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Tag: Minh

  • Chloé Debuts First Luxury Boutique in Vietnam, Enriching Ho Chi Minh Citys Shopping Landscape

    Chloé Debuts First Luxury Boutique in Vietnam, Enriching Ho Chi Minh Citys Shopping Landscape

    Chloé, an esteemed French luxury fashion house, has recently established its first store in Vietnam, nestled within a bustling shopping complex in the heart of Ho Chi Minh City. The brand, recognized for its romantic, free-spirited and distinctly feminine aesthetic, was a pioneer in the luxury ready-to-wear sector since its conception in 1952 by Gaby Aghion. Today, Chloé is part of the impressive portfolio of the Swiss luxury conglomerate Richemont.

    First Footprints in Vietnam

    In mid-June, Chloé made its debut in the Vietnamese market, facilitated through an exclusive distribution agreement with Duy Anh Fashion and Cosmetics (DAFC). Situated on the first floor of the Saigon Centre, the new boutique sports the brand’s signature Parisian elegance juxtaposed with its free-spirited femininity. The store offers a carefully curated selection of Chloé’s iconic products, including leather goods, footwear, and ready-to-wear collections.

    In Vietnam, DAFC is recognized as a leading luxury retail distributor, controlling more than 70% of the high-end fashion and cosmetics market. The company manages the distribution of products from over 60 international luxury fashion and cosmetic brands, operating more than 50 stores throughout the country.

    Questions & Answers

    What is Chloé known for?
    Chloé is renowned for its romantic, free-spirited, and feminine aesthetic, and is a pioneer in the luxury ready-to-wear fashion sector.

    Where is Chloé’s first Vietnam store located?
    Chloé’s first Vietnam store is located on the first floor of the Saigon Centre, a prominent shopping complex in Ho Chi Minh City.

    Who is the distributor for Chloé in Vietnam?
    Duy Anh Fashion and Cosmetics (DAFC) is the exclusive distributor for Chloé in Vietnam.

  • Malbon Swings into Vietnam: Exclusive Golf and Lifestyle Store Set to Open in Ho Chi Minh City

    Malbon Swings into Vietnam: Exclusive Golf and Lifestyle Store Set to Open in Ho Chi Minh City

    Malbon, a renowned lifestyle and golf brand, is expanding its footprint in Southeast Asia by establishing its first brick-and-mortar store in Vietnam. This strategic move is being executed in collaboration with TKG Lifestyle, a subsidiary of The Kho Group.

    Store Opening and Offerings

    The inaugural store is slated for launch next month on Dong Khoi Street, in the heart of Ho Chi Minh City. Spanning two floors and covering a total area of 250 square meters, the store will house the full range of Malbon’s golf attire and accessories. In addition, it will also feature the brand’s lifestyle and sportswear collections.

    Vynce Nguyen, General Manager of The Kho Group Vietnam, expressed optimism about the venture, citing Vietnam’s growing golf market and Malbon’s unique lifestyle-focused approach as key growth drivers. He expressed confidence that Vietnamese customers will appreciate the brand’s distinctive style and its history of innovative partnerships with global brands and entertainment personalities.

    Tailored for the Local Market

    Malbon has plans to offer limited-edition products specifically designed for the Vietnamese market. This is in addition to its regular offerings, which include seasonal releases, performance apparel, and the core Icons line.

    The brand’s expansion strategy is not limited to physical retail outlets. Plans are afoot to develop a robust e-commerce platform and organize exclusive community-focused Buckets Club events where exclusive product launches will take place for members.

    Nguyen further elaborated on Malbon’s Vietnam engagement strategy, revealing plans for pop-up stores in premium locations and vibrant hotspots around the country, where culture, creativity, and lifestyle converge.

    Future Expansion

    Over the next one to two years, Malbon and The Kho Group plan to extend their retail footprint with additional stores in major Vietnamese cities, including Hanoi, Da Nang, and Phu Quoc.

    This move comes on the heels of Malbon’s recent expansion activities, including the opening of its world’s largest flagship store in the Philippines this April, and the inauguration of its new headquarters in Shenzhen, China.

    Meanwhile, The Kho Group, known for introducing the Japanese coffee chain % Arabica to Vietnam, is now gearing up to launch the brand in Australia.

    Questions & Answers

    What is Malbon’s expansion strategy in Vietnam?
    Malbon plans to develop a strong presence in Vietnam through a combination of physical retail stores, an e-commerce platform, and community-focused events.

    What does the new Malbon store in Vietnam offer?
    The store will feature Malbon’s full range of golf apparel and accessories, as well as its lifestyle and sportswear collections. Limited-edition products tailored for local consumers will also be introduced.

    What are the future plans of Malbon and The Kho Group in Vietnam?
    They plan to open additional stores in key cities such as Hanoi, Da Nang, and Phu Quoc over the next 12 to 24 months.

  • H&M Eyes Expansion In Ho Chi Minh City Amid Southeast Asia Growth Strategy

    H&M Eyes Expansion In Ho Chi Minh City Amid Southeast Asia Growth Strategy

    The Swedish fast-fashion behemoth, H&M, is set to broaden its reach in Ho Chi Minh City, a bustling retail hotspot in Vietnam, as a crucial part of its larger growth strategy for Southeast Asia.

    Expansion Plans for H&M in Vietnam

    According to local sources, H&M Vietnam is actively scouting for opportunities to inaugurate new stores in the city’s prime commercial hubs. As it stands, the brand runs 14 stores throughout the country, with plans to increase this to 20 in the upcoming years. A significant emphasis is being placed on the city center of Ho Chi Minh City for these new store openings.

    In order to ensure a smooth expansion, H&M is diligently navigating local lease processes and adhering to regulatory requirements.

    H&M’s Growth in Vietnam and Beyond

    H&M ventured into the Vietnamese market in 2017. Despite this, its store count remains small when stacked against other markets in the region, such as Malaysia, Thailand, and the Philippines.

    However, it’s worth noting that the brand is experiencing a global resurgence, with its operating profit witnessing a 40 percent surge to US$523 million in this year’s third quarter. Additionally, their operating margin has also seen a rise, going up from 5.9 to 8.6 percent.

    Questions & Answers

    When did H&M first enter the Vietnamese market?
    H&M first entered the Vietnamese market in 2017.

    How many stores does H&M currently operate in Vietnam?
    At present, H&M operates 14 stores across Vietnam.

    What are H&M’s expansion plans in Vietnam?
    H&M plans to grow its presence in Vietnam by increasing its store count from 14 to 20 in the coming years, with a particular focus on central Ho Chi Minh City.

  • Ho Chi Minh City Sets Ambitious Goal of $7,850 in Per Capita Income for 2023

    Ho Chi Minh City Sets Ambitious Goal of $7,850 in Per Capita Income for 2023

    Ho Chi Minh City is setting ambitious goals for its economic landscape, aiming to boost its per capita income by 3.7% this year. The targeted income for 2025 is set at VND204.3 million, roughly translating to over US$7,850 at current exchange rates. This figure positions the city a remarkable 57% ahead of the national GDP target of over $5,000 for the same period.

    But what does this all mean? Simply put, this ambitious goal highlights the value of goods and services that the economy generates per person each year. As of 2024, the average income in Ho Chi Minh City was already pegged at $7,600, or more than VND197 million, putting it second among the six centrally governed cities in Vietnam, just behind Hai Phong.

    Yet, the city’s expenses reflect another side of the coin as it ranks third in the cost of living across the nation, trailing only behind Hanoi and Quang Ninh, according to the Spatial Cost of Living Index (SCOLI) for 2024. The SCOLI, compiled by the General Statistics Office, measures the price variations of goods and services between different regions.

    Interestingly, when examining the SCOLI in detail, Ho Chi Minh City’s index is almost on par with Hanoi’s at 99.8%. However, residents and visitors will find that certain expenses—particularly in clothing, food services, culture, entertainment, tourism, transportation, and household appliances—are generally more affordable in Ho Chi Minh City compared to the capital. On the flip side, costs for housing, education, and healthcare tend to be higher.

    In addition to this impressive income target, the bustling city is also setting its sights on generating revenues of VND520 trillion, achieving a public spending disbursement rate of 95%, and exporting goods worth $52.6 billion. These targets promise to keep the vibrancy of Ho Chi Minh City alive and thriving.

    As the city moves forward, one can’t help but wonder whether Ho Chi Minh City’s economy will keep rolling at this pace, or if it might stumble over rising costs. A spirited dance between income and living expenses seems to be in full swing!

    Questions & Answers

    What is Ho Chi Minh City’s target for per capita income in 2025?
    The city aims for a per capita income of VND204.3 million, which is over US$7,850.

    How does Ho Chi Minh City’s income compare to the national target?
    The city’s target income is 57% higher than the national GDP target of over $5,000 this year.

    What factors influence the cost of living in Ho Chi Minh City?
    The cost of living is affected by various factors, with clothing and food services being less expensive than in Hanoi, while housing, education, and healthcare costs are higher.

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