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. 2021 . "Several high-fashion brands are slated to open [during the second quarter of 2022], and beyond. 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. Sustainable fashion isnt just about using natural fabrics. KIDSWEAR. 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, Erwan adds. Founded in 2011, the high-end Vietnamese fashion brand Metisekos concept is all in the name. 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. That makes Linda the perfect person to curate sustainable fashion in Vietnam. 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. 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. 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. 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. our latest doing business publications, and access to our Asia archives. 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. There is very little formal retail industry training in the country, aside from companies own in-house programmes. 2022 . 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. 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. For Nguyen, fashion isnt just fashion, but a dialogue between art, clothing, and textile. 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. Find spotlight and explainer articles, news updates, factsheets, useful tools, as well as webinars featuring on-the-ground advisors. Interestingly, most of the biggest luxury brands come mainly from several countries around the world. While respecting the traditional feminine style of the ao dai, Thuy transforms them into ethereal things of beauty. 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. There is a sizable gap between Porsche and Gucci, and this has been widened over the past year. Fashion. 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. Until now, Nguyen Cong Tri has successfully introduced seventeen collections to the world that include, most notably, his latest, Em Hoa, which garnered widespread media attention after being featured in Vogue fashion magazine while being worn by singers like Rihanna and Katy Perry. But Vietnam should no longer be an afterthought, say Vietnam-based industry veterans who contend that the market is underserved. The brand counts three boutiques in Ho Chi Minh City, including a flagship store at Hotel Continental. 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.. This is indicative of the remarkable strides into the global high-end fashion market Vietnamese designers have taken. 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. This is the embodiment of their brand culture. Vietnamese are also buying more watches. 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. To achieve exclusivity, she directly imports luxury fabrics from Paris, Milan, and Hong Kong. The Vietnam Briefing Magazine was first published in 2009, and is contributed to by investment professionals based in Vietnam. Visit their shop in Saigon! Nguyens impeccable contemporary cuts are infused with poetic details such as handmade embroidery. 2021 . US. Cancel. If brands operate directly with consumers, they must have a workforce that understands the market, employees, management systems and a pathway to enter Vietnam, she added. The luxury sector can also benefit from Vietnams free trade agreements (FTAs). 2023 Vietnam Is Awesome. 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. To Linda, its all about appreciating the art of fashion while paying attention to how the clothing was made. Their Insignia division retails 26 luxury fashion and accessories brands in 85 locations throughout the region. 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. 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. With a few stores across the heart of Saigon, be sure to pay a visit to Metiseko on your trip. The epitome of luxury fashion, Gucci remains the world's top fashion brand and second-biggest luxury brand in the world. Brands that understand how to build long-term relationships with their customers will also learn how to serve them better in the future when they reach peak earning potential. 2022 . Though some brands continue to underestimate the market, others are investing in retail outlets where clients are often underserved. All rights reserved. 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. When asked by Vietcetera on the motivations for his collections, Lam said I dont want women to be beautiful for men, I want women to be beautiful for themselves. So if the size of the local luxury market is not the issue, then what is preventing some brands from investing more in Vietnam? She sees sustainable fashion as not simply making clothes but a mindful way of creating and consuming fashion. Vietnam already accounts for the third-largest ASEAN wine consumer market. We feel overwhelmed by the options in our wardrobe, none of which seem wearable. Nosbyn specialises in what they call lifestyle clothing and prefers not to see themselves as designer fashion they focus on everyday wearable clothing. A Saigon-inspired design, Gia Studios style is modern and complex, and appeals to the working woman with a strong personal sense of style. 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. Vote up the highest quality luxury brands. Louis Vuitton Vuittamins zip-up jacket $2,470 at LOUIS VUITTON Louis Vuitton Pochette Coussin handbag $2,530 at LOUIS VUITTON 8. Sign up for your complimentary subscription to our weekly newsletter here. Luxury car brands are expanding their presence in Vietnam. 'FARFETCH' and the 'FARFETCH' logo are trade marks of FARFETCH UK Limited and are registered in numerous jurisdictions around the world. In the new Vietnam, theres an emerging environmental consciousness happening as the country grows economically. For more information read our Terms & Conditions. In 2011, Nguyen Cong Tri launched Kin Concept, a ready-to-wear label for urban women. Further, Vietnams middle-class population has expanded massively in the past years. 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.. On top of that, there are larger in-store inventories and more [choice of] models in Singapore and Hong Kong. Lindas insights: I think Morgans emphasis on transparency is important. The company is a milk and milk-based products manufacturing company in Vietnam. Coming from four generations of tailors, it is no wonder Lams works are all about attention to detail. Audi CBU overtook Mercedes-Benz to reach the second position since 2010 in imported luxury CBU and enjoys the stronger growth since then. In Hanoi and Ho Chi Minh city, the luminous storefronts of luxury powerhouses like Louis Vuitton and Dior dominate prestigious . I style the collared shirt, my favorite piece, with pants, dresses, and even skirts, but everyone is different Jo explains. 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. "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 . From bright to subtle. Cong Tri Designer Nguyen Cong Trai is considered one of the most influential Vietnamese fashion designers. Lam Gia Khang, born in 1990, is a breakthrough designer in the Vietnamese fashion industry. Unlike most developing economies, in Vietnam, the majority of international fashion brands are represented by distributors, with some of them having exclusive rights. Examples of popular luxury fashion brands include Louis Vuitton, Burberry, Hermes, Salvatore Ferragamo, Gucci and Prada. Local fashion e-commerce start-up Coolmate, which recently completed a $1.1 million fundraising round, said its revenue last year was up 3.5 times compared to the year before, reaching $6 million. In 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 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. 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. . While the most exclusive luxury brands sell truly expensive and uniquely stylish pieces, fashion houses from Salvatore Ferragamo . Subscribe to receive weekly Vietnam Briefing news updates, And Lam Gia Khang still produces distinctly modern feminine tailoring using high-end fabrics and employing skilled folding techniques. Tabio. They respect every single person in their production chainfor example, they have always worked with the same printer because they really want to support his business. Gucci and Tiffany are among the brands investing in the Southeast Asian market. Lindas Insights: I like Rusteas use of natural fabrics since theyre better for the environment than synthetic ones. Luxury products are usually promoted using photographs. Agenda-setting intelligence, analysis and advice for the global fashion community. Sported by the biggest celebrities, Gucci is an enticing brand for those who like to take some fashion risks. Visit their website to see how their services can help your business succeed. Unsubscribe anytime at the bottom of our emails. food guides for places to eat in Vietnam! The Spring/Summer 2022 edition of Aquafina Vietnam International Fashion Week, which took place this from May 25 to 29, featured collections from 18 domestic and international fashion houses. Nosbyn is also one of the few Vietnamese casual clothes fashion brands to be stocked in the US in San Francisco and Los Angeles. Save my name, email, and website in this browser for the next time I comment. Tran believes global luxury brands in Vietnam are disadvantaged by not yet having access to professional staff training platforms. Recently her designs were even the star of a movie, Co Ba Saigon, about an ao dai tailors in pre-75 Saigon. . For the woman looking for something different, elegant, timeless, theres only Gia Studios. 17] Valentino S.p.A. Another newcomer to our list of top 100 luxury fashion brands is the Italian-based fashion brand, Valentino. Although Rusteas pieces are simple, Jo still encourages customers to style pieces however they want. And theyre sustainable, explains Jo. BMW which used to assemble CKD in Vietnam stopped and changed their CBU importer in 2008.
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