Distributors of prestigious brands like Louis Vuitton, Chanel, Dior, and Hermès in Vietnam reported profits of VND3.8 trillion ($156.57 million) in 2022, witnessing a remarkable 270% year-on-year increase, according to the latest data from a market research company.
The collective revenues of 12 companies handling 34 luxury brands experienced a substantial 67% surge, reaching VND25 trillion, as revealed in a report by Vietdata. The group also included prominent brands like ROLEX, Calvin Klein, CHARLES & KEITH GROUP, and ZARA SA.
Among the multi-brand distributors, Tam Son secured the top position with VND4.75 trillion in revenue and a profit of VND849 billion. The company distributes the largest array of top-tier brands in Vietnam, including Hermes, KENZO Mode, HUGO BOSS, Patek Philippe, and Vacheron Constantin.
Some brands such as H&M, Gucci, Louis Vuitton, CHANEL, Christian Dior Couture, and Adidas have established direct legal entities to distribute their products in Vietnam.
In terms of revenue, Louis Vuitton claimed the top spot at VND2.36 trillion, while Dior led in profit with VND558 billion.
Vietdata – Vietnam Economic Data JSC reported a surge in the number of ultra-rich individuals in Vietnam from 2017 to 2022, with 1,059 people possessing a net worth exceeding $30 million, according to data from the U.K.-based property consultancy Knight Frank.
With a young population having an average age of 32, creating high demand for luxury goods, Vietdata emphasized the growth potential in Vietnam’s luxury market.
Another market research platform, Germany-based Statista, estimated Vietnam’s luxury market to be over $957 million last year, projecting an annual growth of over 3% by 2028.
