Vietnam Luxury Fashion Market

Market Overview:

Vietnam luxury fashion market size reached US$ 348 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 613 Million by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032. The inflating levels of income, along with the rising number of affluent individuals, are primarily augmenting the market growth.

Luxury fashion serves as a symbol of prestige, ambition, and personal expression, offering a fusion of creativity, fashion, and lavishness to those who appreciate its inherent aesthetic appeal. This category encompasses upscale, exclusive, and prestigious apparel, accessories, and footwear. It epitomizes a dedication to artisanship, excellence in design, and a commitment to top-notch quality. Renowned luxury fashion brands are distinguished by their meticulous attention to detail, use of exquisite materials, and application of innovative techniques. Often rooted in a rich heritage and historical legacy, these brands showcase a tradition of timeless grace and sophistication. Luxury fashion goes beyond transient trends, providing an exclusive and indulgent experience for its discerning clientele. It is characterized by its distinct identity, unparalleled craftsmanship, limited production runs, and the allure of possessing something rare and extraordinary.

Vietnam Luxury Fashion Market Trends:

The Vietnam luxury fashion market is experiencing a significant upswing, reflecting the nation's growing affluence and evolving fashion preferences. Additionally, the elevating number of consumers who increasingly view high-end apparel, accessories, and footwear as symbols of prestige and personal expression is acting as another significant growth-inducing factor. Besides this, international luxury brands are making a pronounced presence in Vietnam, capitalizing on the burgeoning demand for exclusive and opulent fashion experiences. The market is characterized by a discerning clientele seeking not only superior craftsmanship and design excellence but also the unique narratives associated with renowned luxury brands. Furthermore, as the Vietnamese economy continues to prosper, there is a parallel rise in the desire for premium and limited-edition luxury items. The allure of possessing something rare and exceptional, coupled with the exclusivity offered by luxury fashion, has propelled the market's growth. The emergence of upscale shopping destinations and a heightened emphasis on fashion events further contribute to the increasing popularity of luxury brands in Vietnam. This trend signifies a cultural shift where luxury fashion is not just about clothing but also a form of self-expression and a statement of one's elevated lifestyle. The Vietnam luxury fashion market is poised for continued expansion as consumers increasingly embrace the allure of international luxury brands and seek unique, high-quality fashion experiences, over the forecasted period.

Vietnam Luxury Fashion Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product type, distribution channel, and end user.

Product Type Insights:

• Clothing and Apparel
  • Jackets and Coats
  • Skirts
  • Shirts and T-Shirts
  • Dresses
  • Trousers and Shorts
  • Denim
  • Underwear and Lingerie
  • Others
• Footwear
• Accessories
  • Gems and Jewellery
  • Belts
  • Bags
  • Watches
     

The report has provided a detailed breakup and analysis of the market based on the product type. This includes clothing and apparel (jackets and coats, skirts, shirts and t-shirts, dresses, trousers and shorts, denim, underwear and lingerie, and others), footwear, and accessories (gems and jewellery, belts, bags, and watches).

Distribution Channel Insights:

• Store-Based
• Non-Store Based
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes store-based and non-store based.

End User Insights:

• Men
• Women
• Unisex
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes men, women, and unisex.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key players include:

• Berluti
• Giorgio Armani S.p.A.
• Montblanc (Compagnie Financière Richemont S.A.)
• Tam Son International Company Limited

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Vietnam Luxury Fashion Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam luxury fashion market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam luxury fashion market?
• What is the breakup of the Vietnam luxury fashion market on the basis of product type?
• What is the breakup of the Vietnam luxury fashion market on the basis of distribution channel?
• What is the breakup of the Vietnam luxury fashion market on the basis of end user?
• What are the various stages in the value chain of the Vietnam luxury fashion market? 
• What are the key driving factors and challenges in the Vietnam luxury fashion?
• What is the structure of the Vietnam luxury fashion market and who are the key players?
• What is the degree of competition in the Vietnam luxury fashion market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam luxury fashion market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam luxury fashion market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam luxury fashion industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.