Luxury brands have started to inject investment in retail outlets where clients are underserved. Beware Moi Dien is not for the fainthearted customer. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. 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. By 2026, the country will have25,812 high-net-worth individuals(UHNW)with liquid assets of at least US$1 million. 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. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. And top tier brands have done very well even during Covid-19, added Gautier. 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. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. Further, Vietnams middle-class population has expanded massively in the past years. A guide to unlocking opportunity in emerging and frontier fashion markets. In no order of preference, these are our top 8 Vietnamese brands worth checking out! Rustea is a minimalist, free-size clothing brand for those who want to be cozy and comfortable. 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. 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. Marking the event will be a conference hosted by the founder of Harpers Bazaar Vietnams publisher Sunflower Media and the magazines editor-in-chief Venus Tran. His attire can be seen on numerous covers of ELLE Vietnam and Harpers BAZAAR Vietnam. 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). 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. 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). "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 . Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. 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. He reduces waste by using leftover fabric to make accessories and has plans to use canvas to package his products instead of paper packaging. This made Instagram a valuable platform for advertising, and influencers valuable assets for marketing . In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. Kids. 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 company's smartphone, Vsmart, which was launched in 2018, quickly grew to become one of the top five brands in Vietnam. Heres why. Sustainable fashion isnt just about using natural fabrics. Heres eight of them. ; Most brands, especially those in the top 10 . Moi Dien is street fashion meets cutting edge design. Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. 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. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. The cost of flying to Singapore is less than US$100. Manufacturing has bounced back, the Germans are coming to build a recycling plant, and Skoda will be on the streets of Vietnam in May. The fashion house has a reputation for being one of the most expensive clothing brands in the world. When Covid-19 hit, the hand-carried market supply chain all but disappeared, forcing customers to look at buying from authorised resellers or at self-operated flagship stores in the country. A young, educated, and urban population is the backbone of consumption. Instagram is a visual platform that allows luxury brands to showcase their best work. Profile Man, formerly known as Profile 11, is the Vietnamese fashion brand for the modern working professional. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. The company manufactures products like processed milk, curd, ice cream, and mayonnaise. The global luxury apparel market size to be valued at USD 84.04 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% during the forecast period. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. As Vietnamese fashion for women continues to take great strides into the high-end international market, weve put together a list of seven designers. Globally, e-commerce is facing a recession, but Vietnam appears well placed to weather the storm. Created by Nancy Le after she returned home to Saigon from studying at the Academy of Art in San Francisco, Nosbyn fills the space in the market for everyday wear. 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. In the second annual BrandZ France ranking, released today by WPP and Kantar which tracks and anticipates the evolving environment for the country's . 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. Top-tier luxury houses like Dior, Louis Vuitton or Gucci as independent operators,, have been successful in Vietnam because they have a lot of legal and financial support to hire a good [local] business team.. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. Apart from clothing, Metiseko also produces accessories and homeware products tailored for a refine palette. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. TL;DR: Several luxury brands had notable shifts in our annual ranking. 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. 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. Sign up for promotions, tailored new arrivals, stock updates and more - straight to your inbox . Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) This will set the trend for the car market in Vietnam as other electric vehicle models have also launched in the Vietnamese market in the first half of 2022 such as the Kia EV6, Mercedes Benz EQB, Mercedes Benz EQE, and Mercedes Benz EQS. I see it as upcyclingusing leftover fabrics to make new designs., Location: 26 Ly Tu Truong 31D, District 1, Ho Chi Minh City. 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. I havent been able to completely develop this part of my brand yet because its so new. 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. Among the signatories were Kering (owner of labels including Gucci and Saint Laurent); LVMH Louis Vuitton Mot Hennessy (owner of Fendi and Christian Dior); and two British fashion houses,. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. The Southeast Asian nation was of the few countries to experience GDP gains in 2020, when the world was besieged with Covid-19. Gucci is the hottest brand online, again. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. 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, Gautier adds. Vietnam already accounts for the third-largest ASEAN wine consumer market. With the small quantities of leftover fabric, she makes small accessories like wallets and passport covers. Thuy Nguyen founded Thuy Design House in 2011 with hopes of blending art and fashion. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. We all have days when we just dont know what to wear. 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. Founder Morgan Truong describes the style as minimalism with a twist. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . Added to that, her collections have been exhibited in global fashion capitals like Paris, New York, Milan, and Tokyo. For the woman looking for something different, elegant, timeless, theres only Gia Studios. 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. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. An aesthetic that is daring, playful, and not afraid of colour, Thuy Design House brings together tradition and ingenuity. All rights reserved. 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. View Trip 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. Men. 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. To be trendsetters, broadcasting the latest buzz. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. Sign up for your complimentary subscription to our weekly newsletter here. I want people to feel cozy in the clothes like when you sip a hot cup of tea, founder Jo Lam explains about the concept behind the Vietnamese fashion brand. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. Two years later, in 2015, Khang was also named in the top 30 most successful people under 30 in Forbes Vietnam. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. 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. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. SSENSE's luxury fashion affiliate program is available through two networks: SOVRN and Skimlinks. Although not strictly a fashion brand, Coco Dressing Room deserves a shout out for being one of the most innovative and outspoken fashion platforms in Vietnam. 1992-2023 Dezan Shira & Associates All Rights Reserved. Fashion. Grimm DC has become a favorite brand for shopaholics because everything can be found here. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. In her ten years in Vietnam, French-Vietnamese designer Linda Mai Phung has founded her own fashion label and worked on the Uber rebranding allowing her to gain a deep understanding of the industry here. CONG TRI is a subsequent luxury label in Vietnam which is established by Nguyen Cong Tri - the most Vietnamese famous fashion designer. Cancel. Styles from Metiseko's new organic cotton collection. Prices: $60-$210. In global. 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. Each product has a code with the kilograms of carbon dioxide emission and the number of kilometers cycling it translates to. 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. 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. 1. Photographs can invoke the same feelings of aspiration we experience when driving a luxury vehicle, wearing designer clothing, or experiencing something new. 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. TimTay is designed for people of all ages who share a love for comfort and the environment. Name . 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. But basic pieces never fail usthey are long-lasting. Tjada DOyen McKenna, the CEO of Mercy Corps, shares insights on growing global food insecurity and deepening inequality. 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 . Top fashion ecommerce trends in 2023. Vietnams reputation as a country with a complex business culture means foreign players have historically found it harder to put down roots than in other countries in the region. 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. One of Vietnams biggest fashion distributors, Duy Anh Fashion and Cosmetic (DAFC), added Tiffany & Co. and Montblanc to its portfolio of more than 60 international brands last year, following the return of Christian Louboutin in 2020. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. 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. 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. Women Men Kids. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. 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. 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. Tabio. 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. She expresses her obsession with traditional values through signature designs, Asian paintings on traditional Vietnamese silk brocades, and by reimagining Vietnams traditional dress, the ao dai. Trending now. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. 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. 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. Women. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. Meet the firm behind our content. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. Luxury car brands are expanding their presence in Vietnam. Even their leftover fabric is used to make small accessories like bags, earrings, and bracelets that are sold in the store. Prioritizing wearability and functionality in its designs, TimTay is designed for people of all ages who share a love for comfort and the environment. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. We also maintain offices or have alliance partners assisting foreign investors inIndonesia,India,Singapore,The Philippines,Malaysia,Thailand,Italy,Germany, and theUnited States,in addition to practices inBangladeshandRussia. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. The brand boasts clothing with elegance, poise, finesse for women and continues to expand its top-notch customer profile, from celebrities to influential social icons in Vietnam. I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes. Morgan Truong founder of Profile Man. our latest doing business publications, and access to our Asia archives. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. While hes defying gender stereotypes, hes also promoting environmental consciousness. Kids. 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%. Pursuitist | Style Women. The future is also bright for VinFast, the Vietnamese automaker, which has begun delivering its battery-electric SUV the VF-31- to customers in its home market. He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions. 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. We didnt even know that the term sustainable existed in fashion. An open economy: Since 1986, market reforms, collectively dubbed Doi Moi, have turned Vietnam into a coveted playing ground for global players. (Getty Images) By Khanh Linh 30 May 2022 Join our Facebook Group with over 168.100 travelers, expats and locals who love Vietnam. 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 Globetrotting Clients Want Greater Choice. Often, the fabrics are leftovers from textile factories, so they can be high-quality. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. Ranker Shopping. Because you do need a professional design. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. GlobalLinks Tran, however, says brands make an informed strategic decision on whether to go it alone or partner with an experienced local distributor. 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. SUPER VISION is a model of sustainability in the industry, plus the streetwear brand plans to make cycling sexy.. Venus Tran, editor-in-chief of Harper's Bazaar Vietnam and chairwoman of Sunflower Media, notes that luxury purchases in Hanoi have been somewhat more commonplace in the past, while Ho Chi Minh. 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. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. Hoi An also offers a wide range of shops where you can get custom-made clothes, check it out! In the present day, PUSW is still very much synonymous with street style and a favourite amongst Vietnamese young people who are into the Hip Hop subculture. Born and raised in Hanoi, the nations capital, designer Thuy Nguyen was strongly inspired by traditional art and Asian paintings from an early age. 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. Featured brands. Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing.