Two firms lord it over Vietnam high-fashion scene

Founded in 2005, Duy Anh Fashion & Cosmetics (DAFC), part of the retailer IPP Group, started out as the official distributor in the country for Salvatore Ferragamo and Bally. Two years later Burberry was on board, and in 2011 Rolex, Bvlgari, Cartier, and Tudor followed suit. 

DAFC is now the distributor of over 40 global fashion and cosmetics brands.

Last year it reported revenues of VND970 billion ($43.3 million), and they are growing at 10 percent a year, according to industry research and consulting firm VIRAC. In 2015 and 2016, DAFC’s revenue were VND800 billion ($34.1 million) and VND862 billion ($36.8 million), respectively.

Another big name on Vietnam’s high-fashion scene is the International Company Limited Tam Son, part of multidisciplinary firm OpenAsia Group. Also founded in 2005, Tam Son also acted as a distributor for major brands like Hermès, Bottega Veneta, Saint Laurent, Hugo Boss, and Kenzo. 

It is also a distributor of several Swiss luxury watch brands like Vacheron Constantin, Piaget and Chopard. Last year it even got into the yacht scene by creating yachting firm Tam Son Yachting, and has since tied up with the France-based motor boat manufacturer Bénéteau Group.

Last year its revenues topped VND1.337 trillion ($57.8 million) after growing at 18 percent a year. In 2015 and 2016, the firm’s revenues were VND948 billion ($41 million) and VND1.117 trillion ($48.3 million), respectively.

A survey released in October last year by market research firm Q&Me showed fashion items topping online purchases in Vietnam followed by IT products, cosmetics, food and beverage, and books and stationery.

According to Statista, a database portal of statistics, consumer survey results and industry studies, the apparel market will be worth $2.74 billion this year and is expected to grow at 7.7 percent annually until 2021.

Vietnam is the third fastest growing country in terms of ultra high net worth individuals, with a compounded annual growth rate of 12.7 percent, behind Bangladesh with 17.3 percent and China (13.4 percent), according to the 2018 World Ultra Wealth Report.

Compiled by Wealth-X, a leading global wealth information and insight business, the report defines the UHNW population as people with $30 million or more in net worth.