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. "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 . It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. Subscribing grants you this, plus free access to our articles and magazines. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. SHOP MEN. Instagram influencer marketing has been proven to bring success to brands entering Vietnam. Meet the firm behind our content. 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. In a report titled "Has Luxury Gone too Mass? Agenda-setting intelligence, analysis and advice for the global fashion community. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. 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. 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. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. 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. Born and raised in Danang with eight siblings, Cong Tri attended Ho Chi Minh City University of Architecture, Faculty of Industrial Fine Arts and graduated in 2001. 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. 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. Moi Dien is street fashion meets cutting edge design. In addition, Tom is taking other steps to reduce his own brands environmental impact. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. Coco Dressing Room sells pre-loved clothing from various international designers and local fashion stores. Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. 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. Its centered around using natural fibers and reducing pollution. 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. For more information read our Terms & Conditions. From bamboo furniture to graceful gemstone jewelry, here are 10 product designers in Vietnam you should know about. According to the Worlds Top Exports data, from 2018 to 2019, wine consumption increased by 173.6 percent. Co-founders Hoang Tu and Hoang Anh create clothes that are light, comfortable, and versatile.. 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.. 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. The European UnionVietnam Free Trade Agreement (EVFTA) should help stimulate more brands to do just that. Vu Thao runs an eco-friendly clothing company called Kilomet 109, which creates some of the most natural outfits in fashion. 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. And theyre sustainable, explains Jo. Why do so many brands manufacture in Vietnam? 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. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. All rights reserved. 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. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes. Morgan Truong founder of Profile Man. A guide to unlocking opportunity in emerging and frontier fashion markets. Readers may write tovietnam@dezshira.comfor more support on doing business in Vietnam. 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. A young, educated, and urban population is the backbone of consumption. So, we need to limit its negative impact on the environment and humans., Lindas Insights:: I actually studied with Florence in Paris and designed for Metiseko. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. His attire can be seen on numerous covers of ELLE Vietnam and Harpers BAZAAR Vietnam. Kids. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. The company manufactures products like processed milk, curd, ice cream, and mayonnaise. Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. 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. Vietnam is home to talented designers whose brands are increasingly being thrust into the international spotlight. Vote up the highest quality luxury brands. Cancel. Tjada DOyen McKenna, the CEO of Mercy Corps, shares insights on growing global food insecurity and deepening inequality. 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. 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. The majority of the luxury segment in retail is consolidated under a few conglomerates. After that, she launched MYMY by PHUONG MY, a more accessible offshoot of the label, in 2015. 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. Gautier described the market as still having a challenging bottleneck for international brands. 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. Tom and his team are not afraid to produce genderless-silhouettes, source deadstock fabric and materials, and rely on the digital rather than paper to produce information. Customers can shop the collection online and in stores, or search Nosbyn at shopee. Offsetting emissions is also in the hands of the consumerthey can pressure more brands and suppliers to change their practices, Linda explains. And top tier brands have done very well even during Covid-19, added Gautier. MAJESTIC TURKEY BY CULTURE TRIP Travel from the bazaars of Istanbul to the beautiful beaches of Antalya. GlobalLinks Tran, however, says brands make an informed strategic decision on whether to go it alone or partner with an experienced local distributor. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. 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). Visit their website to see how their services can help your business succeed. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. 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. It is set to rise sharply by more than 59 percent by 2026 from 72,135 individuals last year. 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. Specialising in Ao Dai (the traditional dress of Vietnam), the brand manages to transcend expectations. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. In 2011, she returned to Vietnam and founded Devon London. There are more and more international brands entering the Vietnamese market and gradually dominate such as H&M, Zara, Uniqlo, Currently, there are more than 200 foreign fashion brands from mid to high-end products that have their official stores in Vietnam. 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. Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. 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. By 2026, the country will have25,812 high-net-worth individuals(UHNW)with liquid assets of at least US$1 million. She pointed out that Vietnam was the only Southeast Asian country whose economy grew last year. Globally, e-commerce is facing a recession, but Vietnam appears well placed to weather the storm. 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. 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. 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%. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. Its most popular product line includes shoes, bags, sneakers, perfumes, ready-to-wear clothes, etc. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. Proficient in pattern-making and folding, her trademark motifs are 3D and asymmetric shapes, creating timeless essentials for women who are menswear enthusiasts too. When Covid-19 hit, the hand-carried market supply chain all but disappeared, forcing customers to look at buying from authorised resellers or at self-operated flagship stores in the country. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. The luxury sector can also benefit from Vietnams free trade agreements (FTAs). Devon Nguyen, a Poland-based designer, shifted from Central Saint Martins to The London College of Fashion to pursue her passion for womenswear. PUSW was founded in 2008 by Viet Max, a Vietnamese Hip Hop dancer, TV talent-show judge, video producer, illustrator, and artist. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. Prada's fashion is all about quality, simplicity, uniqueness, high class, and creative styles. Voting Rules. To Linda, its all about appreciating the art of fashion while paying attention to how the clothing was made. ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. Overall, the luxury brands (these included Hugo Boss, Kering (Alexander McQueen, Gucci, Stella McCartney, etc.) Thuy Nguyen founded Thuy Design House in 2011 with hopes of blending art and fashion. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. 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. Vietnam Briefingis produced byDezan Shira & Associates. Heres why. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. I understand how hard it can be hard for a Vietnamese fashion brand to get fabric from a supplier when ordering small quantities. Take a trip to Ho Chi Minh Citys central districts to understand the fashion renaissance bourgeoning. Apr 12, 2022. 2021 . Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Here are our top 8 fashion boutiques worth checking out in town. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. 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.. Luxury products are usually promoted using photographs. In Vietnam, [affluent] people couldnt travel outside the country and had nothing to do with their money, so they kept on spending greatly on luxury goods. TL;DR: Several luxury brands had notable shifts in our annual ranking. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. Luxury car brands are expanding their presence in Vietnam. For his outstanding contribution to the Vietnamese Haute Couture Industry, in 2014 Nguyen Cong Tri was the first Vietnamese to be recognized by the Asian Couture Federation. 2021 . 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. 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. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. Local distributors advise brands to be more bold and targeted with marketing activities, and to be cautious of the complex operating environment. Gucci. 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. SUPER VISION is a model of sustainability in the industry, plus the streetwear brand plans to make cycling sexy.. Luxury brands such as Louis Vuitton, Chanel and Herms dominate the BrandZ TM Top 50 Most Valuable French Brands 2019 ranking, demonstrating the powerful position of traditional fashion houses within the country's corporate landscape.. However, recent iterations of these laws were released in a manner that has definitely made investment far smoother.. Country . The top scoring luxury brand was PVH with 57 out of 100. 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. 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. For the woman looking for something different, elegant, timeless, theres only Gia Studios. The dresses are often compared to pieces of art, looking like wearable paintings. The epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. Before you go out and about for a day of shopping, do check out our food guides for places to eat in Vietnam! Featured brands. Metisekos co-founder and general director Erwan Perzo was raised in a household with Vietnamese and French cultures so he wanted to mix both those elements in Metisekos designs. Sustainable fashion isnt just about using natural fabrics. An analysis of consumers in the United Arab Emirates and Saudi Arabia from BoF Insights reveals whats at stake for both local and global brands in an industry in the midst of vast change. Grimm DC has become a favorite brand for shopaholics because everything can be found here. Within the consumer electronics industry, local player Vingroup JSC offered consumers new experiences in its smartphone and television series. 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. Rustea is a minimalist, free-size clothing brand for those who want to be cozy and comfortable. You are currently shipping to Vietnam and your order will be billed in USD $. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. Visit their shop in Saigon! Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. Mytheresa - Luxury Fashion and Designer Shopping in the US. 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. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. It is about the experience, beyond just expensive products. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. Trending now. 2022 . 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. Nguyen Cong Tri: The pioneer of Vietnamese haute couture Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. Vietnam Briefings Doing Business guide provides vital economic, geographic, and regulatory insights for business investors, managers, or expats to understand Vietnams. As a fresh graduate from The London College for Design and Fashion, he won the first prize in the Vietnam Belve Fashion Design Awards 2012 and was the runner-up in Project Runway 2013. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. The Southeast Asian nation was of the few countries to experience GDP gains in 2020, when the world was besieged with Covid-19. Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. 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. 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. 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. CONG TRI is the go to brand for any stylish woman, and has been worn by many Vietnamese A-list celebrities.