The fashion market is growing at an exhilarating pace in Vietnam!
Over the recent years, more than 200 fashion brands have come into Vietnam including the likes of Zara, H&M, Mango, Gap and many more, and notably all seem to be doing well here.
Only last week Uniqlo had announced that it is coming up with its maiden store in Ho Chi Minh City on 6 December. It is already being hailed as one of the largest stores of Uniqlo in Southeast Asia.
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Zara’s revenue in Vietnam in 2018 was an impressive US $ 73.2 million, which is 4 times more than its numbers in Thailand. This was reported in company’s recent statement.
Similarly, H&M too generated a revenue of US $ 32.8 million from Vietnam in 2018 – 4 times of what it earned in 2017.
Even Gap, which has shut down all its outlets in USA after going bankrupt, still runs 5 stores in Vietnam.
Vietnam seems to be the favourite of all. Why not! It has young population, growing income and the fast-growing fascination for apparels and fashion among Vietnamese youth.
According to a recent survey conducted, Vietnam is ranked 3rd globally after China and India, where the number of people have fondness for branded products.
Seedcom, Vietnam’s retail group, estimates the fashion industry to reach US $ 7 billion by 2023.
