We all have days when we just dont know what to wear. 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. 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. Heres this weeks Vietnam News in Brief. 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. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. 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. 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. The number of ultra-high-net-worth individualsin Vietnam with a worth of at least US$30 million is also forecast to increase by 26 percent to more than1,500by2026; such growth is equivalent to that in Hong Kong and Taiwan, according to an annual report by UK property consultancy Knight Frank. Luxury fashion brands sell upscale, sought-after and expensive clothing, shoes and accessories. Grimm DC has become a favorite brand for shopaholics because everything can be found here. They dont have to wear the clothes the way we think they should. Luxury Vietnamese consumers use Instagram to . 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. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. She expresses her obsession with traditional values through signature designs, Asian paintings on traditional Vietnamese silk brocades, and by reimagining Vietnams traditional dress, the ao dai. clothing manufacturing was over 70% of that slice. 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.. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. The countrys import of watches increased by 28.2 percent annually from 2016-to 2020. Bottega Veneta It has become a norm to see models, celebrities, and. "The Vietnam market is at an ideal time for the entry of global luxury brands." These players hold a dominant share of the overall market. The calendar is quite packed." For more information read our Terms & Conditions. All rights reserved. The fashion house has a reputation for being one of the most expensive clothing brands in the world. Thu Vu, founder and CEO of Coco Dressing Room is here to break the cycle of buy-and-throw-away fashion Thu strongly believes that clothes should be worn beyond just one season. 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. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. 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. . 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 market is expected to grow annually by 3.19% (CAGR 2023-2028). After that, she launched MYMY by PHUONG MY, a more accessible offshoot of the label, in 2015. The epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. 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. and Prada) came behind the high-street retailers. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. Even their leftover fabric is used to make small accessories like bags, earrings, and bracelets that are sold in the store. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. 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. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . Founded in 2011, the high-end Vietnamese fashion brand Metiseko's concept is all in the name. Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. 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. Prioritizing wearability and functionality in its designs, TimTay is designed for people of all ages who share a love for comfort and the environment. At the same time, DAFC, which runs over 60 luxury brands, including Cartier and Rolex, announced its sales in Vietnam were up by 35 percent in 2020. SUPER VISION is a model of sustainability in the industry, plus the streetwear brand plans to make cycling sexy.. 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. In Vietnam, Instagram is the 5th most-used social media platform for 2022. Vietnam already accounts for the third-largest ASEAN wine consumer market. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Mytheresa - Luxury Fashion and Designer Shopping in the US. In French, metis or metissage is used to describe something that is a combination of two different cultures, Erwan Perzo explains. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. 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. 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. Specialising in Ao Dai (the traditional dress of Vietnam), the brand manages to transcend expectations. Yet Apple has not opened a single self-operated store in the country even though it rolled out two and three locations in Thailand and Singapore respectively. 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. 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. Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. See a List of: Luxury Fashion Brands and the conglomerates they belong to. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. 1. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. Gautier described the market as still having a challenging bottleneck for international brands. While there is extreme income inequality in the country, Vietnam has seen the growth of the middle class in the last few years [which is an increasingly important consumer cohort for luxury goods here], said GlobalLinks Tran. 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.. Ranker Shopping. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. 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. However, recent iterations of these laws were released in a manner that has definitely made investment far smoother.. Vietnamese Fashion For Women: 7 Of The Best Designers. 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. Luxury products are usually promoted using photographs. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. 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. As Hip Hop was taking over the world, Viet Max found himself immersed in the subculture and attracted to its values of social justice, peace, respect, self-worth, community, and having fun. Top fashion ecommerce trends in 2023. 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. An open economy: Since 1986, market reforms, collectively dubbed Doi Moi, have turned Vietnam into a coveted playing ground for global players. BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. By 2025, it is forecast to cross the US$1 billion. 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. 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. 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. Agenda-setting intelligence, analysis and advice for the global fashion community. 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. Vietnam Briefingis produced byDezan Shira & Associates. HANOI, Vietnam Since she began opening stores for global luxury brands in 2007, GlobalLink Co.Ltd's Chief Executive Tran Thi Hoai Anh has brought the likes of Balenciaga, The Row and Celine to Vietnamese shoppers. Take a tour across Ho Chi Minh City and you will see plenty of women wearing Nosbyns comfortable and accessible designs. 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. 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%. For the woman looking for something different, elegant, timeless, theres only Gia Studios. There is very little formal retail industry training in the country, aside from companies own in-house programmes. She pointed out that Vietnam was the only Southeast Asian country whose economy grew last year. SSENSE's luxury fashion affiliate program is available through two networks: SOVRN and Skimlinks. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. And its a good idea to source 100% linen fabric from markets. 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. Peace United was born to build a Hip Hop community in Vietnam, as well as an organise street art and cultural activities. In 2020, Vietnam overtook Thailand as the Southeast Asian country with the highest ownership of iPhones by proportion of population. Each product has a code with the kilograms of carbon dioxide emission and the number of kilometers cycling it translates to. Operating in a Complex Business Environment. Readers may write tovietnam@dezshira.comfor more support on doing business in Vietnam. They definitely have a holistic approach to sustainability., Locations: Mitsekos organic cotton store is at 157 Dong Khoi, District 1, Ho Chi Minh City, their Mulberry silk store at 101 Dong Khoi, District 1, Ho Chi Minh City, and four other locations in Vietnam. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. Jimmy Choo is a big-name luxury fashion brand known for its high-end women's . Men. 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. 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. 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.. That makes Linda the perfect person to curate sustainable fashion in Vietnam. Save my name, email, and website in this browser for the next time I comment. (GlobalLink). This year, Vietnam has witnessed prime apartment selling prices exceed the US$10,000 per square meter barrier, driven by local demand. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. With consumers choosing Vietnamese natural beauty products, and with more and more organic food product stores popping up, brands are becoming conscious of their impact on the environment and the shift in consumer behavior and taste. And Lam Gia Khang still produces distinctly modern feminine tailoring using high-end fabrics and employing skilled folding techniques. 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. Oh the lifestyle of the rich and the famous! Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. To inspire, educate, be relevant. our latest doing business publications, and access to our Asia archives. (Getty Images) By Khanh Linh 30 May 2022 Vietnam Briefings Doing Business guide provides vital economic, geographic, and regulatory insights for business investors, managers, or expats to understand Vietnams. Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. Moreover, among the most common account types followed by this market are influencers, experts, celebrities, and bloggers. 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. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. This Japanese brand is fixated on providing a wide range of quality socks that are both durable and comfortable. You must have branding services to create your brand image and give an assertive message to your target audience. Gucci is the hottest brand online, again. Ministerial approval of business activities can also be cumbersome in this nominally communist state with sometimes opaque regulations. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. There needs to be a holistic approach. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. 2023 Vietnam Is Awesome. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. Trending now. To be trendsetters, broadcasting the latest buzz. Rustea founder Jo Lams philosophy is to use 100% natural fabrics. "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 . 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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. 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. The new generation of Vietnamese fashion pioneers are bold, cosmopolitan, and very often aware of the impact that fashion has on the environment. Voting Rules. 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. Beware Moi Dien is not for the fainthearted customer. But she is actively developing the transparency of Profile Man. An aesthetic that is daring, playful, and not afraid of colour, Thuy Design House brings together tradition and ingenuity. Kids. TimTay foreground wearability and functionality in their designs. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. 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. The European UnionVietnam Free Trade Agreement (EVFTA) should help stimulate more brands to do just that. Manufacturing has bounced back, the Germans are coming to build a recycling plant, and Skoda will be on the streets of Vietnam in May. Kids. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. 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. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. Lets say a Chanel bag will cost you more than US$10,000 and there is a difference in price between Singapore, Hong Kong and Vietnam, Gautier commented. Unsubscribe anytime at the bottom of our emails. Vu Thao runs an eco-friendly clothing company called Kilomet 109, which creates some of the most natural outfits in fashion. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. When you mix natural fabrics with synthetic ones, the brand is no longer sustainable. In addition, whether its cotton, silk, or linen, Jo makes sure to maximize the use of fabrics by precisely mapping the best way to cut out the clothes. Copyright 2023 FARFETCH UK Limited. 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. Born and raised in Hanoi, the nations capital, designer Thuy Nguyen was strongly inspired by traditional art and Asian paintings from an early age. Two years later, in 2015, Khang was also named in the top 30 most successful people under 30 in Forbes Vietnam. I love fashion and I want to continue to express our world through it. 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. 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. Being a . Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. I understand how hard it can be hard for a Vietnamese fashion brand to get fabric from a supplier when ordering small quantities. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. 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. 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. Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. The company is a milk and milk-based products manufacturing company in Vietnam. 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. Meet the firm behind our content. Country . 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. TimTay is designed for people of all ages who share a love for comfort and the environment. 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). 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. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. His attire can be seen on numerous covers of ELLE Vietnam and Harpers BAZAAR Vietnam.
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