That makes Linda the perfect person to curate sustainable fashion in Vietnam. 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. 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 . Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. 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. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. Often, the fabrics are leftovers from textile factories, so they can be high-quality. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. Take a trip to Ho Chi Minh Citys central districts to understand the fashion renaissance bourgeoning. In this collection, co-founders Hoang Anh and Hoang Tu highlight traditional Vietnamese craftsmanship. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. An open economy: Since 1986, market reforms, collectively dubbed Doi Moi, have turned Vietnam into a coveted playing ground for global players. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. Fashion should be expressive. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . 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. The TimTay collection, on the other hand, takes a different approach. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. 4. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. In the meantime, brands that have not been popular in Vietnam such as Off-White, Ambush, and Amiri have also started to open their first flagship store in Ho Chi Minh City. So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? But, according to estate agent Knight Franks 2021 wealth report, Vietnam already has more wealthy people able to afford luxury goods than Malaysia. (VIFW). GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. Vietnamese are also buying more watches. This is the embodiment of their brand culture. Its fashion items seem to be as expensive as other international brands (expect $70 for a decent dress). The luxury sector can also benefit from Vietnams free trade agreements (FTAs). In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. 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. 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. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. Taking a step away from fashion designers, we introduce Tabio. Globetrotting Clients Want Greater Choice. Vietnam Briefingis produced byDezan Shira & Associates. In Vietnam, [affluent] people couldnt travel outside the country and had nothing to do with their money, so they kept on spending greatly on luxury goods. 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. 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. Visit their website to see how their services can help your business succeed. 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. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. 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. Luxury car brands are expanding their presence in Vietnam. You must have branding services to create your brand image and give an assertive message to your target audience. "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 . Men, women, and children styles are available at PUSW. Trending now. 2022 . This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. Apart from clothing, Metiseko also produces accessories and homeware products tailored for a refine palette. Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. 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. After graduating from Parsons School of Design in New York, Tom Tran took a leap of faith and returned to Vietnam to start his own label. 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. The market is expected to grow annually by 3.19% (CAGR 2023-2028). That means international brands depend on the ability of the distributors to develop and make the investment to expand their retail footprint, which creates its own set of difficulties sometimes for brands to develop properly in the market.. The majority of the luxury segment in retail is consolidated under a few conglomerates. 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. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. 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. ; The top 5 brands alone capture 56% of the affluent consumers' attention online. Luxury products are usually promoted using photographs. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. 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. These players hold a dominant share of the overall market. 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. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. From bright to subtle. 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. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. Lindas Insights: I like the central idea of encouraging people to be different. The coronavirus pandemic changed it all in a few short months. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. Heres eight of them. The top scoring luxury brand was PVH with 57 out of 100. However, Loans design philosophy is more quirky, which developed from her interest in unisex clothing, and style influences that include architectural forms. 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. 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. Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. Also brands such as Prada founded in 1913, Chanel founded in 1909, and Burberry founded in 1856, seem to confirm this thesis. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. A 22.7% drop in sales has seen the Italian fashion house's valuation dip from $17.6 billion in 2020 to $15.5 billion in 2021. 5. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. 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. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. The above data points offer a wealth of growth opportunities for fashion and apparel retailersdespite the huge shifts in consumer behavior, global trade, and "normal" day-to-day lives for millions around the world. There is very little formal retail industry training in the country, aside from companies own in-house programmes. Moreover, clothing manufacturing was over 70% of that slice. Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. Starting from a small out of the way studio, Moi Dien, living their brand story, has grown from strength to strength. See a List of: Luxury Fashion Brands and the conglomerates they belong to. So we hitched a ride out to District 9 to hear her thoughts on five local brands pursuing sustainable fashion goals in Vietnam. 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. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. https://www.facebook.com/cocodressingroom/. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . Vietnam already accounts for the third-largest ASEAN wine consumer market. Mytheresa - Luxury Fashion and Designer Shopping in the US. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. Her message is getting through. 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. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. Decision Labs Connected Consumer report suggests 46 per cent of consumers started adopting social commerce around two to five years ago, marking the time frame for a surge in its popularity in Vietnam. The cost of flying to Singapore is less than US$100. Vietnam's personal luxury goods market is complemented by hospitality offerings like the Dolce Hanoi Golden Lake Hotel, which markets itself as the world's first gold-plated luxury hotel. Operating in a Complex Business Environment. 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. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. 1992-2023 Dezan Shira & Associates All Rights Reserved. Visit their shop in Saigon! The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. 1. They respect every single person in their production chainfor example, they have always worked with the same printer because they really want to support his business. CONG TRI is a subsequent luxury label in Vietnam which is established by Nguyen Cong Tri - the most Vietnamese famous fashion designer. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. Sustainable fashion isnt just about using natural fabrics. Save my name, email, and website in this browser for the next time I comment. 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. 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Even their leftover fabric is used to make small accessories like bags, earrings, and bracelets that are sold in the store. . 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. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. our latest doing business publications, and access to our Asia archives. Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. Brands: Armani, Bvlgari, Bloomingdale's, Banana Republic, Ford, Ferrari, Gucci, Gap, Harvey Nichols, Maserati, Bvlgari, Boucheron, Bottega Veneta, Dolce & Gabbana, Emilio Pucci, Giorgio Armani, Gucci, Ligne Roset, Yves Saint Laurent Tom positions his sturdy tote bag, made of linen and canvas, as an alternative to leather bags. By 2025, it is forecast to cross the US$1 billion. TL;DR: Several luxury brands had notable shifts in our annual ranking. They mostly get their supply from people clearing out their wardrobe. 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,. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. Prioritizing wearability and functionality in its designs, TimTay is designed for people of all ages who share a love for comfort and the environment. 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. Profile Man, formerly known as Profile 11, is the Vietnamese fashion brand for the modern working professional. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. 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. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Oh the lifestyle of the rich and the famous! 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. Join our Facebook Group with over 168.100 travelers, expats and locals who love Vietnam. "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 . 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. I understand how hard it can be hard for a Vietnamese fashion brand to get fabric from a supplier when ordering small quantities. As per Worldometer 37.7 percent of the population is urban. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. Finally, luxury brands should be bullish on Vietnam because there is high demand for their goods. 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. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. According to the Worlds Top Exports data, from 2018 to 2019, wine consumption increased by 173.6 percent. Underdeveloped corporate legislation is one of the reasons for the hesitation among foreign companies that wish to enter the country. 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. 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. 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. Women. 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. 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 . Prices: $60-$210. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. Bottega Veneta It has become a norm to see models, celebrities, and. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. After that, she launched MYMY by PHUONG MY, a more accessible offshoot of the label, in 2015. Styles from Metisekos new organic cotton collection. Now, I apply those skills to my designs so others can appreciate them too, says Hoang Tu. Subscribe to receive weekly Vietnam Briefing news updates, Discover the latest in . Rustea founder Jo Lams philosophy is to use 100% natural fabrics. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . Moi Dien literally means mad lips in Vietnamese, which is to be outspoken. 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. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. Each product has a code with the kilograms of carbon dioxide emission and the number of kilometers cycling it translates to. 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. SHOP MEN. 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. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. The fashion house has a reputation for being one of the most expensive clothing brands in the world. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. In a report titled "Has Luxury Gone too Mass? 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. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. 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. 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. PUSW was founded in 2008 by Viet Max, a Vietnamese Hip Hop dancer, TV talent-show judge, video producer, illustrator, and artist. In this post, we discuss top consumer brands that have most or a significant amount of manufacturing in Vietnam, including: SAMSUNG NIKE INTEL FJLLRVEN ADIDAS LG THE NORTH FACE FOXCONN MERRELLS FOOTWEAR EVERLANE Other Notable Brands Where do Vietnamese shops get their discount brand-name products? Vietnam; At the heart of our company is a global online community, where millions of people and thousands of political, cultural and commercial organizations engage in a continuous conversation about their beliefs, behaviours and brands. 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. US. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. 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. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. Men. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. Celine, Dior, and Fendi are among those slated to unveil new monobrand boutiques in Manila, notes celebrity stylist Liz Uy, who is based in the Philippines capital. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. What Morgan might be able to do is contact suppliers at the end of the season to purchase leftover fabric at a discounted price. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions.