Swedish brand H&M opens first Da Nang store
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Swedish fashion brand Hennes & Mauritz (H&M) opened its first store in Da Nang and eighth in the country on Thursday.
The 1,600 square meter outlet is located in the Vincom Ngo Quyen mall in downtown Da Nang. Starting from VND99,000 ($4.27), the story aims to offer reasonably priced products for men, women, and children.
Fredrik Famm, the brand’s Southeast Asia manager, said popular travel hotspot Da Nang was a market with good potential and they could open even more outlets in the central city.
H&M was keeping its prices reasonable in order to develop sustainably in Vietnam, Famm said.
With three outlets in Hanoi and four in Ho Chi Minh City, H&M is now established in all three regions of the country, while its Spanish competitor Zara has only two in Hanoi and HCMC.
The expansion of H&M comes as major international brands set up shop in Vietnam to tap a rapidly growing fashion market.
Australian brand Cotton On opened its first store in HCMC earlier this month, while Japanese casual wear retailer Uniqlo announced it would open its first store in the country on December 6, also in HCMC.
The fashion garments industry, estimated at $5 billion in 2018, is expected to reach $7 billion by 2023.
Questions & Answers
Q.How many H&M stores are now open in Vietnam?
How many H&M stores are now open in Vietnam?
H&M now has eight stores in Vietnam. This includes three outlets in Hanoi, four in Ho Chi Minh City, and their newly opened first store in Da Nang.
Q.What is the size of the new H&M store in Da Nang?
What is the size of the new H&M store in Da Nang?
The new H&M store in Da Nang measures 1,600 square meters. It is situated within the Vincom Ngo Quyen mall in the city centre.
Q.Which international fashion brands are also expanding into Vietnam?
Which international fashion brands are also expanding into Vietnam?
Australian brand Cotton On recently opened its first store in Ho Chi Minh City. Japanese casual wear retailer Uniqlo also plans to open its first store in Vietnam on December 6, also in HCMC.
Q.What is the estimated growth of Vietnam's fashion garments industry?
What is the estimated growth of Vietnam's fashion garments industry?
The fashion garments industry in Vietnam was estimated at $5 billion in 2018. It is projected to grow to $7 billion by 2023, indicating significant market expansion.
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