Interestingly, future wealth trends appear to give Vietnam an edge over some of its regional neighbours where luxury brands continue to disproportionately invest. 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. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. 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 . Her designs use everything from nuts and coal to stone and wood for trimmings, as well as organic cotton and hemp as fabric. Lindas insights: I like the timeless style. 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. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. A 2016 KnowtheChain ranking of the top 20 fashion brands' efforts to eradicate forced labour had similar findings. The above data points offer a wealth of growth opportunities for fashion and apparel retailersdespite the huge shifts in consumer behavior, global trade, and "normal" day-to-day lives for millions around the world. 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. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. 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. She believes that there are two components to sustainabilitytraceability and transparency. Traceability lies in fabric production. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Peace United Street Warriorz or PUSW is street style brand with a great story. 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. For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. Photographs can invoke the same feelings of aspiration we experience when driving a luxury vehicle, wearing designer clothing, or experiencing something new. 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. She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. Why do so many brands manufacture in Vietnam? Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. Copyright 2023 FARFETCH UK Limited. 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. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. Prada's fashion is all about quality, simplicity, uniqueness, high class, and creative styles. Being a . The majority of the luxury segment in retail is consolidated under a few conglomerates. 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%. Others argue that Vietnam merely got bumped up the pecking order because of greater pandemic restrictions elsewhere. Tjada DOyen McKenna, the CEO of Mercy Corps, shares insights on growing global food insecurity and deepening inequality. 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. Hanoi Radio Television 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. Subscribe to receive weekly Vietnam Briefing news updates, 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. 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. 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. After being here for ten years Ive heard so many people say they believed international brands would not last [long but its] not true, said Loic Gautier, founder and CEO of Leflair, Vietnams e-commerce platform dedicated to luxury goods. Men. 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. 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. And in their local factory, they pay fair wages to their employees and maintain safe, sanitary working conditions. "In French, 'metis' or 'metissage' is used to describe something that is a combination of two different cultures," Erwan Perzo explains. 4. The global luxury apparel market size to be valued at USD 84.04 billion by 2025 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% during the forecast period. I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. The fashion house has a reputation for being one of the most expensive clothing brands in the world. From dreamy to frenetic. Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. According to Metisekos website, it is their unique textiles that makes them stand out from the crowd, We draw from inspiring Vietnamese landscapes and folk traditions to create original fabric designs that capture the essence of this enchanting country. Linda Mai Phung in her office in the Evolution3 factory putting the final touches to the SUPER VISION brand. 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 brands sell upscale, sought-after and expensive clothing, shoes and accessories. The new generation of Vietnamese fashion pioneers are bold, cosmopolitan, and very often aware of the impact that fashion has on the environment. There needs to be a holistic approach. I love fashion and I want to continue to express our world through it. 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.. The rising number of millionaires and brand loyalty among customers are anticipated to fuel the growth. Tien Nguyen, its deputy director in charge of luxury fashion brands, said demand from middle-class and wealthy clientele remained strong last year. 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. 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.. Big European luxury brands continue to appeal to the quality and logo obsessed shoppers of Asia. 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. 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. I did that many times with my brand!, Location: Nosbyn @ 77 Mac Thi Buoi, District 1, HCMC, Vietnam. Gucci. 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. 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. KIDSWEAR. . For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. Sustainable fashion isnt just about using natural fabrics. SSENSE's luxury fashion affiliate program is available through two networks: SOVRN and Skimlinks. He opened his eponymous brand in 2014 to showcase ready-to-wear collections inspired by images of elegant, chic downtown girls. This is the embodiment of their brand culture. Operating in a Complex Business Environment. 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. For the woman looking for something different, elegant, timeless, theres only Gia Studios. Luxury brands share these features: they are expensive, high quality and long lasting, and have a limited distribution. 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. The luxury designer is well-known for its sustainable swimsuits made from pre and post-consumer waste. 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. 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. Lindas Insights: I like the central idea of encouraging people to be different. Vote up the highest quality luxury brands. Sign up for promotions, tailored new arrivals, stock updates and more - straight to your inbox . Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. 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. Women. Two years later, in 2015, Khang was also named in the top 30 most successful people under 30 in Forbes Vietnam. After graduating from Parsons School of Design in New York, Tom Tran took a leap of faith and returned to Vietnam to start his own label. Beware Moi Dien is not for the fainthearted customer. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. It brought two new fashion brands to Vietnam last year, Tiffany & Co and Montblanc, and opened their first stores in Hanoi and HCMC respectively. 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. Pursuitists are ahead of the curve & authentic. Vietnam Briefing offers a basic understanding of the Vietnamese New Year or Tet including customary practices that businesses should be aware of. Trending now. Nancy noted that she could not find what she was looking for, something simple, beautiful, and affordable. Linda has launched SUPER VISION, a cycling-focused urban streetwear brand offering fashionable, functional clothing to the European market. Unsubscribe anytime at the bottom of our emails. 1: 1: Porsche: Germany: $33,713M: $34,326M: AAA: AAA-2: 3: Louis Vuitton: France: $23,426M: $14,858M: AAA: AAA-3: 2 . In this collection, co-founders Hoang Anh and Hoang Tu highlight traditional Vietnamese craftsmanship. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. Proficient in pattern-making and folding, her trademark motifs are 3D and asymmetric shapes, creating timeless essentials for women who are menswear enthusiasts too. 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. According to the Worlds Top Exports data, from 2018 to 2019, wine consumption increased by 173.6 percent. Founded in 2002, Nem is a luxury Vietnamese fashion brand offering its branches all over the countries. As per Worldometer 37.7 percent of the population is urban. Vietnamese Fashion For Women: 7 Of The Best Designers. I incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes, she explains. In Vietnam, Instagram is the 5th most-used social media platform for 2022. Grimm DC has become a favorite brand for shopaholics because everything can be found here. The calendar is quite packed." Tiffany & Co and Montblanc, and Christian Louboutin have also begun to open their first stores in Hanoi and Ho Chi Minh City. Vietnam International Fashion Week (VIFW) CEO Trang Le with designer Vo Cong Khanh and models in the May 2022 edition. Vietnam's policies have allowed for vibrant trade activities with an immense, ever soaring amount of foreign investments. With a few stores across the heart of Saigon, be sure to pay a visit to Metiseko on your trip. 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. Profile Man, formerly known as Profile 11, is the Vietnamese fashion brand for the modern working professional. Inspired by Vietnams military, it won first prize in the New Idea category at the Vietnam Collection Grand Prix 2000. Metiseko co-founders Erwan and Florence in their 157 Dong Khoi store. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over. Her message is getting through. The longer global luxury brands hesitate to ramp up investment, say insiders, the longer local designer brands have to take market share. Rustea is a minimalist, free-size clothing brand for those who want to be cozy and comfortable. In what was one of the countrys most extravagant luxury fashion events to date, Gucci took over the opera house in April in Vietnams commercial capital Ho Chi Minh City. US. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. 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. Her garments are a perfect balance of clean cuts, luxury fabrics, and bold patterns. Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. Moreover, clothing manufacturing was over 70% of that slice. He burst into the industry in 2000 by winning 1st prize in the New Idea category at Vietnams Grand Prix. 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. And even though Indonesias population size is nearly three times bigger than Vietnams, it has only marginally more millionaires. ; The top 5 brands alone capture 56% of the affluent consumers' attention online. 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. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. 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. We just decided to use natural fabrics because we care about the environment, explains Hoang Anh. 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%. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. A graduate of RMIT with a Bachelor of Fashion Merchandise Management, fashionable and straight-talking, Thu is not afraid to voice her opinions. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. As a result, Vietnam is rising as a strong contender to China with its low labour cost and multiple free trade agreements. We wanted to create a 100% environmentally and socially responsible brand made with high-end fabrics and production and distribution all in the same country., For Florence, the companys other co-founder, Metisekos mission to promote sustainable practices in the fashion industry is personal. But, according to estate agent Knight Franks 2021 wealth report, Vietnam already has more wealthy people able to afford luxury goods than Malaysia. Moreover, among the most common account types followed by this market are influencers, experts, celebrities, and bloggers. https://www.facebook.com/cocodressingroom/. All rights reserved. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. food guides for places to eat 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. Cancel. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. Contact Informations Address: 153AB Nam Ky Khoi Nghia, Ward 6, District 3, HCMC Phone: 028 39.307.900 Email: info@pt2000.com.vn Website: https://pt2000.com.vn/ Facebook: https://www.facebook.com/pt2000.com.vn Designs of PT2000 Gautier described the market as still having a challenging bottleneck for international brands. 2021 . The luxury sector can also benefit from Vietnams free trade agreements (FTAs). From bright to subtle. Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. However, Loans design philosophy is more quirky, which developed from her interest in unisex clothing, and style influences that include architectural forms. Thats what makes a fashion brand sustainable, Jo explains. 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.. Some Vietnamese fashion designers are gaining popularity not only within their home country but elsewhere. 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 Best Luxury Fashion Brands. Provided a business line is not on the [governments restricted] negative list, investors are pleasantly surprised at the potential ease of foreign ownership. And top tier brands have done very well even during Covid-19, added Gautier. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. Luxury Fashion - Vietnam Vietnam Highlights Revenue in the Luxury Fashion segment amounts to US$288.20m in 2023. However, recent iterations of these laws were released in a manner that has definitely made investment far smoother.. And theyre sustainable, explains Jo. (GlobalLink). Facebook is currently the countrys most popular social-commerce platform, followed by Instagram, and the local chat-based platform Zalo. The dresses are often compared to pieces of art, looking like wearable paintings. For every collection, the core philosophy is the use of 100% natural fabrics. 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. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. Apart from clothing, Metiseko also produces accessories and homeware products tailored for a refine palette. A young, educated, and urban population is the backbone of consumption. 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. SUPER VISION is also taking sustainability to another level with its zero kilogram carbon dioxide emission goal to create the smallest footprint possible. Mytheresa - Luxury Fashion and Designer Shopping in the US. 8690427 7565603 5899505 6264703 7955323 seotmstmp mobdev. 2021 . While hes defying gender stereotypes, hes also promoting environmental consciousness. They mostly get their supply from people clearing out their wardrobe. and Prada) came behind the high-street retailers. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. Nguyen Cong Tri, the fashion designer behind the luxury brand Cong Tri, has dressed global celebrities, including Beyonc and Rihanna. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. ", Business of Fashion asserts that 'indeed, the world's leading luxury fashion brands such as Gucci, Louis Vuitton, Dior, and Chanel,. 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. The market is expected to grow annually by 3.19% (CAGR 2023-2028). The top scoring luxury brand was PVH with 57 out of 100. Voting Rules. CONG TRI was showcased at New York Fashion Week (NYFW) in 2019 for the first time the NYFWs official website wrote in the introduction about Tri, each of his collection is state-of-the-art and a fascinating story to be told. 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. The advantage for Vietnamese designers is that they can offer customised pieces tailored specially for Vietnamese customers, while most international ready-to-wear luxury brands cant, said Trang Le, founder and CEO of Vietnam International Fashion Week (VNIW). Save my name, email, and website in this browser for the next time I comment. Women Men Kids. 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). Also, I think making unisex clothes is another way to be sustainableyou and your boyfriend can share clothes!, Location: 7 Duong C22, Tan Binh, Ho Chi Minh City, Rusteasminimalist free-size styles are cosy and comfortable, like when you sip a hot cup of tea.. 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. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. Starting from a small out of the way studio, Moi Dien, living their brand story, has grown from strength to strength. But basic pieces never fail usthey are long-lasting. Smart retailers have the potential to benefit from the burgeoning consumer class in Vietnam. 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. Here are our top 8 fashion boutiques worth checking out in town. Vietnamese are also buying more watches. Instagram is a visual platform that allows luxury brands to showcase their best work. This Japanese brand is fixated on providing a wide range of quality socks that are both durable and comfortable. 3. Nguyen Cong Tri: The pioneer of Vietnamese haute couture Among the top Vietnamese designers today, Nguyen Cong Tri is perhaps the most recognized name. 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. Visit the Moi Dien studio, now in the heart of Ho Chi Minh City. Some of these classic designer brands like Herms and Louis Vuitton originated in the 1800s but have evolved to present-day ideas. Known to sell quality fabrics and outfits with subtle details, Nosbyn is a good place to shop for wardrobe staples t-shirts, midi dresses, collared stops, neat skirts. The company's smartphone, Vsmart, which was launched in 2018, quickly grew to become one of the top five brands in Vietnam. Prada Maria Prada's very own Italian fashion house - Prada - has been a gold mine of wealthy class trends for both celebrities and anonymous elites. The TimTay collection, on the other hand, takes a different approach. Agenda-setting intelligence, analysis and advice for the global fashion community. An open economy: Since 1986, market reforms, collectively dubbed Doi Moi, have turned Vietnam into a coveted playing ground for global players. Often, the fabrics are leftovers from textile factories, so they can be high-quality. Moi Dien, which translates as outspoken, boasts a loud, daring unisex style. This year, Vietnam has witnessed prime apartment selling prices exceed the US$10,000 per square meter barrier, driven by local demand. To inspire, educate, be relevant. 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. She is a huge advocate for changing our consumption habits, apart from walking the talk with Coco Dressing Room, Thu often speaks at panel discussions and fireside chats around Saigon and internationally. Within the consumer electronics industry, local player Vingroup JSC offered consumers new experiences in its smartphone and television series.