Fashion is not about just a few strides on the catwalk. It is an industry with
revenues of trillions of US dollars each year. In recent years, a number of
Vietnamese fashion brands have gradually strengthened their names and left
their mark on the global fashion stage.
Trillion-dollar industry
Mark Twain has said, "Clothes make the man. Naked people have little or no
influence in society. A policeman in plain clothes is a man; in his uniform he
is ten”.
The need to "wear" only comes after "eat". This has helped fashion become a
global industry with huge revenues of trillions of US dollars each year. In the
industry, fashion designers, manufacturers and retailers around the world
work together to design, produce and sell clothing, shoes and accessories to
meet diverse consumer needs.
The fashion industry generates huge revenues of $2.5 trillion a year and
continues to grow rapidly. According to forecasts, the fashion industry’s
revenue will double in the next 10 years with $5 trillion per year and the
hiring of 60 million workers.
In the US, up to four million people work in the fashion industry, higher than
the automation industry, fast food and video games. Fashion brands can be
giant multinational corporations like Gucci and Chanel, but in other cases
they are small companies with only a few dozen employees.
Particularly in the garment industry, according to figures from Statista,
demand for garments worldwide is expected to reach about $1.65 trillion by
2020, of which the US market will comprise about $334.2 billion (an average
annual growth rate reaching 2.5%) and the 10 largest markets in Europe
reaching a total of $291.2 billion (an average annual growth of 0.4%.
The garment industry accounts for 88% of export value in Haiti, 79% in
Bangladesh, 59% in Lesotho, 52% in Cambodia, and 43% in Sri Lanka. India
is also one of the major textile manufacturers, employing about 40 million
workers and 60 million indirect workers, ranking second after its agriculture
sector.
Currently, about 90% of Việt Nam''s textile production is for export. In 2018,
Việt Nam''s textile and garment exports were estimated at $36.2 billion, an
increase of 16.4% compared to 2017, making the country one of the top three
textile exporters in the world, following China and India.
Vietnamese enterprises'' global footsteps
With such great potential, the fashion industry has created many "empires"
with a worldwide network. In order to build businesses worth billions of
dollars, each brand must always be creative to build its own image. The
defining aspect of each brand is its identity.
If popular names like H&M or Zara represent highly practical usage and
affordable prices, high-end fashion and luxury brands must rely on telling a
story or touching the heart of customers. It is no coincidence that Chanel
symbolize feminism; Christina Dior symbolize beauty; and Rolex, a
guarantee of high-quality and iconic watch pieces.
This is also the story of Vietnamese brands as they set foot in the fashion
world. PHUONG MY, a "pure Vietnamese" brand owned by PHUONG MY
Design Co. Ltd. has made its name with its high-end fashion line that
combines a strong modern personality and an Asian heritage, which is not
an easy mix.
Speaking with the press, Trần Phương My, the creative director, and
designer and founder of the PHUONG MY brand, has not concealed her
ambition to bring the brand''s products to the world and integrate into the
flow of the global fashion industry.
“It''s time for the world to see that Vietnamese businesses can create products
that can be compared of the same standards to international brands. It’s time
to redefine “Made in Vietnam”, says the young entrepreneur.
Starting six years ago with a store located at a corner of Lê Thánh Tôn Street
in District 1 in Ho Chi Minh City, PHUONG MY is now present in 30 stores
in 20 countries and territories, including France, Italy, Taiwan, China, the
Republic of Korea, Saudi Arabia, Kuwait and the UAE.
For successful brands, fashion is not only about a few strides on the stage,
but also about business management, business strategy, cash flow, revenue
and profit. The brands are not only designers, but also brand-makers and
good businesspeople. They do not go alone. Behind them is a talented team,
working in the same direction.
As a founding member and managing director of PHUONG MY Design Co.,
Ltd, Trần Phương My, notes: “The fashion industry always changes in sixmonth
cycles, or even less. It''s a big challenge for fashion businesses. All
operations of the company must learn to adapt constantly. Changing every
day and making things better every day is inevitable.”
Asked about the "secret" of bringing products, especially her high-end
product line, to customers who are the one per cent of the super-rich, My
says:
“I always talk about asking the right questions for businesses. When you ask
the right question, you can find the right solution. When decide to enter New
York Fashion Week, most people ask ‘What can PHUONG MY bring to New
York Fashion Week’. But at PHUONG MY, we ask ‘What can New York
Fashion Week bring to PHUONG MY’. We need to strength, and the
opportunities a new market can open to us, to know how to go further and
prepare ourselves.”
My also highlights her team: "I''m only as good as the five people surround
me. This applies to both domestic team and international team when
expanding the market. It is important to find talented, good hearted people
to surround yourself with, and to work with you. No one can do everything
alone.”
She also emphasises: “It''s important to have a clear goal, a good team, and
to work hard. Because no success happen overnight.”
Source: Vietnam News, Vietnam Thursday, 11 July 2019