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. According to Metisekos website, it is their unique textiles that makes them stand out from the crowd, We draw from inspiring Vietnamese landscapes and folk traditions to create original fabric designs that capture the essence of this enchanting country. Apart from clothing, Metiseko also produces accessories and homeware products tailored for a refine palette. The new generation of Vietnamese fashion pioneers are bold, cosmopolitan, and very often aware of the impact that fashion has on the environment. Also brands such as Prada founded in 1913, Chanel founded in 1909, and Burberry founded in 1856, seem to confirm this thesis. Further, Vietnams middle-class population has expanded massively in the past years. So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. Fashion should be expressive. His attire can be seen on numerous covers of ELLE Vietnam and Harpers BAZAAR Vietnam. 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Its fashion items seem to be as expensive as other international brands (expect $70 for a decent dress). Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. Read our full article about the evolution of the ao dai here. Customers can shop the collection online and in stores, or search Nosbyn at shopee. The high-net-worth demographic in Vietnam is forecast to grow faster than in many of the more established luxury markets of Southeast Asia. Switch to the app for an even smoother experience, Sign up for promotions, tailored new arrivals, stock updates and more straight to your inbox. Vietnams luxury market is expected to grow significantly thanks to a growing middle class and the increasing number of high-net-worth individuals. And its a good idea to source 100% linen fabric from markets. 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. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. The rising number of millionaires and brand loyalty among customers are anticipated to fuel the growth. 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. All rights reserved. However, Helen Sac, consultant director of WGSN Asia-Pacific, cautions that the countrys e-commerce facilities are not very sophisticated and not necessarily set up well to reach the capacity they can have online.. Peace United Street Warriorz or PUSW is street style brand with a great story. The luxury sector can also benefit from Vietnams free trade agreements (FTAs). 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. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. Interestingly, most of the biggest luxury brands come mainly from several countries around the world. 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. Lindas insights: I like the timeless style. Luxury Apparels Market Competitor Analysis Some key players operating in the global luxury apparel market are Prada S.p.A., LVMH Mot Hennessy Louis Vuitton, Herms International S.A., Capri Holdings Limited, and Kering. 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. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. The increase in privately-owned cars also significantly impacts the demand for some segments of high-end apartments, resort real estate, and land plots. Prices: $60-$210. Hoi An also offers a wide range of shops where you can get custom-made clothes, check it out! Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. Her designs use everything from nuts and coal to stone and wood for trimmings, as well as organic cotton and hemp as fabric. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. 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. 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. Thats what makes a fashion brand sustainable, Jo explains. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. While hes defying gender stereotypes, hes also promoting environmental consciousness. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. Instagram is a visual platform that allows luxury brands to showcase their best work. 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.. 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. Finally, luxury brands should be bullish on Vietnam because there is high demand for their goods. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. clothing manufacturing was over 70% of that slice. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. Heres this weeks Vietnam News in Brief. 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. 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). "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 . 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. "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 . As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. I havent been able to completely develop this part of my brand yet because its so new. It stands as a model for sustainability in the industry. In 2020, Vietnam overtook Thailand as the Southeast Asian country with the highest ownership of iPhones by proportion of population. 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. 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 Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. I see it as upcyclingusing leftover fabrics to make new designs., Location: 26 Ly Tu Truong 31D, District 1, Ho Chi Minh City. 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 . Photographs can invoke the same feelings of aspiration we experience when driving a luxury vehicle, wearing designer clothing, or experiencing something new. BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. Agenda-setting intelligence, analysis and advice for the global fashion community. Often, the fabrics are leftovers from textile factories, so they can be high-quality. Luxury fashion brands sell upscale, sought-after and expensive clothing, shoes and accessories. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. Subscribing grants you this, plus free access to our articles and magazines. 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. 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. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. Heres why. 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. He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. Having a professional profile similar to Lam Gia Khang, Ngo Thai Bao Loan was also born in 1990, graduated from The London College for Design and Fashion and participated in Project Runway 2013. 3. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. 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. Fashion. To Linda, its all about appreciating the art of fashion while paying attention to how the clothing was made. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . Apr 12, 2022. Starting from a small out of the way studio, Moi Dien, living their brand story, has grown from strength to strength. 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. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. This is the embodiment of their brand culture. Vietnam Briefings Doing Business guide provides vital economic, geographic, and regulatory insights for business investors, managers, or expats to understand Vietnams. 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. Profile 11s style is minimalism with a twist designed for the modern working professional. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. Unsubscribe anytime at the bottom of our emails. Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. In addition, Vietnams wine consumption accounted for 15.3 million liters in 2020. Why do so many brands manufacture in Vietnam? 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. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. 2021 . 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. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. 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. Moi Dien literally means mad lips in Vietnamese, which is to be outspoken. KIDSWEAR. 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. Duy Anh Fashion and Cosmetics recorded year-on-year growth of 171 percent in the last quarter of last year. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. 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. ; Most brands, especially those in the top 10 . From dreamy to frenetic. Heres eight of them. 2022 . Here are our top 8 fashion boutiques worth checking out in town. Cancel. At the same time, DAFC, which runs over 60 luxury brands, including Cartier and Rolex, announced its sales in Vietnam were up by 35 percent in 2020. . The ability to have all of the foreign ownership, without the explicit need for a Vietnamese national as a director, is one of Vietnams significant selling points., As the market continues to evolve, he explained, moving investors away from the traditional joint venture structures that were often required [by local regulators] to a much more competitive and practical approach, foreign brands are growing more confident and comfortable with Vietnam as an investment destination., 2022 The Business of Fashion. 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. Vietnam's startup sector benefits from a myriad of supportive policies and regulations. Ranker Shopping. Ministerial approval of business activities can also be cumbersome in this nominally communist state with sometimes opaque regulations. Offsetting emissions is also in the hands of the consumerthey can pressure more brands and suppliers to change their practices, Linda explains. In fact, the designer has embraced ethical fashion ideals since his undergraduate years after realizing that the fashion industry is one of the biggest contributors to pollution in the world. 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%. Vietnamese Fashion For Women: 7 Of The Best Designers. Its centered around using natural fibers and reducing pollution. The company is a milk and milk-based products manufacturing company in Vietnam. Since then, the designer has continued to evolve, and more recently developed an interest in avant-garde fashion, which is why he decided to found The House of NGUYEN CONG TRI, concentrated on haute couture design and employing handmade techniques like hand-ironed pleating, interlacing and sequin embellishments. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. 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. Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. and Prada) came behind the high-street retailers. Oh the lifestyle of the rich and the famous! 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. 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. French, American, German, and British luxury fashion brands all have their differences, made to suit any type of personality - it's up to you to choose your new favorites. https://www.facebook.com/cocodressingroom/. Tom positions his sturdy tote bag, made of linen and canvas, as an alternative to leather bags. But, according to estate agent Knight Franks 2021 wealth report, Vietnam already has more wealthy people able to afford luxury goods than Malaysia. As of April 2020, Viet Tien was the leading fashion store chain with 467 . And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. His brand CONG TRI is known for producing unique womens day and evening wear with fashion-forward designs with traditional hand-made techniques, with a particular emphasis on jewel and sequin embellishments. 1. Voting Rules. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. Copyright 2023 FARFETCH UK Limited. 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. 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. While respecting the traditional feminine style of the ao dai, Thuy transforms them into ethereal things of beauty. This potent combination means that we cannot wait to see what else they come up with. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. Name . 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. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. As Vietnamese fashion for women continues to take great strides into the high-end international market, weve put together a list of seven designers. 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. 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. The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. 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. 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. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. 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. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. 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. An open economy: Since 1986, market reforms, collectively dubbed Doi Moi, have turned Vietnam into a coveted playing ground for global players. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Beware Moi Dien is not for the fainthearted customer. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. 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. The capitals of the luxurious fashion brands are mainly France, Italy, Great Britain and the USA. GlobalLinks Tran, however, says brands make an informed strategic decision on whether to go it alone or partner with an experienced local distributor. 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. Heres a list of all the key compliance, labor, and tax due dates in Vietnam. 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.. Operating in a Complex Business Environment. 5. 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. Gucci. 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. 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. 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. 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. In 2019, the industrys export value of US$39 billion contributed to 16% of total GDP, and this was a year-on-year increase of over 8.3%. Thanks to these FTAs, luxury goods can become more affordable, allowing more access to shoppers. Country . Tran Thi Hoai Anh, GlobalLinks founder and president, said the new store will occupy the Pham Ngoc Thach Street frontage of Diamond Plaza, adding to her portfolio of multi-brand luxury boutiques, Runway and RRR, which have several locations in both Hanoi and Ho Chi Minh City. The brand boasts clothing with elegance, poise, finesse for women and continues to expand its top-notch customer profile, from celebrities to influential social icons in Vietnam. And the cost for this could be 7200$ or more. Coming from four generations of tailors, it is no wonder Lams works are all about attention to detail. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. The fashion house has a reputation for being one of the most expensive clothing brands in the world. Co-founders Hoang Tu and Hoang Anh create clothes that are light, comfortable, and versatile.. 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. Men. With the small quantities of leftover fabric, she makes small accessories like wallets and passport covers. 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. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton. Sustainable fashion isnt just about using natural fabrics. CONG TRI is a subsequent luxury label in Vietnam which is established by Nguyen Cong Tri - the most Vietnamese famous fashion designer.