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. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. Specialising in Ao Dai (the traditional dress of Vietnam), the brand manages to transcend expectations. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. 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%. The luxury sector can also benefit from Vietnams free trade agreements (FTAs). Before you go out and about for a day of shopping, do check out our food guides for places to eat in Vietnam! 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. Hoi An also offers a wide range of shops where you can get custom-made clothes, check it out! Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. These players hold a dominant share of the overall market. Moreover, clothing manufacturing was over 70% of that slice. From dreamy to frenetic. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. But, according to estate agent Knight Franks 2021 wealth report, Vietnam already has more wealthy people able to afford luxury goods than Malaysia. Trending now. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. Beware Moi Dien is not for the fainthearted customer. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. This is the embodiment of their brand culture. This potent combination means that we cannot wait to see what else they come up with. 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. 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. TL;DR: Several luxury brands had notable shifts in our annual ranking. As a famous Local Brandwith diverse designs from T-shirts, Hoodies, Croptops, shirts, tote bags, hats, keychains. 1. 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. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. While the most exclusive luxury brands sell truly expensive and uniquely stylish pieces, fashion houses from Salvatore Ferragamo . Kids. View Trip Heres eight of them. Get 10% off your first order. Fashion should be expressive. 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. With over 30 million socks manufactured annually, the Japanese brand is conscious about the it's environmental footprint. The cost of flying to Singapore is less than US$100. 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. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. Tom positions his sturdy tote bag, made of linen and canvas, as an alternative to leather bags. Thuy is for the woman who wants to wear art. With the small quantities of leftover fabric, she makes small accessories like wallets and passport covers. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. (VIFW). The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. The new generation of Vietnamese fashion pioneers are bold, cosmopolitan, and very often aware of the impact that fashion has on the environment. 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. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. Founder Morgan Truong describes the style as minimalism with a twist. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. Fashion. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. Likewise, Bvlgari decided to return to the market in March 2021 with the inauguration of its first physical store in HCM City. 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. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. Peace United Street Warriorz or PUSW is street style brand with a great story. 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. I havent been able to completely develop this part of my brand yet because its so new. 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. Luxury brands have started to inject investment in retail outlets where clients are underserved. Visit their shop in Saigon! 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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. 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. Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. 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. Coco Dressing Room sells pre-loved clothing from various international designers and local fashion stores. An aesthetic that is daring, playful, and not afraid of colour, Thuy Design House brings together tradition and ingenuity. Vote up the highest quality luxury brands. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. Sustainable fashion isnt just about using natural fabrics. Top fashion ecommerce trends in 2023. 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. I see it as upcyclingusing leftover fabrics to make new designs., Location: 26 Ly Tu Truong 31D, District 1, Ho Chi Minh City. Learn more about Vietnamese fashion with our article about sustainable clothing, or if youre more into shopping, check out a related piece about Millennial Fashion Stores In HCMC. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. Men. 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. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. Tom is a young Vietnamese designer to watch. Profile 11s style is minimalism with a twist designed for the modern working professional. 2021 . 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. Loan has been building her independent boutique, NGOTHAIBAOLOAN, since 2013. HANOI, Vietnam Since she began opening stores for global luxury brands in 2007, GlobalLink Co.Ltd's Chief Executive Tran Thi Hoai Anh has brought the likes of Balenciaga, The Row and Celine to Vietnamese shoppers. Pursuitist is luxury redefined. Luxury products are usually promoted using photographs. It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. 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. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. 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. Peace United was born to build a Hip Hop community in Vietnam, as well as an organise street art and cultural activities. As per Worldometer 37.7 percent of the population is urban. 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%. Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. To Linda, its all about appreciating the art of fashion while paying attention to how the clothing was made. 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. 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. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) "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 . 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. Kids. 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. 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. Being a . The coronavirus pandemic changed it all in a few short months. Vietnam recently has signed several new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam FTA (EVFTA), the UK-Vietnam FTA(UKVFTA), and most recently the Regional Comprehensive Economic Partnership (RCEP), where tariffs and regulatory barriers are reduced. our latest doing business publications, and access to our Asia archives. Women Men Kids. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. 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. Here are our top 8 fashion boutiques worth checking out in town. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. Here are our top 8 fashion boutiques worth checking out in town. From bright to subtle. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. In a report titled "Has Luxury Gone too Mass? Co-founder and designer Hoang Tu is very active so she prefers clothes that are light, comfortable, and versatile, similar to the ones she designs for the brands Casual collection.. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. And theyre sustainable, explains Jo. 1. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. 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). 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. 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,. For the woman looking for something different, elegant, timeless, theres only Gia Studios. 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. Ive been following the brand from the very beginning., I really like that they respect Vietnamese culture in every collection by sourcing their silk locally and by taking inspiration from Vietnam. Prada's fashion is all about quality, simplicity, uniqueness, high class, and creative styles. 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. 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. Theres mass production of fabrics that contain toxic chemicals that eventually end up in landfills, explains Tom, its unethical and unsustainable., Theres mass production of fabrics that contain toxic chemicals that eventually end up in landfills, its unethical and unsustainable. Moi Diens founder Tom Trandt. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. 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. 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. 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. Big European luxury brands continue to appeal to the quality and logo obsessed shoppers of Asia. 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. We all have days when we just dont know what to wear. Country . Styles from Metiseko's new organic cotton collection. Underdeveloped corporate legislation is one of the reasons for the hesitation among foreign companies that wish to enter the country. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. 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. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. There needs to be a holistic approach. 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. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. 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. Ive spent years traveling to various traditional fine-craft villages all over Vietnam to learn their techniques. Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. Globally, e-commerce is facing a recession, but Vietnam appears well placed to weather the storm. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. The company manufactures products like processed milk, curd, ice cream, and mayonnaise. Often, the fabrics are leftovers from textile factories, so they can be high-quality. 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. Heres this weeks Vietnam News in Brief. 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. Unsubscribe anytime at the bottom of our emails. 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. 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. 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.. I still believe there is a lot of room for distributors to bring in more brands and set up more stores and operate more e-commerce platforms in Vietnam. SHOP MEN. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. So we hitched a ride out to District 9 to hear her thoughts on five local brands pursuing sustainable fashion goals in Vietnam. Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. Apr 12, 2022. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. 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 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%. Sign up for your complimentary subscription to our weekly newsletter here. 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. 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. Added to that, her collections have been exhibited in global fashion capitals like Paris, New York, Milan, and Tokyo. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . 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. 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. In global. 1. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. Further, Vietnams middle-class population has expanded massively in the past years. I want customers to know what theyre paying for, explains Morgan. To be trendsetters, broadcasting the latest buzz. Lindas Insights: I like the central idea of encouraging people to be different. The countrys import of watches increased by 28.2 percent annually from 2016-to 2020. Coming from four generations of tailors, it is no wonder Lams works are all about attention to detail. Updated April 24, 2022 62.4k votes 9k voters 360.9k views. 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.. Tabio. In addition, Vietnams wine consumption accounted for 15.3 million liters in 2020. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. They mostly get their supply from people clearing out their wardrobe. Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. 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. By 2025, it is forecast to cross the US$1 billion. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . The majority of the luxury segment in retail is consolidated under a few conglomerates. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. In this collection, co-founders Hoang Anh and Hoang Tu highlight traditional Vietnamese craftsmanship. 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. I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes, she explains. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. 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 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 $120 calls on Apple, short . Duy Anh Fashion and Cosmetics recorded year-on-year growth of 171 percent in the last quarter of last year. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. Vietnam Briefing highlights opportunities available in the luxury market industry for investors considering the countrys growing middle class, robust economic growth, and an appetite for luxury goods. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. SSENSE's luxury fashion affiliate program is available through two networks: SOVRN and Skimlinks. You should raise your budget from 350$ to approximately $650. I love fashion and I want to continue to express our world through it. The capitals of the luxurious fashion brands are mainly France, Italy, Great Britain and the USA. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. Photographs can invoke the same feelings of aspiration we experience when driving a luxury vehicle, wearing designer clothing, or experiencing something new. 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. In 2011, she returned to Vietnam and founded Devon London. ; The top 5 brands alone capture 56% of the affluent consumers' attention online. Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton.