Japanese global apparel retailer UNIQLO officially announced its launch date in Vietnam on November 5 in Ho Chi Minh City.
The brand’s first store, UNIQLO Dong Khoi, will open on December 6 in the southern city.
The 3,000 square meter store, one of its biggest in Southeast Asia, will be located at the Parkson Saigon Tourist Plaza on Dong Khoi Road, a high-end shopping street in HCMC’s District 1, which gathers a number of international fashion brands such as Zara and H&M.
Uniqlo started listing products for men, women and children on its Vietnamese website last month.
Also last month, it began recruiting salesclerks in Hanoi, after establishing its Vietnam business with a charter capital of $8.8 million.
“UNIQLO Dong Khoi is one of our largest UNIQLO stores in Southeast Asia, and we hope it will become a magnetic new focal point of Ho Chi Minh City’s lively retail scene. The store will offer both Ho Chi Minh City people and international visitors a unique shopping experience, with a full line up of LifeWear for men, women, and kids available on three levels. We look forward to welcoming our first customers on December 6,” said Osamu Ikezoe, co-chief operating officer of UNIQLO Vietnam.
The UNIQLO Dong Khoi will be operated through a joint venture between Fast Retailing and Mitsubishi Corporation, who will own 75% and 25% of the company, respectively, reported Nikkei Asian Review.
To support the launch, UNIQLO also unveils Elevate Everyday, a beautiful visual campaign introducing LifeWear to Vietnamese customers. The campaign celebrates the vibrant culture and optimism of Ho Chi Minh City through its most prominent innovators and illustrates how UNIQLO LifeWear enriches each moment of life in the city.
The Elevate Everyday campaign emphasises how LifeWear responds perfectly to the specific life needs of all who call Ho Chi Minh City home, elevating the day-to-day moments of its people through a combination of function, quality, and style. The campaign’s lead video follows a diverse and popular cast from the city’s milieu, from business, sports, arts, and fashion. Each personality connects LifeWear to their own unique Ho Chi Minh City moments, offering special insights into how LifeWear can elevate the everyday moments for everyone in the city.
The Elevate Everyday cast includes Ngo Thanh Van, a multitalented artist and iconic Vietnamese woman; Bui Tien Dung, a footballer; Helly Tong, a model and entrepreneur; Tran Hien, a model and activewear enthusiast; Qui Duc, a writer and interior designer; Pixself, a photographer and passionate skater; Thu Anh, a model and actress; Minh Ngoc, a model; Mai Cat Tien, an actress and graphic designer; and Duong Xuan Hieu.
Vietnamese consumers currently acquire UNIQLO products via online shopping or unofficially imported by small retailers.
UNIQLO is a brand of Fast Retailing Co., Ltd., a leading Japanese retail holding company with global headquarters in Tokyo, Japan. With global sales of approximately ¥2.2905 trillion (87.6 billion) for the 2019 fiscal year ending August 31, 2019, Fast Retailing is one of the world’s largest apparel retail companies, and UNIQLO is Japan’s leading speciality retailer.
The brand had 213 stores in the Southeast Asia as of last year and plans to double the number of its stores in Southeast Asia and Oceania to about 400 by 2022. Uniqlo's global network spans 24 markets in Asia, Europe, North America and Australia, operating roughly 2,200 stores, according to the company.
UNIQLO continues to open large-scale stores in some of the world's most important cities and locations as part of its ongoing efforts to solidify its status as a global brand.
For a population of nearly 100 million, of which the majority is at young age and with steady growth of income per capita, Vietnam is considered a potential market for fashion retailers.
Vietnam’s fashion market is estimated to grow to over $3.8 billion this year and over $5 billion by 2021, according to BMI Research.
Before UNIQLO, a number of global retailers have entered Vietnam to tap this potential. In 2018, the daily revenue of H&M Vietnam was estimated at VND1.8 billion (US$77,312), while Zara Vietnam recorded revenue of VND1.7 trillion (US$73 million) with two stores in Hanoi and Ho Chi Minh City.
Fast fashion brands like UNIQLO, H&M, and Zara are expanding in Vietnam as local consumers become richer and more brand-sensitive. Germany-based market research company Statistics Portal projected the growth rate of Vietnam’s fashion market in the 2017 – 2022 period is 22.5%, taking the market size to nearly US$1 billion by 2022. Vietnam’s revenue from the fashion segment amounted to $486 million in 2017 and $557 million in 2018, and is projected to reach $661 million this year.