And its a good idea to source 100% linen fabric from markets. That means international brands depend on the ability of the distributors to develop and make the investment to expand their retail footprint, which creates its own set of difficulties sometimes for brands to develop properly in the market.. Offsetting emissions is also in the hands of the consumerthey can pressure more brands and suppliers to change their practices, Linda explains. The market is expected to grow annually by 3.19% (CAGR 2023-2028). 5. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. This is the embodiment of their brand culture. Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. But, according to estate agent Knight Franks 2021 wealth report, Vietnam already has more wealthy people able to afford luxury goods than Malaysia. SUPER VISION is a model of sustainability in the industry, plus the streetwear brand plans to make cycling sexy.. (GlobalLink). There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. What Morgan might be able to do is contact suppliers at the end of the season to purchase leftover fabric at a discounted price. 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. The dresses are often compared to pieces of art, looking like wearable paintings. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. From bamboo furniture to graceful gemstone jewelry, here are 10 product designers in Vietnam you should know about. Copyright 2023 FARFETCH UK Limited. 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. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . They dont have to wear the clothes the way we think they should. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. Even their leftover fabric is used to make small accessories like bags, earrings, and bracelets that are sold in the store. 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. In addition, Tom is taking other steps to reduce his own brands environmental impact. 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. 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. However, Loans design philosophy is more quirky, which developed from her interest in unisex clothing, and style influences that include architectural forms. The coronavirus pandemic changed it all in a few short months. 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. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. Likewise, Bvlgari decided to return to the market in March 2021 with the inauguration of its first physical store in HCM City. Having graduated from the Academy of Art University, San Francisco, Tran Phuong My came back to Ho Chi Minh City to open her own custom label, Phuong My, in 2013. In 2011, she returned to Vietnam and founded Devon London. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. 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. Luxury Vietnamese consumers use Instagram to . With four years of experience, Loan is a designer who shows great promise in the Vietnamese fashion industry. Heres a list of all the key compliance, labor, and tax due dates in Vietnam. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. It stands as a model for sustainability in the industry. The luxury sector can also benefit from Vietnams free trade agreements (FTAs). Hanoi Radio Television Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. One explanation is that Vietnams grey market for reselling hand-carried luxury goods is significant, despite the practice being illegal when goods exceed a certain amount. Further, Vietnams middle-class population has expanded massively in the past years. In this article, we spotlight seven respected designers and younger talents who are shaping the Vietnamese fashion scene focused on haute couture and ready-to-wear garments for women. We didnt even know that the term sustainable existed in fashion. Each product has a code with the kilograms of carbon dioxide emission and the number of kilometers cycling it translates to. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership and the expectations of minimum, initial capital in comparison with what a number of regional competitor countries require, Lourey said. One of Vietnams biggest fashion distributors, Duy Anh Fashion and Cosmetic (DAFC), added Tiffany & Co. and Montblanc to its portfolio of more than 60 international brands last year, following the return of Christian Louboutin in 2020. Bottega Veneta It has become a norm to see models, celebrities, and. "The appetite for luxury goods is more pronounced than ever in the country's capital Hanoi and in Ho Chi Minh City," says Tran Thi Hoai Anh (Tran Anh), who also owns high-end . Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. You should raise your budget from 350$ to approximately $650. In 2010, Vietnam has imported $5.7 billion of luxury goods, increased of 14.2% from 2009 (Ministry of Industry and Trade) Vietnam is following India and China in becoming a new booming market for luxuries. 2023 Vietnam Is Awesome. By allowing her customers to better understand the price behind her clothes, she hopes that they will appreciate her efforts at working towards sustainability. https://www.facebook.com/cocodressingroom/. Subscribing grants you this, plus free access to our articles and magazines. Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. Since then, the designer has continued to evolve, and more recently developed an interest in avant-garde fashion, which is why he decided to found The House of NGUYEN CONG TRI, concentrated on haute couture design and employing handmade techniques like hand-ironed pleating, interlacing and sequin embellishments. Moi Dien, which translates as outspoken, boasts a loud, daring unisex style. . In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . Thats what makes a fashion brand sustainable, Jo explains. This year, Vietnam has witnessed prime apartment selling prices exceed the US$10,000 per square meter barrier, driven by local demand. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. The top scoring luxury brand was PVH with 57 out of 100. 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. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. 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. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. Ranker Shopping. The brand is known for using traditional materials like Vietnamese silk and brocade, paired with intricate beading and embroidery work. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. Lindas Insights: I like the central idea of encouraging people to be different. Men. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Unsubscribe anytime at the bottom of our emails. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. Heres eight of them. Vietnam Briefingis produced byDezan Shira & Associates. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. The degree to which Vietnam is underserved by global luxury brands is hard to estimate but the gap that exists in an adjacent high-end sector, the premium smartphone market, is revealing. and Prada) came behind the high-street retailers. Hoi An also offers a wide range of shops where you can get custom-made clothes, check it out! ; Most brands, especially those in the top 10 . Co-founders Hoang Tu and Hoang Anh create clothes that are light, comfortable, and versatile.. Thailands pre-pandemic HNWI tally (32,303) was greater than Vietnams (20,645) but the growth rate between 2020 and 2025 of that cohort in Vietnam (32 percent) is forecast to be almost double that of Thailand (16 percent). Visit their website to see how their services can help your business succeed. 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. Read our full article about the evolution of the ao dai here. See a List of: Luxury Fashion Brands and the conglomerates they belong to. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. His attire can be seen on numerous covers of ELLE Vietnam and Harpers BAZAAR Vietnam. Lindas insights: I like the timeless style. Distributors of luxury brands in Vietnam seem to be doing well. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. 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. Instagram is a visual platform that allows luxury brands to showcase their best work. View Trip Mytheresa is an online shopping destination for children's, men's, and women's luxury fashion and lifestyle design. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. Sign up for promotions, tailored new arrivals, stock updates and more - straight to your inbox . 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. In a report titled "Has Luxury Gone too Mass? Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. I know a lot of distributors and companies that have seen their e-commerce share of revenue go from 5 percent to 25-30 percent, said Gautier. Vietnam; At the heart of our company is a global online community, where millions of people and thousands of political, cultural and commercial organizations engage in a continuous conversation about their beliefs, behaviours and brands. The European UnionVietnam Free Trade Agreement (EVFTA) should help stimulate more brands to do just that. 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. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. Save my name, email, and website in this browser for the next time I comment. 1. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. Our free webinars are packed full of useful information for doing business in Vietnam. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Lindas insights: I think Morgans emphasis on transparency is important. 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. 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. With over 30 million socks manufactured annually, the Japanese brand is conscious about the it's environmental footprint. Fashion. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. A remarkable point is that the decoration style of these stores always has bright lights and dynamic staff. Most recently, Swedish actress Rebecca Ferguson wore an off-the-shoulder gown designed by Cong Tri at the premiere of blockbuster Dune at 2021 Toronto International Film Festival. Vietnam's startup sector benefits from a myriad of supportive policies and regulations. 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%. 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. Prada is one of the world's leading luxury high fashion brands offering clothes, apparel, luggage and luxury goods manufactured with the finest artisanal techniques, using exquisite. Apr 12, 2022. Oh the lifestyle of the rich and the famous! Styles from Metiseko's new organic cotton collection. Vietnam already accounts for the third-largest ASEAN wine consumer market. (VIFW). 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. Thanks to these FTAs, luxury goods can become more affordable, allowing more access to shoppers. I want customers to know what theyre paying for, explains Morgan. The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. Examples of popular luxury fashion brands include Louis Vuitton, Burberry, Hermes, Salvatore Ferragamo, Gucci and Prada. For Vietnam, the textile and garment industry is one of its key industries, and Vietnam is amongst the top textile producing and apparel exporters 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. The brand counts three boutiques in Ho Chi Minh City, including a flagship store at Hotel Continental. CONG TRI is the go to brand for any stylish woman, and has been worn by many Vietnamese A-list celebrities. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. BMW which used to assemble CKD in Vietnam stopped and changed their CBU importer in 2008. In 2020, Vietnam overtook Thailand as the Southeast Asian country with the highest ownership of iPhones by proportion of population. 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. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. Loan has been building her independent boutique, NGOTHAIBAOLOAN, since 2013. As Vietnamese fashion for women continues to take great strides into the high-end international market, weve put together a list of seven designers. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. He reduces waste by using leftover fabric to make accessories and has plans to use canvas to package his products instead of paper packaging. Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. But basic pieces never fail usthey are long-lasting. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. The Vogue Business Luxury Fashion Index, which surveyed more than 8,000 luxury consumers worldwide, found that Alexander McQueen, Versace and Valentino outperformed its peers in digital marketing and brand perception. All rights reserved. Since the launch of the economic reform policy called Doi Moi in 1986, Vietnam has grown from one of the worlds poorest countries to a middle-income economy. This will set the trend for the car market in Vietnam as other electric vehicle models have also launched in the Vietnamese market in the first half of 2022 such as the Kia EV6, Mercedes Benz EQB, Mercedes Benz EQE, and Mercedes Benz EQS. To inspire, educate, be relevant. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. Ive been following the brand from the very beginning., I really like that they respect Vietnamese culture in every collection by sourcing their silk locally and by taking inspiration from Vietnam. 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. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. Cancel. TimTay foreground wearability and functionality in their designs. 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. 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. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions. By 2025, it is forecast to cross the US$1 billion. I havent been able to completely develop this part of my brand yet because its so new. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. Customers can shop the collection online and in stores, or search Nosbyn at shopee. 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. Women. All rights reserved. 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. 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. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. Discover the latest in . 4. Some of these classic designer brands like Herms and Louis Vuitton originated in the 1800s but have evolved to present-day ideas. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. 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. Gucci. Sustainable fashion isnt just about using natural fabrics. 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 no order of preference, these are our top 8 Vietnamese brands worth checking out! With the small quantities of leftover fabric, she makes small accessories like wallets and passport covers. For both the luxury and non-luxury fashion sectors, Vietnam saw tremendous growth in e-commerce channels over the course of the pandemic, with Shopee, Lazada and Tiki as leading players. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. Peace United Street Warriorz or PUSW is street style brand with a great story. Gautier described the market as still having a challenging bottleneck for international brands. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. 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. 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. If you persist in peering beyond this veneer, taking a tour deeper into the alleyways of the city, you will find boutiques to fit your budget, focussed on unique looks and style, from the street fashion popular with the cool Vietnamese young people to refined chic collections appropriate for office wear or evening looks. Profile Man, formerly known as Profile 11, is the Vietnamese fashion brand for the modern working professional. 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. BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume. Gucci and Tiffany are among the brands investing in the Southeast Asian market. The Porsche Center Saigon opened last year in Ho Chi Minh Citys District 7 and regards Vietnam as one of its fastest-growing markets in the Asia Pacific. Coming from four generations of tailors, it is no wonder Lams works are all about attention to detail. Manufacturing has bounced back, the Germans are coming to build a recycling plant, and Skoda will be on the streets of Vietnam in May. 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. The future is also bright for VinFast, the Vietnamese automaker, which has begun delivering its battery-electric SUV the VF-31- to customers in its home market. Top fashion ecommerce trends in 2023. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. 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Now, I apply those skills to my designs so others can appreciate them too, says Hoang Tu. However, according to Lourey, the bigger picture for foreign brands is that recent changes in Vietnams Law on Investment 2020 have led to an improved business environment with greater certainty.