16:00 | 25/12/2018 Society
Italy’s OVS midrange fashion brand opened its first outlet in Ho Chi Minh City last weekend.
|First store of OVS will be opened in Ho Chi Minh City this weekend - Photo acquired by VnExpress|
ACFC, distributor of IPP Group, a major Vietnamese fashion retailer, has confirmed that they are introducing the OVS brand in Vietnam.
OVS is a popular fashion brand in Europe. In Italy, the brand has 15 percent of the market share in the country's children aged 0-14 segment.
The company’s products range is geared towards consumers of all ages. Its collection stretches from bold, urban looks, to elegant, formal office attire. At the same time, the OVS price tag targets the mass consumer segment.
An increasing middle-class population has made Vietnam a magnet for international fast fashion brands, industry insiders have noted.
The middle and affluent class, categorized as those earning US$714 a month or more, would double to 33 million, about a third of the population, between 2014 and 2020, the Nikkei Asian Review reported recently, citing a study by the Boston Consulting Group.
Market research firm Nielsen estimates the number of middle and affluent class Vietnamese will reach 44 million by 2020 and 95 million by 2030.
By late 2017, there were some 200 international fashion brands, including Zara, H&M, Stradivarius, Pull & Bear and Massimo Dutti, in Vietnam, accounting for more than 60 percent of the market share.
A survey released in October last year by market research firm Q&Me showed fashion items topping online purchases in Vietnam, followed by IT products, cosmetics, food and beverage, and books and stationery.
According to Statista, a database portal of statistics, consumer survey results and industry studies, the apparel market will be worth US$2.74 billion this year and is set to grow at 7.7 percent annually until 2021.