French jeweler Tiffany opens store in HCMC
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Luxury jewelry brand Tiffany & Co. has opened a store in Ho Chi Minh City, two years after opening its first in Vietnam in Hanoi.
The store in District 1, which had a soft opening last week, is part of a strategy by the 186-year-old jeweler to increase its presence in Asia after being acquired by France’s LVMH in 2021.
The store is run directly by the company as against the Hanoi one, which a distributor operates.
According to residence and citizenship advisory firm Henley and Partners, HCMC had the ninth fastest growth rate globally in the number of millionaires last year.
Vietnam’s biggest city saw their numbers rise by 84% to 7,700 individuals, it said in its 2023 World’s Wealthiest Cities Report.
As of last year HCMC had 15 people with a net worth of $100 million and three billionaires.
It is ranked the 67th wealthiest city in the world.
Questions & Answers
Q.How does the operation of the new Ho Chi Minh City store differ from the one in Hanoi?
How does the operation of the new Ho Chi Minh City store differ from the one in Hanoi?
The new store in Ho Chi Minh City is run directly by Tiffany & Co. In contrast, the earlier store opened in Hanoi is operated by a distributor, not directly by the company itself.
Q.What is Tiffany & Co.'s broader strategy behind opening this new store?
What is Tiffany & Co.'s broader strategy behind opening this new store?
The new store is part of a strategy by Tiffany & Co. To increase its presence in Asia. This move follows the 186-year-old jeweller's acquisition by France's LVMH in 2021.
Q.What recent economic trend in Ho Chi Minh City might support Tiffany's expansion there?
What recent economic trend in Ho Chi Minh City might support Tiffany's expansion there?
Ho Chi Minh City saw its millionaire population rise by 84% to 7,700 individuals last year, according to Henley and Partners. This gave it the ninth fastest growth rate globally in millionaire numbers.
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