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The new generation of Vietnamese fashion pioneers are bold, cosmopolitan, and very often aware of the impact that fashion has on the environment. 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. In fact, before shifting to fashion, she majored in Fine Art and successfully defended her doctoral thesis at the Kiev Fine Art University. An aesthetic that is daring, playful, and not afraid of colour, Thuy Design House brings together tradition and ingenuity. 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. Gautier described the market as still having a challenging bottleneck for international brands. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. A young, educated, and urban population is the backbone of consumption. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. By 2025, it is forecast to cross the US$1 billion. While the most exclusive luxury brands sell truly expensive and uniquely stylish pieces, fashion houses from Salvatore Ferragamo . 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. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. Voting Rules. Prices: $60-$210. 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. This made Instagram a valuable platform for advertising, and influencers valuable assets for marketing . 1. When international brands map out their Southeast Asia expansion strategies, Singapore and Thailand are usually top priorities followed by Malaysia and Indonesia. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. The TimTay collection, on the other hand, takes a different approach. 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. 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. 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. Sustainable fashion isnt just about using natural fabrics. The agreement, which took effect in August 2020, saw Vietnam reduce import tax by 65 percent for goods from the EU, with the remainder being removed over a 10-year period. 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. There needs to be a holistic approach. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . Vietnam Briefings Doing Business guide provides vital economic, geographic, and regulatory insights for business investors, managers, or expats to understand Vietnams. 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. 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. 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.. Vietnamese Fashion For Women: 7 Of The Best Designers. Being a . And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. Why do so many brands manufacture in Vietnam? Take a trip to Ho Chi Minh Citys central districts to understand the fashion renaissance bourgeoning. 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. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. They dont have to wear the clothes the way we think they should. 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. 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. PUSW was founded in 2008 by Viet Max, a Vietnamese Hip Hop dancer, TV talent-show judge, video producer, illustrator, and artist. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. Peace United was born to build a Hip Hop community in Vietnam, as well as an organise street art and cultural activities. 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. 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. . 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. Created by Nancy Le after she returned home to Saigon from studying at the Academy of Art in San Francisco, Nosbyn fills the space in the market for everyday wear. I see it as upcyclingusing leftover fabrics to make new designs., Location: 26 Ly Tu Truong 31D, District 1, Ho Chi Minh City. Founded in 1921, Gucci is one of the most recognizable fashion brands in the world. The cost of flying to Singapore is less than US$100. Women. Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. 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. By signing up, you agree to our .ltr-1kby4wd-Body{font-family:var(--typography-body-font-family);font-size:var(--typography-body-font-size);line-height:var(--typography-body-line-height);background-color:transparent;cursor:pointer;transition-property:color,text-decoration;transition-duration:var(--motion-functional-duration-s);transition-timing-function:var(--motion-functional-easing-standard);-webkit-text-decoration:underline;text-decoration:underline;color:var(--colors-actions-ghost-dark-enabled-label);}.ltr-1kby4wd-Body:hover{color:var(--colors-actions-ghost-dark-hover-label);}.ltr-1kby4wd-Body:focus{transition-property:color;}Privacy Policy. Founder Morgan Truong describes the style as minimalism with a twist. 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. Beware Moi Dien is not for the fainthearted customer. Trending now. 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 brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. SHOP MEN. 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. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. Thuy Nguyen founded Thuy Design House in 2011 with hopes of blending art and fashion. The brand is known for using traditional materials like Vietnamese silk and brocade, paired with intricate beading and embroidery work. Moi Dien literally means mad lips in Vietnamese, which is to be outspoken. The market is expected to grow annually by 3.19% (CAGR 2023-2028). He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. 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. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. Its centered around using natural fibers and reducing pollution. 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. 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. Johnathan Hanh Nguyen and Le Hong Thuy Tien, BoF Insights | How Middle East Consumers Shop Fashion, Explained, The Gatekeepers to Nigerias Fashion Market, Fashion in the Middle East: Optimism and Transformation, The BoF Podcast | Conflict, Climate and Todays Global Hunger Crisis. Vietnam Briefing highlights opportunities available in the luxury market industry for investors considering the countrys growing middle class, robust economic growth, and an appetite for luxury goods. 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. 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. 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. Inspired by Vietnams military, it won first prize in the New Idea category at the Vietnam Collection Grand Prix 2000. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. (VIFW). Luxury brands have started to inject investment in retail outlets where clients are underserved. For more information read our Terms & Conditions. Ive spent years traveling to various traditional fine-craft villages all over Vietnam to learn their techniques. Lining the famous Dong Khoi street, of course one will find the grand old fashion houses like Louis Vuitton. I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. A Tom Ford heavy twill blazer will set you back $2,380, while a velvet dress typically comes with a $5,350 price tag. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. Instagram is a visual platform that allows luxury brands to showcase their best work. Lindas insights: I think Morgans emphasis on transparency is important. The annual report on the most valuable and strongest luxury & premium brands Ranking Overview of all years 2022 2021 2020 2019 2018 Report view Table view Chart view 2022 . And theyre sustainable, explains Jo. "The Vietnam market is at an ideal time for the entry of global luxury brands." Top fashion ecommerce trends in 2023. Pursuitist | Style Women. 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. 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.. Meet the firm behind our content. 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. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. 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. Her message is getting through. 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. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. 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. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. Facebook is currently the countrys most popular social-commerce platform, followed by Instagram, and the local chat-based platform Zalo. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. They mostly get their supply from people clearing out their wardrobe. 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%. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. Styles from Metiseko's new organic cotton collection. 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.. TL;DR: Several luxury brands had notable shifts in our annual ranking. When asked by Vietcetera on the motivations for his collections, Lam said I dont want women to be beautiful for men, I want women to be beautiful for themselves. For the woman looking for something different, elegant, timeless, theres only Gia Studios. Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. Customers can shop the collection online and in stores, or search Nosbyn at shopee. 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. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. Because you do need a professional design. Thuy is for the woman who wants to wear art. 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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. ; The top 5 brands alone capture 56% of the affluent consumers' attention online. The company's smartphone, Vsmart, which was launched in 2018, quickly grew to become one of the top five brands in Vietnam. Readers may write tovietnam@dezshira.comfor more support on doing business in Vietnam. 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. Instagram influencer marketing has been proven to bring success to brands entering Vietnam. Moi Dien, which translates as outspoken, boasts a loud, daring unisex style. 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 over 30 million socks manufactured annually, the Japanese brand is conscious about the it's environmental footprint. Among the signatories were Kering (owner of labels including Gucci and Saint Laurent); LVMH Louis Vuitton Mot Hennessy (owner of Fendi and Christian Dior); and two British fashion houses,. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. And top tier brands have done very well even during Covid-19, added Gautier. Pursuitist is luxury redefined. To be trendsetters, broadcasting the latest buzz. 2022 . Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. 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. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. and Prada) came behind the high-street retailers. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. Luxury fashion brands sell upscale, sought-after and expensive clothing, shoes and accessories. Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. Although not strictly a fashion brand, Coco Dressing Room deserves a shout out for being one of the most innovative and outspoken fashion platforms in Vietnam. 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. It is no wonder as the the labels designer Thuy Nguyen is a painter who graduated from Hanoi Fine Art University. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. ; Most brands, especially those in the top 10 . 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 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 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. 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. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. 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 . Tom is a young Vietnamese designer to watch. 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 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. clothing manufacturing was over 70% of that slice. Added to that, her collections have been exhibited in global fashion capitals like Paris, New York, Milan, and Tokyo. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. Women Men Kids. CONG TRI is the go to brand for any stylish woman, and has been worn by many Vietnamese A-list celebrities. 4. 1. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. 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. 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. In the present day, PUSW is still very much synonymous with street style and a favourite amongst Vietnamese young people who are into the Hip Hop subculture. As of April 2020, Viet Tien was the leading fashion store chain with 467 . In the second annual BrandZ France ranking, released today by WPP and Kantar which tracks and anticipates the evolving environment for the country's . But basic pieces never fail usthey are long-lasting. Often, the fabrics are leftovers from textile factories, so they can be high-quality. 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. I havent been able to completely develop this part of my brand yet because its so new. I understand how hard it can be hard for a Vietnamese fashion brand to get fabric from a supplier when ordering small quantities. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. The statistic shows the leading fashion store brands in Vietnam in 2020, ranked by the number of stores. The Best Luxury Fashion Brands. Particularly, Italian luxury car brand Lamborghini announced its return this month after a year of inactivity. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. Photographs can invoke the same feelings of aspiration we experience when driving a luxury vehicle, wearing designer clothing, or experiencing something new. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. And Lam Gia Khang still produces distinctly modern feminine tailoring using high-end fabrics and employing skilled folding techniques. Bottega Veneta It has become a norm to see models, celebrities, and.