The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The country, which continues to reel from the impact of Covid-19, saw retail sales drop 33.7 percent year-on-year in August, InsideRetail reports.
Official data reveals that Vietnam’s August retail sales declined 10.5 percent compared to July. On August 20, the government said it would impose a strict lockdown in Ho Chi Minh City amid an outbreak of the delta variant. The city’s retail revenue is forecast to hit $1.5 billion, a 15.9 percent drop from July. Despite expectations that online sales would surge over lockdown, restrictions allowing only for the operation of essential business activities has resulted in negative growth figures for the e-commerce sector.
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Vietnam: Luxury’s Next Goldmine?
On the back of a deal with the EU, luxury goods will become more affordable in Vietnam. Are brands investing heavily enough in what is one of the fastest-growing economies in the world?
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.