Luxury brands looking to expand market to Vietnam

A luxury brand in Hanoii. - diendandoanhnghiep.vn

HANOI (Vietnam News/Asia News Network): Many luxury brands have begun implementing a market diversification strategy in South-East Asia, especially Singapore, Thailand and Vietnam, according to Savills Vietnam.

Nick Bradstreet, Head of Asia Pacific Retail, Savills said: “China is still an important market for luxury retail in the world. However, because of the Covid-19 pandemic and tight regulations, alongside increasing challenges around profile and marketing for smaller and emerging luxury brands, many have come to realise that they need to diversify their portfolios and South-East Asia is a natural choice for this diversification. Stand-out markets in this region include Singapore, Thailand, and Vietnam.”