Interestingly, most of the biggest luxury brands come mainly from several countries around the world. And top tier brands have done very well even during Covid-19, added Gautier. 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. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. 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. 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. And theyre sustainable, explains Jo. Through his Vietnamese fashion brand, founder Tom Trandt wants people to not be afraid to stand out and embrace their identities. Specialising in Ao Dai (the traditional dress of Vietnam), the brand manages to transcend expectations. 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. Read our full article about the evolution of the ao dai here. We didnt even know that the term sustainable existed in fashion. Copyright 2023 FARFETCH UK Limited. For example, LVMH is a conglomerate specializing in luxury goods, and owns some of the most popular luxury brands, such as Louis Vuitton, Fendi, Christian Dior, Givenchy & Marc Jacobs. If you are in Hanoi, do also check out visionary, sustainable brand Kilomet109 and functional workwear Ngo Thai Bao Loan. "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. Thanks to these FTAs, luxury goods can become more affordable, allowing more access to shoppers. Voting Rules. But she is actively developing the transparency of Profile Man. Because you do need a professional design. Metiseko is known for its casual, comfortable style that appeals to both older and young people alike. Prada's fashion is all about quality, simplicity, uniqueness, high class, and creative styles. I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. In Vietnam, Instagram is the 5th most-used social media platform for 2022. Globetrotting Clients Want Greater Choice. 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. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. In 2019, Moi Dien was one of the 16 finalist in the London International Fashion Showcase. However, recent iterations of these laws were released in a manner that has definitely made investment far smoother.. Distributors of luxury brands in Vietnam seem to be doing well. Vietnams luxury market is expected to grow significantly thanks to a growing middle class and the increasing number of high-net-worth individuals. SUPER VISION is a model of sustainability in the industry, plus the streetwear brand plans to make cycling sexy.. Local distributors advise brands to be more bold and targeted with marketing activities, and to be cautious of the complex operating environment. Vietnam Briefingis produced byDezan Shira & Associates. Fashion is valued as the biggest luxury segment, followed by leather goods, cosmetics and fragrances. 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 incorporate minor trendy details, like stripe variations, while retaining the everyday wearability of the clothes. Morgan Truong founder of Profile Man. Grimm DC has become a favorite brand for shopaholics because everything can be found here. But in fact, Hoang Tu and Hoang Anh didnt explicitly intend to make a sustainable Vietnamese fashion brand. 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. Luxury brands spent decades turning design, aspiration, and high-quality goods into a $380 billion global behemoth. Take a tour across Ho Chi Minh City and you will see plenty of women wearing Nosbyns comfortable and accessible designs. Pursuitist | Style Women. Luxury Vietnamese consumers use Instagram to . Born and raised in Danang with eight siblings, Cong Tri attended Ho Chi Minh City University of Architecture, Faculty of Industrial Fine Arts and graduated in 2001. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. View Trip . The brand counts three boutiques in Ho Chi Minh City, including a flagship store at Hotel Continental. With a few stores across the heart of Saigon, be sure to pay a visit to Metiseko on your trip. Meanwhile, the country has a relatively young population, with a median age of 32.5 years. The finely crafted Italian pieces produced by this top designer are renowned for their high-quality and stylish designs. For every collection, the core philosophy is the use of 100% natural fabrics. Born into a family with a strong tradition of craftsmanship, Nguyen decided to study at the Amsterdam Fashion Institute and founded her own atelier in Paris in 2001, making both haute couture and ready-to-wear collections. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. Although Vietnamese fashion is still its nascent stage, it is slowly and surely making its mark on the world. Customers can shop at CONG TRIs three locations at the centre of Saigon, where off-the-rack options are available, or pieces can be custom made with 10 days lead time. Through her brand, Jo wants to make life simpler for people and reduce waste in the fashion industry. Louis Vuitton Louis Vuitton's immediately recognizable designs first saw the light in 1854 in Paris. As of April 2020, Viet Tien was the leading fashion store chain with 467 . You should raise your budget from 350$ to approximately $650. Customers can shop the collection online and in stores, or search Nosbyn at shopee. Ranker Shopping. Meet the firm behind our content. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. This passion was behind her founding of The Factory Contemporary Arts Centre in Ho Chi Minh City, in 2016. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. The firm assists foreign investors throughout Asia from officesacross the world, including inHanoi,Ho Chi Minh City, andDa Nang. The luxury industry in Vietnam is still underserved and underestimated despite the countrys growing demographic of high income and the countrys distinct favor of luxury brands. 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.. Profile 11s style is minimalism with a twist designed for the modern working professional. Sign up for your complimentary subscription to our weekly newsletter here. Vietnams personal luxury goods market reached US$976 million in 2021 and is expected to grow 6.67 percent annually as per Statista. 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. In addition, Vietnams wine consumption accounted for 15.3 million liters in 2020. 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. The gap between Vietnams increasingly diverse tourism sector and Thailands more advanced travel retail market also has the potential to narrow. 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. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. Vietnam's Luxury Market Is Heating Up Gucci and Tiffany are among the brands investing in the Southeast Asian market. Now SAIGON A brand is so familiar that you can see it everywhere on the streets of Saigon. Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. Moi Dien, which translates as outspoken, boasts a loud, daring unisex style. For the woman looking for something different, elegant, timeless, theres only Gia Studios. our latest doing business publications, and access to our Asia archives. Vietnam Briefing has developed into a premium source for insight on doing business in Vietnam. 6 Thi Sach, Ben Nghe Ward, District 1, HCMC, Viet Nam. Now, I apply those skills to my designs so others can appreciate them too, says Hoang Tu. You can wear a luxury brand garment several years after purchase and still . ; Most brands, especially those in the top 10 . 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. And the cost for this could be 7200$ or more. Sustainable fashion isnt just about using natural fabrics. Here are 60 Best Luxury Fashion Blogs you should follow in 2023. Likewise, Bvlgari decided to return to the market in March 2021 with the inauguration of its first physical store in HCM City. 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 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 . Her designs use everything from nuts and coal to stone and wood for trimmings, as well as organic cotton and hemp as fabric. Vietnamese Fashion For Women: 7 Of The Best Designers. 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. 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. The Southeast Asian nation was of the few countries to experience GDP gains in 2020, when the world was besieged with Covid-19. As Hip Hop was taking over the world, Viet Max found himself immersed in the subculture and attracted to its values of social justice, peace, respect, self-worth, community, and having fun. For both the luxury and non-luxury fashion sectors, Vietnam saw tremendous growth in e-commerce channels over the course of the pandemic, with Shopee, Lazada and Tiki as leading players. Taking a step away from fashion designers, we introduce Tabio. 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. 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. 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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. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . 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. Learn more about Vietnamese fashion with our article about sustainable clothing, or if youre more into shopping, check out a related piece about Millennial Fashion Stores In HCMC. "Contemporary brands perform exceptionally well for us each season and sales from brands such as Ganni, Isabel Marant, Rixo, Nanushka, Alexachung and See by Chlo are collectively up by 272 per . She expresses her obsession with traditional values through signature designs, Asian paintings on traditional Vietnamese silk brocades, and by reimagining Vietnams traditional dress, the ao dai. 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. 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. Co-founder and designer Hoang Tu is very active so she prefers clothes that are light, comfortable, and versatile, similar to the ones she designs for the brands Casual collection.. Fashion. Thu Vu, founder and CEO of Coco Dressing Room is here to break the cycle of buy-and-throw-away fashion Thu strongly believes that clothes should be worn beyond just one season. 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.. Women. Peace United was born to build a Hip Hop community in Vietnam, as well as an organise street art and cultural activities. 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. 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. 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. In no order of preference, these are our top 8 Vietnamese brands worth checking out! 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. Brands like Chanel and Victoria Beckham exude classic style, whereas designer brands such as Off-White and Vetements appreciate current urban fashion. As Gautier pointed out, the interest of the brand and the interest of its distributor who might carry many brands in a portfolio may at some point diverge. 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.. 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%. 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 . Rustea founder Jo Lams philosophy is to use 100% natural fabrics. SHOP MEN. 4. According to the Worlds Top Exports data, from 2018 to 2019, wine consumption increased by 173.6 percent. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. In a report titled "Has Luxury Gone too Mass? Two years later, in 2015, Khang was also named in the top 30 most successful people under 30 in Forbes Vietnam. 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. 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. So we hitched a ride out to District 9 to hear her thoughts on five local brands pursuing sustainable fashion goals in Vietnam. 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. I want customers to know what theyre paying for, explains Morgan. 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. To inspire, educate, be relevant. GlobalLink-owned multi-brand luxury boutique Runway has several branches across Ho Chi Minh City and Hanoi, Vietnam. Vietnams reputation as a country with a complex business culture means foreign players have historically found it harder to put down roots than in other countries in the region. The top scoring luxury brand was PVH with 57 out of 100. Lindas insights: I think Morgans emphasis on transparency is important. The market is expected to grow annually by 3.19% (CAGR 2023-2028). Prioritizing wearability and functionality in its designs, TimTay is designed for people of all ages who share a love for comfort and the environment. Moreover, among the most common account types followed by this market are influencers, experts, celebrities, and bloggers. 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. Switch to the app for an even smoother experience, Sign up for promotions, tailored new arrivals, stock updates and more straight to your inbox. Beware Moi Dien is not for the fainthearted customer. Co-founders Hoang Tu and Hoang Anh create clothes that are light, comfortable, and versatile.. The global luxury goods market size was USD 316.16 billion in 2019 and is projected to grow from USD 257.26 billion in 2020 to USD 352.84 billion in 2027 at a CAGR of 4.6% in the 2020-2027 period. Decision Labs Connected Consumer report suggests 46 per cent of consumers started adopting social commerce around two to five years ago, marking the time frame for a surge in its popularity in Vietnam. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. This is one reason some brands have yet to accurately appreciate the demand or penetration for their products in the country, a retail advisor who spoke on the condition of anonymity, recently told local press outlet Phong Vu. Examples of popular luxury fashion brands include Louis Vuitton, Burberry, Hermes, Salvatore Ferragamo, Gucci and Prada. Imagine stopping by Tiffany and Co. on your way to lunch to pick out that perfect piece of luxurious jewelry and then spending the . For now, the brand exclusively offers mens clothes, but will use leftover fabric to design womens clothing in the future. As Vietnamese fashion for women continues to take great strides into the high-end international market, weve put together a list of seven designers. Heres why. TimTay is designed for people of all ages who share a love for comfort and the environment. TL;DR: Several luxury brands had notable shifts in our annual ranking. (GlobalLink). 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. Apr 12, 2022. Anyone can wear the clothes that I design and I only make them with natural fabrics, explains Tom. 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. 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. As Southeast Asias undisputed international shopping hub with more than 10 times the number of high-net-worth individual (HNWI) residents (US dollar millionaires) than Vietnam, Singapore is clearly in a different league. Sales have plummeted, leading to forecasts for a precipitous decline in 2020 revenue and massive uncertainty about the ability of many brands to rebound. 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 . This Japanese brand is fixated on providing a wide range of quality socks that are both durable and comfortable. Market research firm Nielsen forecasts that it will climb to 95 million by 2030. 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. Kids. Also, Vietnam's number of High Earners, Not Rich Yet individuals (HENRYs), and ultra-wealthy are growing. Prices: $60-$210. To be trendsetters, broadcasting the latest buzz. Nosbyn is one of the most loved Vietnamese casual clothing brand, with many locations across Ho Chi Minh City and Hanoi. 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.