Featured brands. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. Gucci. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. Heres this weeks Vietnam News in Brief. 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. Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. As Hip Hop was taking over the world, Viet Max found himself immersed in the subculture and attracted to its values of social justice, peace, respect, self-worth, community, and having fun. 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. To be trendsetters, broadcasting the latest buzz. 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 . By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. Unsubscribe anytime at the bottom of our emails. 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. The VND 350 trillion (US$15.3 billion) economic support package, which was implemented earlier this year with nearly VND 114 trillion (US$4.9 billion) allocated for the infrastructure sector, has not only had a direct impact on the real estate market in the short term but also works as a driving force for the development of the market in the coming years. These players hold a dominant share of the overall market. Luxury brands such as Louis Vuitton, Chanel and Herms dominate the BrandZ TM Top 50 Most Valuable French Brands 2019 ranking, demonstrating the powerful position of traditional fashion houses within the country's corporate landscape.. You should raise your budget from 350$ to approximately $650. Starting from a small out of the way studio, Moi Dien, living their brand story, has grown from strength to strength. 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. Appealing to young Vietnamese not just because of its unique style, Moi Dien speaks their language, understanding the new fashion has to be sustainable fashion for the younger gen. Moi Dien is at the forefront of green fashion in Vietnam leading the charge is Moi Diens founder and designer Tom Tran. 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. 1. 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. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions. The luxury industry in Vietnam is still underserved and underestimated despite the countrys growing demographic of high income and the countrys distinct favor of luxury brands. With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. 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. From bright to subtle. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. Luxury products are usually promoted using photographs. Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. From bamboo furniture to graceful gemstone jewelry, here are 10 product designers in Vietnam you should know about. Heres a list of all the key compliance, labor, and tax due dates in Vietnam. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. 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. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. 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. Visit their website to see how their services can help your business succeed. 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. One explanation is that Vietnams grey market for reselling hand-carried luxury goods is significant, despite the practice being illegal when goods exceed a certain amount. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. 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. 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. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. It stands as a model for sustainability in the industry. Thats what makes a fashion brand sustainable, Jo explains. 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. 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. Vietnam already accounts for the third-largest ASEAN wine consumer market. 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. The brand counts three boutiques in Ho Chi Minh City, including a flagship store at Hotel Continental. 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. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. Bottega Veneta It has become a norm to see models, celebrities, and. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Vietnamese are also buying more watches. 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. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. Vietnam Briefingis produced byDezan Shira & Associates. Copyright 2023 FARFETCH UK Limited. Luxury brands have started to inject investment in retail outlets where clients are underserved. Proficient in pattern-making and folding, her trademark motifs are 3D and asymmetric shapes, creating timeless essentials for women who are menswear enthusiasts too. The epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. 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. Valentino has reported a 62 % increase in online sales for 2020. Men, women, and children styles are available at PUSW. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. 4. Sign up for your complimentary subscription to our weekly newsletter here. Hoi An also offers a wide range of shops where you can get custom-made clothes, check it out! Although beer remains the most popular alcoholic beverage, the countrys growing middle class is beginning to have an appetite for more sophisticated and premium wine. 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. Pursuitists are ahead of the curve & authentic. 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Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. DAFCs parent company, Imex Pan Pacific Group (IPPG), led by husband-and-wife duo Johnathan Hanh Nguyen and Le Hong Thuy Tien, also signed a business cooperation agreement with the local unit of South Korean luxury retail group Lotte Duty Free in the same year to open a chain of downtown duty-free stores in Hanoi and Da Nang. 1. From dreamy to frenetic. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. I see it as upcyclingusing leftover fabrics to make new designs., Location: 26 Ly Tu Truong 31D, District 1, Ho Chi Minh City. The market is expected to grow annually by 3.19% (CAGR 2023-2028). In the second annual BrandZ France ranking, released today by WPP and Kantar which tracks and anticipates the evolving environment for the country's . Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. 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%. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. Readers may write tovietnam@dezshira.comfor more support on doing business in Vietnam. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. While respecting the traditional feminine style of the ao dai, Thuy transforms them into ethereal things of beauty. As per Worldometer 37.7 percent of the population is urban. 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. 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. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. Why do so many brands manufacture in Vietnam? Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . And the cost for this could be 7200$ or more. 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. And theyre sustainable, explains Jo. I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. But basic pieces never fail usthey are long-lasting. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. Lindas Insights: I like the central idea of encouraging people to be different. 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. Distributors of luxury brands in Vietnam seem to be doing well. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. 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. 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. I love fashion and I want to continue to express our world through it. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. Hanoi Radio Television All rights reserved. 1. 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. 2023 Vietnam Is Awesome. Men. Operating in a Complex Business Environment. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. 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. They dont have to wear the clothes the way we think they should. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. Interestingly, most of the biggest luxury brands come mainly from several countries around the world. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. 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. Apart from manufacturing the worlds big label clothes, Vietnam is also beginning to emerge as a fashion hub in its own right with homegrown designers helming the movement. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. But besides sustainability, Lindas goal is to make cycling sexy. But she wants people to wear the clothes for their style, not just for functionality. In global. It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. 2021 . 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. Her garments are a perfect balance of clean cuts, luxury fabrics, and bold patterns. 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 dresses are often compared to pieces of art, looking like wearable paintings. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . As a graduate of Ho Chi Minh City University of the Arts, Nguyen Cong Tri immediately impressed the industry with his very first collection Green Leaves. Johnathan Hanh Nguyen and Le Hong Thuy Tien, BoF Insights | How Middle East Consumers Shop Fashion, Explained, The Gatekeepers to Nigerias Fashion Market, Fashion in the Middle East: Optimism and Transformation, The BoF Podcast | Conflict, Climate and Todays Global Hunger Crisis. The coronavirus pandemic changed it all in a few short months. 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, Erwan adds. our latest doing business publications, and access to our Asia archives. You must have branding services to create your brand image and give an assertive message to your target audience. Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. We all have days when we just dont know what to wear. US. Profile Man, formerly known as Profile 11, is the Vietnamese fashion brand for the modern working professional. 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,. Being a . 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. Join our Facebook Group with over 168.100 travelers, expats and locals who love Vietnam. In addition, Vietnams wine consumption accounted for 15.3 million liters in 2020. 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. Tom positions his sturdy tote bag, made of linen and canvas, as an alternative to leather bags. 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.. Gautier described the market as still having a challenging bottleneck for international brands. Read our full article about the evolution of the ao dai here. As of April 2020, Viet Tien was the leading fashion store chain with 467 . Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. Smart retailers have the potential to benefit from the burgeoning consumer class 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. Cancel. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. With a core aesthetic that combines both masculine and feminine styles, Devon focuses on innovative silhouettes with a distinctive use of digital printing and bold embroidery. Apr 12, 2022. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. Also brands such as Prada founded in 1913, Chanel founded in 1909, and Burberry founded in 1856, seem to confirm this thesis. Heres eight of them. ; Most brands, especially those in the top 10 . Her message is getting through. While there is extreme income inequality in the country, Vietnam has seen the growth of the middle class in the last few years [which is an increasingly important consumer cohort for luxury goods here], said GlobalLinks Tran. Customers can shop the collection online and in stores, or search Nosbyn at shopee. 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. After that, she launched MYMY by PHUONG MY, a more accessible offshoot of the label, in 2015. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. With the worldwide success her two labels have achieved, Phuong My has been named one of the top 30 most successful Vietnamese people under 30 by Forbes Vietnam in 2015. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. Here are our top 8 fashion boutiques worth checking out in town. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. 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. Some of these classic designer brands like Herms and Louis Vuitton originated in the 1800s but have evolved to present-day ideas. TimTay is designed for people of all ages who share a love for comfort and the environment. To inspire, educate, be relevant. 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. View Trip 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. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. Luxury Vietnamese consumers use Instagram to . Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. 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. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . 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.