With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. I want customers to know what theyre paying for, explains Morgan. Men. Beware Moi Dien is not for the fainthearted customer. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. View Trip 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. And top tier brands have done very well even during Covid-19, added Gautier. SHOP MEN. 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. As Gautier pointed out, the interest of the brand and the interest of its distributor who might carry many brands in a portfolio may at some point diverge. Though growth fell marginally last year due to several months of national lockdown resulting from the Delta variant outbreak, the economy is predicted to rebound to 5.5 percent growth this year. TimTay foreground wearability and functionality in their designs. It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. Vietnam already accounts for the third-largest ASEAN wine consumer market. 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. 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. While respecting the traditional feminine style of the ao dai, Thuy transforms them into ethereal things of beauty. 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. Duy Anh Fashion and Cosmetics recorded year-on-year growth of 171 percent in the last quarter of last year. A guide to unlocking opportunity in emerging and frontier fashion markets. Operating in a Complex Business Environment. food guides for places to eat in Vietnam! Specialising in Ao Dai (the traditional dress of Vietnam), the brand manages to transcend expectations. Fashion should be expressive. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. The increase in privately-owned cars also significantly impacts the demand for some segments of high-end apartments, resort real estate, and land plots. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. You must have branding services to create your brand image and give an assertive message to your target audience. Kids. From dreamy to frenetic. 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. ; Most brands, especially those in the top 10 . 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. 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. 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. Trending now. Vote up the highest quality luxury brands. Proficient in pattern-making and folding, her trademark motifs are 3D and asymmetric shapes, creating timeless essentials for women who are menswear enthusiasts too. 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. Nguyen Cong Tri: The pioneer of Vietnamese haute couture Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. For more information read our Terms & Conditions. Men. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. 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. Long before coming back and opening VIFW Spring Summer 2017, Dutch-Vietnamese designer Xuan-Thu Nguyen had been recognized worldwide as a guest member of Frances Haute Couture Federation. Within the consumer electronics industry, local player Vingroup JSC offered consumers new experiences in its smartphone and television series. 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. This is the embodiment of their brand culture. Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton. Added to that, her collections have been exhibited in global fashion capitals like Paris, New York, Milan, and Tokyo. The coronavirus pandemic changed it all in a few short months. 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. You should raise your budget from 350$ to approximately $650. While hes defying gender stereotypes, hes also promoting environmental consciousness. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. The calendar is quite packed." Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. 1. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. The Moi Dien Ba Gang tote bag launched in March is a prime example of Toms dedication to provide sustainable solutions to problems in the fashion sphere. 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%. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. 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. 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. 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 epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. 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%. Subscribing grants you this, plus free access to our articles and magazines. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. (GlobalLink). They dont have to wear the clothes the way we think they should. Further, Vietnams middle-class population has expanded massively in the past years. Visit their shop in Saigon! Over the past few years, aside from Vietnam International Fashion Week (VIFW) and other home-based fashion events like the Elle Fashion Show and the Fashionology Festival, Vietnamese designers have received a large number of invitations to present their collections in major fashion weeks around the world. As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. "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 . 2022 . 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. 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. 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. 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. Cancel. Prices: $60-$210. Sign up for your complimentary subscription to our weekly newsletter here. The company manufactures products like processed milk, curd, ice cream, and mayonnaise. 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. With the small quantities of leftover fabric, she makes small accessories like wallets and passport covers. Women. Vietnamese are also buying more watches. 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. Subscribe to receive weekly Vietnam Briefing news updates, Vietcetera had a chance to catch up with Linda Mai Phung in Evolution3s factory during her short trip back to Ho Chi Minh City. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. 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Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. Ministerial approval of business activities can also be cumbersome in this nominally communist state with sometimes opaque regulations. Here are our top 8 fashion boutiques worth checking out in town. 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. There are more and more international brands entering the Vietnamese market and gradually dominate such as H&M, Zara, Uniqlo, Currently, there are more than 200 foreign fashion brands from mid to high-end products that have their official stores in Vietnam. 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. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. Likewise, Bvlgari decided to return to the market in March 2021 with the inauguration of its first physical store in HCM City. 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. As Southeast Asias undisputed international shopping hub with more than 10 times the number of high-net-worth individual (HNWI) residents (US dollar millionaires) than Vietnam, Singapore is clearly in a different league. The dresses are often compared to pieces of art, looking like wearable paintings. Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. The rising number of millionaires and brand loyalty among customers are anticipated to fuel the growth. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. And Lam Gia Khang still produces distinctly modern feminine tailoring using high-end fabrics and employing skilled folding techniques. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. 2021 . Born and raised in Hanoi, the nations capital, designer Thuy Nguyen was strongly inspired by traditional art and Asian paintings from an early age. 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. The new generation of Vietnamese fashion pioneers are bold, cosmopolitan, and very often aware of the impact that fashion has on the environment. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. PUSW was founded in 2008 by Viet Max, a Vietnamese Hip Hop dancer, TV talent-show judge, video producer, illustrator, and artist. Instagram influencer marketing has been proven to bring success to brands entering 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.. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. 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. Women Men Kids. The Spring/Summer 2022 edition of Aquafina Vietnam International Fashion Week, which took place this from May 25 to 29, featured collections from 18 domestic and international fashion houses. Unsubscribe anytime at the bottom of our emails. 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. Luxury fashion brands sell upscale, sought-after and expensive clothing, shoes and accessories. 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. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. 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. Taking a step away from fashion designers, we introduce Tabio. 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. A young, educated, and urban population is the backbone of consumption. 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 a report titled "Has Luxury Gone too Mass? So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? Over the past 10 years, we've completed close to 800 projects with fashion brands, apparel, luxury, and department store retailers across six continents. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. 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. Founder Morgan Truong describes the style as minimalism with a twist. By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. Ranker Shopping. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. The cost of flying to Singapore is less than US$100. 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. In addition, Vietnams wine consumption accounted for 15.3 million liters in 2020. 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. By 2025, it is forecast to cross the US$1 billion. 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. Take a trip to Ho Chi Minh Citys central districts to understand the fashion renaissance bourgeoning. Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. 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. After being here for ten years Ive heard so many people say they believed international brands would not last [long but its] not true, said Loic Gautier, founder and CEO of Leflair, Vietnams e-commerce platform dedicated to luxury goods. I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes. Morgan Truong founder of Profile Man. 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. 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. 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 . 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.. 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. 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. Coco Dressing Room sells pre-loved clothing from various international designers and local fashion stores. Loan has been building her independent boutique, NGOTHAIBAOLOAN, since 2013. 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. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. Valentino has reported a 62 % increase in online sales for 2020. Dior continues its steady ascent. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. I understand how hard it can be hard for a Vietnamese fashion brand to get fabric from a supplier when ordering small quantities. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. Men, women, and children styles are available at PUSW. To inspire, educate, be relevant. Big European luxury brands continue to appeal to the quality and logo obsessed shoppers of Asia. Marking the event will be a conference hosted by the founder of Harpers Bazaar Vietnams publisher Sunflower Media and the magazines editor-in-chief Venus Tran. and Prada) came behind the high-street retailers. 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. These players hold a dominant share of the overall market. What Morgan might be able to do is contact suppliers at the end of the season to purchase leftover fabric at a discounted price. US. Vietnam Briefings Doing Business guide provides vital economic, geographic, and regulatory insights for business investors, managers, or expats to understand Vietnams. Lam was a runner-up in Vietnam Project Runway in 2013 and became Elle Designer of the Year in 2014 for his first label LAM GIA KHANG. 1. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. Mytheresa - Luxury Fashion and Designer Shopping in the US. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. Heres eight of them. 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. 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. They mostly get their supply from people clearing out their wardrobe. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. 2022 . The company's smartphone, Vsmart, which was launched in 2018, quickly grew to become one of the top five brands in Vietnam. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. By 2026, the country will have25,812 high-net-worth individuals(UHNW)with liquid assets of at least US$1 million. I havent been able to completely develop this part of my brand yet because its so new. The market is expected to grow annually by 3.19% (CAGR 2023-2028). The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. 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. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. Why do so many brands manufacture in Vietnam? 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. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. Vietnams high spenders choose premium, expensive wines mostly from France, Italy, Chile, the US, and Australia with French wines representing 35 percent of the market share. 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. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. . 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. Nosbyn is one of the most loved Vietnamese casual clothing brand, with many locations across Ho Chi Minh City and Hanoi. Visit their website to see how their services can help your business succeed.