Kolkata are expected to grow by 28% and 29% respectively, while Bangalore is expected to register a growth of 48%. This year, Vietnam has witnessed prime apartment selling prices exceed the US$10,000 per square meter barrier, driven by local demand. Being a . Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. 2021 . View Trip Interestingly, most of the biggest luxury brands come mainly from several countries around the world. 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. The luxury sector can also benefit from Vietnams free trade agreements (FTAs). . Marc Jacobs: Quirky, Playful, and Fashion-Forward Designs. 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.
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