Australian fashion brand Cotton On is the latest foreign player to come looking for a piece of the action in the growing Vietnamese market.
It opened its first store in the country at Vincom Thao Dien in Ho Chi Minh City’s District 2 on November 15. It plans to open two more stores before December, including one at Aeon Mall Ha Dong in Hanoi, it said in a statement.
“We know there is a growing demand for street/casual wear fashion in Vietnam, so we’re confident our distinctive product offering will resonate with customers who want access to the most effortless, on-trend products,” James Lavdas, Cotton On’s general manager of license, said.
The group has come to Vietnam through a partnership with Imex Pan Pacific Group (IPPG), which also brought other fashion brands such as Nike and Mango to the country. It is the first Australian apparel retailer in the Vietnamese market.
Cotton On, among the largest fashion brands in Australia, was established in 1991 and now has a presence in 19 countries. Before Vietnam, it had entered India in January.
Earlier this month Japanese casual wear retailer Uniqlo announced it would open its first store in the country in Ho Chi Minh City’s District 1 on December 6, adding to the list of around 200 foreign fashion brands that have entered Vietnam, including Zara, H&M, Giordano, Topshop, Gap, and Old Navy.
Industry insiders say that Vietnam, with its young demographic, growing incomes and 96 million population, is a hugely promising market.
The industry was estimated to be worth $5 billion in 2018 and is expected to reach $7 billion by 2023.