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And top tier brands have done very well even during Covid-19, added Gautier. Here are our top 8 fashion boutiques worth checking out in town. You can wear a luxury brand garment several years after purchase and still . 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%. Duy Anh Fashion and Cosmetics recorded year-on-year growth of 171 percent in the last quarter of last year. With six years of experience, Devons collections have conquered fashion runways from Vietnam to Paris, and have become favorite choices of top fashion magazines such as Fabulous UK, Dep and Harpers BAZAAR. 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. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. Vietnam's growing luxury market, one of the most dynamic worldwide A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. Men. After that, she launched MYMY by PHUONG MY, a more accessible offshoot of the label, in 2015. Also brands such as Prada founded in 1913, Chanel founded in 1909, and Burberry founded in 1856, seem to confirm this thesis. . Unsubscribe anytime at the bottom of our emails. 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. Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. Sign up for your complimentary subscription to our weekly newsletter here. BMW which used to assemble CKD in Vietnam stopped and changed their CBU importer in 2008. The Perfect Balance: How Luxury Brands Can Maintain - Forbes 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. Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. our latest doing business publications, and access to our Asia archives. Starting with selling t shirts, PUSW grew into creating a whole line of Hip Hop clothes taking inspiration from music videos and photos from different countries. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. 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. Luxury Goods Market Size & Share | Global Report [2020-2027] Gia Studios founded in 2018 by Vietnamese designer Lam Gia Khang who first discovered his love for fashion at eight when the tailoring tools in his mothers shop became his toys. The increase in privately-owned cars also significantly impacts the demand for some segments of high-end apartments, resort real estate, and land plots. https://www.facebook.com/cocodressingroom/. 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. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. 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 . 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. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume. Pursuitist is luxury redefined. 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.. We also maintain offices or have alliance partners assisting foreign investors inIndonesia,India,Singapore,The Philippines,Malaysia,Thailand,Italy,Germany, and theUnited States,in addition to practices inBangladeshandRussia. To be trendsetters, broadcasting the latest buzz. 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. List of Top 50 brands of Vietnam -BeNextBrand.com Top 15 Most Popular Luxury Brands Online - Luxe Digital In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. 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. 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. 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. Gucci. Finally, luxury brands should be bullish on Vietnam because there is high demand for their goods. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. Distributors of luxury brands in Vietnam seem to be doing well. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. 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. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. Shopping Clothes in Vietnam - Everything You Need To Know 1992-2023 Dezan Shira & Associates All Rights Reserved. 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. 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. It is about the experience, beyond just expensive products. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. 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. He reduces waste by using leftover fabric to make accessories and has plans to use canvas to package his products instead of paper packaging. The brand is known for using traditional materials like Vietnamese silk and brocade, paired with intricate beading and embroidery work. Often, the fabrics are leftovers from textile factories, so they can be high-quality. 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. Luxury Apparels Market Analysis - Industry Report - Trends, Size & Share 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 . Luxury products are usually promoted using photographs. I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes. Morgan Truong founder of Profile Man. Nguyen Cong Tri: The pioneer of Vietnamese haute couture Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. Vietnamese are also buying more watches. Nancy noted that she could not find what she was looking for, something simple, beautiful, and affordable. Also, I think making unisex clothes is another way to be sustainableyou and your boyfriend can share clothes!, Location: 7 Duong C22, Tan Binh, Ho Chi Minh City, Rusteasminimalist free-size styles are cosy and comfortable, like when you sip a hot cup of tea.. I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. . Copyright 2023 FARFETCH UK Limited. 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. In global. 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%. A guide to unlocking opportunity in emerging and frontier fashion markets. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. We all have days when we just dont know what to wear. In addition, Tom is taking other steps to reduce his own brands environmental impact. Vietnamese Fashion Market and Fashion Trends in 2021 - Virac Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. TimTay foreground wearability and functionality in their designs. ; The top 5 brands alone capture 56% of the affluent consumers' attention online. The 10 Most Popular Luxury Brands In the World - Next Luxury 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. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. 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. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. Thuy is for the woman who wants to wear art. This potent combination means that we cannot wait to see what else they come up with. 1. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. Moreover, clothing manufacturing was over 70% of that slice. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. With a few stores across the heart of Saigon, be sure to pay a visit to Metiseko on your trip. At a 2020 customs seminar, IPPGs Nguyen said that European fashion goods entering Vietnam are subject to a tax of at least 30 percent, not including 10 percent VAT.. This Japanese brand is fixated on providing a wide range of quality socks that are both durable and comfortable. 1. Thats what makes a fashion brand sustainable, Jo explains. In fact, before shifting to fashion, she majored in Fine Art and successfully defended her doctoral thesis at the Kiev Fine Art University. Unsubscribe anytime at the bottom of our emails. As per World Data Lab, with a middle-class forecast to reach 56 million by 2030, Vietnam is set to leap eight places from its current 26th in the global ranking of 30 economies with the largest middle-class populations. From bright to subtle. Long before coming back and opening VIFW Spring Summer 2017, Dutch-Vietnamese designer Xuan-Thu Nguyen had been recognized worldwide as a guest member of Frances Haute Couture Federation. clothing manufacturing was over 70% of that slice. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. Moi Dien literally means mad lips in Vietnamese, which is to be outspoken. After receiving his degree from Parsons School of Design, Tom knew that he wanted to establish his own Vietnamese fashion brand with bold designs and with sustainable practices. You should raise your budget from 350$ to approximately $650. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. 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. They dont have to wear the clothes the way we think they should. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. 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. In 2020, Vietnam overtook Thailand as the Southeast Asian country with the highest ownership of iPhones by proportion of population. 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. (Getty Images) By Khanh Linh 30 May 2022 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. I want customers to know what theyre paying for, explains Morgan. Beware Moi Dien is not for the fainthearted customer. Meet the firm behind our content. food guides for places to eat in Vietnam! While the most exclusive luxury brands sell truly expensive and uniquely stylish pieces, fashion houses from Salvatore Ferragamo . Further, Vietnams middle-class population has expanded massively in the past years. Its share of search interest continues to decline, however (from 17.5% in 2020 to 15.2% in 2021 and now 14.8% in 2022). Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. What is behind the rise in mid-priced luxury labels? - Harper's BAZAAR 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. Rustea founder Jo Lams philosophy is to use 100% natural fabrics. Men. Luxury car brands are expanding their presence in Vietnam. 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. SSENSE's luxury fashion affiliate program is available through two networks: SOVRN and Skimlinks. Women. But besides sustainability, Lindas goal is to make cycling sexy. But she wants people to wear the clothes for their style, not just for functionality. 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. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. I havent been able to completely develop this part of my brand yet because its so new. Tjada DOyen McKenna, the CEO of Mercy Corps, shares insights on growing global food insecurity and deepening inequality. The cost of flying to Singapore is less than US$100. 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. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. While hes defying gender stereotypes, hes also promoting environmental consciousness. 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. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. 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. Examples of popular luxury fashion brands include Louis Vuitton, Burberry, Hermes, Salvatore Ferragamo, Gucci and Prada. 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. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. 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. Grimm DC has become a favorite brand for shopaholics because everything can be found here. Cancel. 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. Luxury's Southeast Asia E-Commerce Opportunity | BoF In no order of preference, these are our top 8 Vietnamese brands worth checking out! The company also launched Southeast Asias second Porsche Studio in Hanoi last year, with the CEO of Porsche Asia Pacific attributing the capitals vibrant young population to the presence of the store while mentioning that Vietnam also has the youngest demographic among the companys markets. This is the embodiment of their brand culture. View Trip 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 brands have started to inject investment in retail outlets where clients are underserved. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. Her message is getting through. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. Trending now. Sign up for promotions, tailored new arrivals, stock updates and more - straight to your inbox . Luxury brands see great potential in Vietnam