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Loan has been building her independent boutique, NGOTHAIBAOLOAN, since 2013. Switch to the app for an even smoother experience, Sign up for promotions, tailored new arrivals, stock updates and more straight to your inbox. BrandZ Top 50 Most Valuable French Brands 2019 - Kantar Vietnam's growing luxury market, one of the most dynamic worldwide Underdeveloped corporate legislation is one of the reasons for the hesitation among foreign companies that wish to enter the country. 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. An analysis of consumers in the United Arab Emirates and Saudi Arabia from BoF Insights reveals whats at stake for both local and global brands in an industry in the midst of vast change. 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%. The Lasting Allure Of Luxury Fashion Brands - Forbes 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. The majority of the luxury segment in retail is consolidated under a few conglomerates. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. By 2025, it is forecast to cross the US$1 billion. Luxury products are usually promoted using photographs. 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. Two years later, in 2015, Khang was also named in the top 30 most successful people under 30 in Forbes Vietnam. A young, educated, and urban population is the backbone of consumption. Agenda-setting intelligence, analysis and advice for the global fashion community. 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. 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. 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. 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. 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Men, women, and children styles are available at PUSW. 1. Read our full article about the evolution of the ao dai here. The Perfect Balance: How Luxury Brands Can Maintain - Forbes Globetrotting Clients Want Greater Choice. Pursuitist is luxury redefined. Ethical Designer Clothing | Ethical Consumer Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. 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. In a report titled "Has Luxury Gone too Mass? Dior continues its steady ascent. In addition, Tom is taking other steps to reduce his own brands environmental impact. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. 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. 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. 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. The TimTay collection, on the other hand, takes a different approach. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. He reduces waste by using leftover fabric to make accessories and has plans to use canvas to package his products instead of paper packaging. Pursuitists are ahead of the curve & authentic. In her ten years in Vietnam, French-Vietnamese designer Linda Mai Phung has founded her own fashion label and worked on the Uber rebranding allowing her to gain a deep understanding of the industry here. 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. While the most exclusive luxury brands sell truly expensive and uniquely stylish pieces, fashion houses from Salvatore Ferragamo . Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. 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. I havent been able to completely develop this part of my brand yet because its so new. 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. 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. 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.. Distributors of luxury brands in Vietnam seem to be doing well. Vietnam's Luxury Market Is Heating Up | BoF - The Business of Fashion "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. 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. 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%. Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. The high-net-worth demographic in Vietnam is forecast to grow faster than in many of the more established luxury markets of Southeast Asia. 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. Moi Dien, which translates as outspoken, boasts a loud, daring unisex style. 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. Fashion. 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. 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. 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.. Save my name, email, and website in this browser for the next time I comment. While hes defying gender stereotypes, hes also promoting environmental consciousness. Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. What Morgan might be able to do is contact suppliers at the end of the season to purchase leftover fabric at a discounted price. Farfetch Viet Nam - Designer Luxury Fashion for Men & Women Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. All rights reserved. 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. Nguyen Cong Tri: The pioneer of Vietnamese haute couture Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. In 2020, Vietnam overtook Thailand as the Southeast Asian country with the highest ownership of iPhones by proportion of population. 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. 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. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. The 43 Top Japanese Clothing Brands for Cool Clothes (2023) 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. 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. Coming from four generations of tailors, it is no wonder Lams works are all about attention to detail. It is about the experience, beyond just expensive products. The Most-Searched Brands of 2021 (So Far) Indicate a Return to High Fashion Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. Before you go out and about for a day of shopping, do check out our food guides for places to eat in Vietnam! Mytheresa - Luxury Fashion and Designer Shopping in the US. 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. They dont have to wear the clothes the way we think they should. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. The Best Luxury Fashion Brands. 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. So, we need to limit its negative impact on the environment and humans., Lindas Insights:: I actually studied with Florence in Paris and designed for Metiseko. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. Rustea is a minimalist, free-size clothing brand for those who want to be cozy and comfortable. 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. The calendar is quite packed." Vietnam: Luxury's Next Goldmine? | BoF - The Business of Fashion But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. 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. . 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. 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. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Peace United Street Warriorz or PUSW is street style brand with a great story. Subscribing grants you this, plus free access to our articles and magazines. Prioritizing wearability and functionality in its designs, TimTay is designed for people of all ages who share a love for comfort and the environment. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. 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). Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton. Take a tour across Ho Chi Minh City and you will see plenty of women wearing Nosbyns comfortable and accessible designs. Luxury car brands are expanding their presence in Vietnam. This year, Vietnam has witnessed prime apartment selling prices exceed the US$10,000 per square meter barrier, driven by local demand. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. 4. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. 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. You must have branding services to create your brand image and give an assertive message to your target audience. Fashion and Luxury Consulting | Bain & Company 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. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. 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. Operating in a Complex Business Environment. The brand is known for using traditional materials like Vietnamese silk and brocade, paired with intricate beading and embroidery work. View Trip The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. Top 100 Luxury Fashion Brands List | BusinessNES 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. As a fresh graduate from The London College for Design and Fashion, he won the first prize in the Vietnam Belve Fashion Design Awards 2012 and was the runner-up in Project Runway 2013. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. Heres eight of them. Vietnamese Fashion Market and Fashion Trends in 2021 - Virac Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. Her designs use everything from nuts and coal to stone and wood for trimmings, as well as organic cotton and hemp as fabric. our latest doing business publications, and access to our Asia archives. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. Luxury Vietnamese consumers use Instagram to . (GlobalLink). Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. The market is expected to grow annually by 3.19% (CAGR 2023-2028). Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. 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. BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume.