Vietnamese crazy about high-street fashion brands
The images of fans standing up in long queues in front of fashion shops waiting for their turn to buy goods show the great potential of the Vietnamese market.
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This has prompted the world’s fashion brands to increase their presence in Hanoi, HCM City and emerging cities.
Zara, H&M and Uniqlo are the favorite brands for urbanites. In the past, Vietnamese had to fly to Bangkok and Singapore to buy the products at the shops there, or order online and buy from those who carry goods across border gates.
But now, they can buy products directly from outlets opened by the firms in Vietnam.
In September 2016, Zara opened the first shop at Vincom Center in HCM City.
Encouraged by the initial business results, Zara began selling online on April 5 and it is preparing to open the second shop in Hanoi.
H&M has also landed in Vietnam with the first shop opened at Vincom Dong Khoi.
Sources said H&M will open more shops at large shopping malls on Nguyen Trai and Minh Khai streets in Hanoi.
Topshop and Topman has opened its fourth shop in Vietnam. Spanish company Mango has had shops in Hanoi and HCM City with products for both men and women for many years.
Meanwhile, the Japanese company Uniqlo is reported as making hectic preparations for its opening in Vietnam.
A source said 200 foreign fashion brands are present in Vietnam, accounting for more than 60% of the market share.
The brands which have best sales are mid-end brands like Giordano and Bossini and high-end like CK, Mango and D&G.
With the presence of many well-known brands, Vietnam is now called a ‘new fashion paradise’.
A survey conducted by Nielsen on 29,000 people from 58 countries found that 56% of Vietnamese polled said they were willing to spend big money on branded goods.
Vietnam ranks third in the world in number of people loving branded goods.
Asked why Zara chose Vietnam, a representative of Zara said the potential of the Vietnamese market with a high GDP per capita, emerging middle-class and expenditures on fashion.
Through its subsidiary in Vietnam, Mitra Adiperkasa, which deserves credit for bringing Zara to Vietnam, plans to open more Zara shops in Vietnam in upcoming years, and open other brands of Inditex group, such as Berska and Massimo Dutti, according to Nikkei
Vietnam is among five key markets for the H&M brand from Sweden. In February, local newspapers reported that H&M was looking for candidates for high positions to manage business in Vietnam.
