Italian fast fashion brand set for Vietnam debut
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Italy’s OVS midrange fashion brand will open its first outlet in Ho Chi Minh City this weekend. ACFC, distributor of IPP Group, a major Vietnamese fashion retailer, has confirmed that they are introducing the OVS brand in Vietnam. OVS is a popular fashion brand in Europe. In Italy, the brand has 15 percent of the market share in the country’s children aged 0-14 segment.
The company’s products range is geared towards consumers of all ages. Its collection stretches from bold, urban looks, to elegant, formal office attire. At the same time, the OVS price tag targets the mass consumer segment.
An increasing middle-class population has made Vietnam a magnet for international fast fashion brands, industry insiders have noted.
The middle and affluent class, categorized as those earning $714 a month or more, would double to 33 million, about a third of the population, between 2014 and 2020, it is reported recently, citing a study by the Boston Consulting Group.
Market research firm Nielsen estimates the number of middle and affluent class Vietnamese will reach 44 million by 2020 and 95 million by 2030.
By late 2017, there were some 200 international fashion brands, including Zara, H&M, Stradivarius, Pull & Bear and Massimo Dutti, in Vietnam, accounting for more than 60 percent of the market share.
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 set to grow at 7.7 percent annually until 2021.
Questions & Answers
Q.Which company is responsible for introducing the OVS brand to Vietnam?
Which company is responsible for introducing the OVS brand to Vietnam?
ACFC, a distributor for IPP Group, a major Vietnamese fashion retailer, is introducing the OVS brand in Vietnam. They are opening OVS's first outlet in Ho Chi Minh City this weekend.
Q.What is the projected value and growth rate of Vietnam's apparel market?
What is the projected value and growth rate of Vietnam's apparel market?
The apparel market in Vietnam is projected to be worth $2.74 billion this year. It is also set to grow annually at 7.7 percent until 2021, according to Statista.
Q.What proportion of Vietnam's fashion market do international brands currently hold?
What proportion of Vietnam's fashion market do international brands currently hold?
By late 2017, there were approximately 200 international fashion brands operating in Vietnam. These brands collectively accounted for over 60 percent of the market share.
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