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. 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. Join our Facebook Group with over 168.100 travelers, expats and locals who love Vietnam. They mostly get their supply from people clearing out their wardrobe. Moi Dien is street fashion meets cutting edge design. 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. She pointed out that Vietnam was the only Southeast Asian country whose economy grew last year. Kids. Here are our top 8 fashion boutiques worth checking out in town. 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. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. US. Born into a family with a strong tradition of craftsmanship, Nguyen decided to study at the Amsterdam Fashion Institute and founded her own atelier in Paris in 2001, making both haute couture and ready-to-wear collections. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. Subscribe to receive weekly Vietnam Briefing news updates, 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. All rights reserved. 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%. 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. Starting from a small out of the way studio, Moi Dien, living their brand story, has grown from strength to strength. TimTay is designed for people of all ages who share a love for comfort and the environment. The majority of the luxury segment in retail is consolidated under a few conglomerates. Marc Jacobs: Quirky, Playful, and Fashion-Forward Designs. Top fashion ecommerce trends in 2023. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. Vietnam's startup sector benefits from a myriad of supportive policies and regulations. 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, Gautier adds. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. For the more exclusive Gia Studios, for a period of time, Lam carried out a by-appointment-only concept at the Park Hyatt hotel, and now his flagship store is opened in the heart of Saigon. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. 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. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. For every collection, the core philosophy is the use of 100% natural fabrics. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. 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. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. 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. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. 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. Grimm DC has become a favorite brand for shopaholics because everything can be found here. It is about the experience, beyond just expensive products. Vote up the highest quality luxury brands. 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. Women. 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. Sustainable fashion isnt just about using natural fabrics. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. The company has gained a lot of reputation for manufacturing good and healthy milk with a nearly negligible amount of contamination. 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. 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. 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 luxury sector can also benefit from Vietnams free trade agreements (FTAs). Being a . It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. 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). Gucci and Tiffany are among the brands investing in the Southeast Asian market. Oh the lifestyle of the rich and the famous! Prioritizing wearability and functionality in its designs, TimTay is designed for people of all ages who share a love for comfort and the environment. The regions $89 billion fashion industry is set for unprecedented change in the upcoming years thanks to a mix of factors, from shifting consumer behaviours to new government investment policies, according to BoF Insights new report. From dreamy to frenetic. 4. Apart from clothing, Metiseko also produces accessories and homeware products tailored for a refine palette. Gucci is the hottest brand online, again. . In no order of preference, these are our top 8 Vietnamese brands worth checking out! "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 . 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,. And its a good idea to source 100% linen fabric from markets. Tien Nguyen, its deputy director in charge of luxury fashion brands, said demand from middle-class and wealthy clientele remained strong last year. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. (GlobalLink). Voting Rules. Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. The cost of flying to Singapore is less than US$100. Similar to inChina, the highly affluent in Vietnam are constantly looking for opportunities not only for investing their money, but also to spend it. This caused frustration among investors, said Matthew Lourey, managing partner of Acclime Vietnam, in a recent interview with Vietnam Investment Review. 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. 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. Hanoi Radio Television 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. Facebook is currently the countrys most popular social-commerce platform, followed by Instagram, and the local chat-based platform Zalo. 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. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. 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. Men. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. Themed ReFashion, Le said the event aims to reposition Vietnams fashion industry as one that is more sustainably minded. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. 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. You are currently shipping to Vietnam and your order will be billed in USD $. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Operating in a Complex Business Environment. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. While hes defying gender stereotypes, hes also promoting environmental consciousness. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. Her garments are a perfect balance of clean cuts, luxury fabrics, and bold patterns. In the second annual BrandZ France ranking, released today by WPP and Kantar which tracks and anticipates the evolving environment for the country's . 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. A young, educated, and urban population is the backbone of consumption. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. GlobalLinks Tran, however, says brands make an informed strategic decision on whether to go it alone or partner with an experienced local distributor. Birthday Discount: In Vietnam, a large number of fashion stores have discount policies for customers on their birthday. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. Thats what makes a fashion brand sustainable, Jo explains. Luxury products are usually promoted using photographs. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. Profile Man, formerly known as Profile 11, is the Vietnamese fashion brand for the modern working professional. and Prada) came behind the high-street retailers. As a famous Local Brandwith diverse designs from T-shirts, Hoodies, Croptops, shirts, tote bags, hats, keychains. This made Instagram a valuable platform for advertising, and influencers valuable assets for marketing . 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. Globetrotting Clients Want Greater Choice. But, according to estate agent Knight Franks 2021 wealth report, Vietnam already has more wealthy people able to afford luxury goods than Malaysia. . Metiseko was founded almost a decade ago by Florence Mussouand Erwan Perzo in Hoi An. 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. In French, metis or metissage is used to describe something that is a combination of two different cultures, Erwan Perzo explains. food guides for places to eat in Vietnam! 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. Pursuitists are ahead of the curve & authentic. Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. 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 countrys import of watches increased by 28.2 percent annually from 2016-to 2020. SUPER VISION is a model of sustainability in the industry, plus the streetwear brand plans to make cycling sexy.. I want customers to know what theyre paying for, explains Morgan. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. Though Gucci remained silent on the matter, if recent luxury market activity in the country is any indication, it is probably more a case of the former than the latter. 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%. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. 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. Because you do need a professional design. The Best Luxury Fashion Brands. 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. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Not only are eco-friendly fabrics like ultra-soft denim tencel used, but the brand also embraces factory conditions that respect their workers. Strongly influenced by the image of Asian women and their exquisite virtues, Phuong Mys designs emphasize feminine silhouettes with a modern twist. Using linen, a natural fabric, to make 90% of its clothes, this brand offers comfortable, airy designs perfect for Vietnams tropical climate. BMW leads the premium import CBU market with the 3-Series representing sizeable sales volume. 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. Women. 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.. Our world-class team of fashion and luxury consulting experts applies expertise, proprietary tools, and Future of Retail framework across every facet of the value chain. 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. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. 1. Copyright 2023 FARFETCH UK Limited. Pursuitist is luxury redefined. 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. In a report titled "Has Luxury Gone too Mass? 2022 . I love fashion and I want to continue to express our world through it. 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. However, recent iterations of these laws were released in a manner that has definitely made investment far smoother.. 'FARFETCH' and the 'FARFETCH' logo are trade marks of FARFETCH UK Limited and are registered in numerous jurisdictions around the world. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. And theyre sustainable, explains Jo. 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 . A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. As a graduate of Ho Chi Minh City University of the Arts, Nguyen Cong Tri immediately impressed the industry with his very first collection Green Leaves. Lindas insights: I like the timeless style. 1. Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. In fact, before shifting to fashion, she majored in Fine Art and successfully defended her doctoral thesis at the Kiev Fine Art University. It stands as a model for sustainability in the industry. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. 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In this collection, co-founders Hoang Anh and Hoang Tu highlight traditional Vietnamese craftsmanship. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. The TimTay collection, on the other hand, takes a different approach. From bamboo furniture to graceful gemstone jewelry, here are 10 product designers in Vietnam you should know about. Distributors of luxury brands in Vietnam seem to be doing well. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. Vietnams high spenders choose premium, expensive wines mostly from France, Italy, Chile, the US, and Australia with French wines representing 35 percent of the market share. The Spring/Summer 2022 edition of Aquafina Vietnam International Fashion Week, which took place this from May 25 to 29, featured collections from 18 domestic and international fashion houses. It publishes business news concerning foreign direct investment into Vietnam, including the most important tax, legal and accounting issues. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. You should raise your budget from 350$ to approximately $650. Each product has a code with the kilograms of carbon dioxide emission and the number of kilometers cycling it translates to. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. Hoi An also offers a wide range of shops where you can get custom-made clothes, check it out! Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. The brand is known for using traditional materials like Vietnamese silk and brocade, paired with intricate beading and embroidery work.