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Here are our top 8 fashion boutiques worth checking out in town. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. "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 . BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume. Prada's fashion is all about quality, simplicity, uniqueness, high class, and creative styles. Unsubscribe anytime at the bottom of our emails. However, Loans design philosophy is more quirky, which developed from her interest in unisex clothing, and style influences that include architectural forms. 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. See a List of: Luxury Fashion Brands and the conglomerates they belong to. 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. This made Instagram a valuable platform for advertising, and influencers valuable assets for marketing . As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. 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. Profile 11s style is minimalism with a twist designed for the modern working professional. KIDSWEAR. 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. 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. 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. Join our Facebook Group with over 168.100 travelers, expats and locals who love Vietnam. Why the mid-market segment of fashion retail in Vietnam is ripe for A guide to unlocking opportunity in emerging and frontier fashion markets. In 2010, Vietnam has imported $5.7 billion of luxury goods, increased of 14.2% from 2009 (Ministry of Industry and Trade) Vietnam is following India and China in becoming a new booming market for luxuries. Fashion should be expressive. 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. Save my name, email, and website in this browser for the next time I comment. They dont have to wear the clothes the way we think they should. Luxury brands see great potential in Vietnam Coco Dressing Room sells pre-loved clothing from various international designers and local fashion stores. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. In addition, Vietnams wine consumption accounted for 15.3 million liters in 2020. 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. Men. Over the past 10 years, we've completed close to 800 projects with fashion brands, apparel, luxury, and department store retailers across six continents. But basic pieces never fail usthey are long-lasting. Globally, e-commerce is facing a recession, but Vietnam appears well placed to weather the storm. 10 Vietnamese Product Designers You Should Know Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. Agenda-setting intelligence, analysis and advice for the global fashion community. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. The cost of flying to Singapore is less than US$100. 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%. Co-founders Hoang Tu and Hoang Anh create clothes that are light, comfortable, and versatile.. 17 Best Luxury Affiliate Programs in 2023 (Top Offers) - Authority Hacker Heres this weeks Vietnam News in Brief. The 10 Most Popular Luxury Brands In the World - Next Luxury Thuy is for the woman who wants to wear art. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. However, according to Lourey, the bigger picture for foreign brands is that recent changes in Vietnams Law on Investment 2020 have led to an improved business environment with greater certainty. As Vietnamese fashion for women continues to take great strides into the high-end international market, weve put together a list of seven designers. Luxury Market in Vietnam An emerging market in prospect - Academia.edu In French, metis or metissage is used to describe something that is a combination of two different cultures, Erwan Perzo explains. For example, LVMH is a conglomerate specializing in luxury goods, and owns some of the most popular luxury brands, such as Louis Vuitton, Fendi, Christian Dior, Givenchy & Marc Jacobs. 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. Vietnamese Fashion Market and Fashion Trends in 2021 - Virac The dresses are often compared to pieces of art, looking like wearable paintings. For every collection, the core philosophy is the use of 100% natural fabrics. You can wear a luxury brand garment several years after purchase and still . With a few stores across the heart of Saigon, be sure to pay a visit to Metiseko on your trip. Vietnamese Fashion For Women: 7 Of The Best Designers. 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. While hes defying gender stereotypes, hes also promoting environmental consciousness. Born into a family with a strong tradition of craftsmanship, Nguyen decided to study at the Amsterdam Fashion Institute and founded her own atelier in Paris in 2001, making both haute couture and ready-to-wear collections. This is the embodiment of their brand culture. 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.. Sign up for your complimentary subscription to our weekly newsletter here. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. So we hitched a ride out to District 9 to hear her thoughts on five local brands pursuing sustainable fashion goals in Vietnam. The Lasting Allure Of Luxury Fashion Brands - Forbes Finally, luxury brands should be bullish on Vietnam because there is high demand for their goods. She is a huge advocate for changing our consumption habits, apart from walking the talk with Coco Dressing Room, Thu often speaks at panel discussions and fireside chats around Saigon and internationally. The 43 Top Japanese Clothing Brands for Cool Clothes (2023) 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). ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. Men, women, and children styles are available at PUSW. It stands as a model for sustainability in the industry. (VIFW). 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.. Shopping Clothes in Vietnam - Everything You Need To Know 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. Vietnam: leading fashion store brands based on store count 2020 - Statista Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. The most popular Vietnamese local brands - PHILIA From bamboo furniture to graceful gemstone jewelry, here are 10 product designers in Vietnam you should know about. 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. Oh the lifestyle of the rich and the famous! Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. 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. Lets say a Chanel bag will cost you more than US$10,000 and there is a difference in price between Singapore, Hong Kong and Vietnam, Gautier commented. Starting with selling t shirts, PUSW grew into creating a whole line of Hip Hop clothes taking inspiration from music videos and photos from different countries. They definitely have a holistic approach to sustainability., Locations: Mitsekos organic cotton store is at 157 Dong Khoi, District 1, Ho Chi Minh City, their Mulberry silk store at 101 Dong Khoi, District 1, Ho Chi Minh City, and four other locations in Vietnam. Prada Maria Prada's very own Italian fashion house - Prada - has been a gold mine of wealthy class trends for both celebrities and anonymous elites. 1. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. clothing manufacturing was over 70% of that slice. Men. Country . For his outstanding contribution to the Vietnamese Haute Couture Industry, in 2014 Nguyen Cong Tri was the first Vietnamese to be recognized by the Asian Couture Federation. 15 Most Expensive Luxury Designer Clothing Brands in the World Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. In 2019, Moi Dien was one of the 16 finalist in the London International Fashion Showcase. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. Instagram is a visual platform that allows luxury brands to showcase their best work. Valentino has reported a 62 % increase in online sales for 2020. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. Likewise, Bvlgari decided to return to the market in March 2021 with the inauguration of its first physical store in HCM City. What is behind the rise in mid-priced luxury labels? - Harper's BAZAAR Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. In 2011, she returned to Vietnam and founded Devon London. 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. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. Dior continues its steady ascent. 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. The epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. and Prada) came behind the high-street retailers. Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. Name . And top tier brands have done very well even during Covid-19, added Gautier. 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. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. Because you do need a professional design. 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. Photographs can invoke the same feelings of aspiration we experience when driving a luxury vehicle, wearing designer clothing, or experiencing something new. All rights reserved. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. 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. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Manufacturing has bounced back, the Germans are coming to build a recycling plant, and Skoda will be on the streets of Vietnam in May. 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. 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. However, recent iterations of these laws were released in a manner that has definitely made investment far smoother.. I havent been able to completely develop this part of my brand yet because its so new. (GlobalLink). The annual report on the most valuable and strongest luxury & premium Read our full article about the evolution of the ao dai here. Unsubscribe anytime at the bottom of our emails. 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. There are more and more international brands entering the Vietnamese market and gradually dominate such as H&M, Zara, Uniqlo, Currently, there are more than 200 foreign fashion brands from mid to high-end products that have their official stores in Vietnam. Voting Rules. CONG TRI is the go to brand for any stylish woman, and has been worn by many Vietnamese A-list celebrities. Styles from Metisekos new organic cotton collection. To be trendsetters, broadcasting the latest buzz. 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. You must have branding services to create your brand image and give an assertive message to your target audience. Sales have plummeted, leading to forecasts for a precipitous decline in 2020 revenue and massive uncertainty about the ability of many brands to rebound. 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. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. This potent combination means that we cannot wait to see what else they come up with. How much does it cost to start a luxury clothing brand? For the woman looking for something different, elegant, timeless, theres only Gia Studios. I see it as upcyclingusing leftover fabrics to make new designs., Location: 26 Ly Tu Truong 31D, District 1, Ho Chi Minh City. 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. 3. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. And its a good idea to source 100% linen fabric from markets. An aesthetic that is daring, playful, and not afraid of colour, Thuy Design House brings together tradition and ingenuity. Operating in a Complex Business Environment. Added to that, her collections have been exhibited in global fashion capitals like Paris, New York, Milan, and Tokyo. Styles from Metiseko's new organic cotton collection. Discover 13 Best Hanoi Museums | Vietnamese History For Culture Enthusiasts, Fantastic Food to Eat in Halong Bay: 15 Delicious Dishes, Romantic Restaurants And Things To Do In Ho Chi Minh City | For Love Birds, 10 Charming Cafe Apartment Coffee Shops in Ho Chi Minh City, 194 Nguyen Dinh Chieu, District 3, Ho Chi Minh city, Vietnam, 198 Le Thanh Ton, District 1, Ho Chi Minh city, Vietnam, 132 134 Dong Khoi Street Hotel Continental Saigon, District 1, Ho Chi Minh City, Vietnam, 28 Tn Tht Thip, Bn Ngh, District 1, Ho Chi Minh City, Vietnam, 228 Nguyen Trai, District 1, Ho Chi Minh City, Vietnam, 16A L Hng Phong, District 1o, Ho Chi Minh City, Vietnam, 19-21 Dong Khoi Street, District 1, Ho Chi Minh City, Vietnam, Flagship: 101 Dong Khoi Street, District 1, Ho Chi Minh City, Vietnam, 134 Dong Khoi Street, District 1, Ho Chi Minh City, Vietnam, 212/2B Nguyn Tri, Phng Nguyn C Trinh, District 1, Ho Chi Minh City, Vietnam. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. Vietnam already accounts for the third-largest ASEAN wine consumer market. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. 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. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. 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. GlobalLinks Tran, however, says brands make an informed strategic decision on whether to go it alone or partner with an experienced local distributor. 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. Vietnams luxury market is expected to grow significantly thanks to a growing middle class and the increasing number of high-net-worth individuals. The Most-Searched Brands of 2021 (So Far) Indicate a Return to High Fashion 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. TL;DR: Several luxury brands had notable shifts in our annual ranking. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. 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. Its centered around using natural fibers and reducing pollution. After that, she launched MYMY by PHUONG MY, a more accessible offshoot of the label, in 2015. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. CONG TRI was showcased at New York Fashion Week (NYFW) in 2019 for the first time the NYFWs official website wrote in the introduction about Tri, each of his collection is state-of-the-art and a fascinating story to be told. 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. 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. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. 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.