VNExpress-Apr 7
Luxury brands are expanding their presence in Vietnam as they seek to profit from the country’s growing middle class and robust economic growth.
Italian luxury car brand Lamborghini announced its return this month after a year of inactivity, and has named a new distributor, S&S Automotive. The distributor, which is also a dealer for other luxury car brands like Rolls-Royce and McLaren, said a new Lamborghini showroom is being built in HCMC’s District 1 and would open this quarter.
The Porsche Center Saigon opened last year in HCMC’s District 7, and the German company called it a “key milestone in one of its fastest growing markets in the Asia Pacific.” The company also launched Southeast Asia’s second Porsche Studio in Hanoi last year, with the CEO of Porsche Asia Pacific Arthur Willmann saying the capital’s vibrant young population was the inspiration for the store. He echoed an earlier statement by Paul Harris, director of Roll-Royce Asia Pacific, who said Vietnam has the youngest demographic of his company’s markets. Prestige fashion brands have also been active, with Italy’s Bvlgari returning in February last year and opening a store in HCMC, and Louis Vuitton and Christian Dior launching flagship stores in 2020 in Hanoi’s central district of Hoan Kiem. The country’s luxury goods market is set to surge by 35.7 percent from last year to $912 million this year, according to data from German portal Statista, making a strong recovery after two years of Covid-19. Read more at:
https://e.vnexpress.net/news/economy/vietnam-rises-as-new-luxury-hub-4448394.html
