Aeon launches clothing line to compete with fast fashion in Vietnam

Update: 08:27 | 12/09/2022

Japanese retailer Aeon launched a new label in Vietnam, focusing on cheap everyday clothing, as an answer to brands like H&M or Uniqlo.

The new lineup, called My Closet, features around 400 items that cost 50%-75% that of its competitors, targeting 16- to 24-year old women, a group of consumers that is growing fast in terms of population and spending.

Aeon, launches clothing line, fast fashion, Vietnam, Japanese retailer, new label, cheap everyday clothing, My Closet

AEON mall in Binh Tan District, Ho Chi Minh City.

Its T-shirt, for example, costs around VND150,000 ($6). That of other Western or Japanese brands is usually priced at VND200,000-300,000.

"We aim to make it Aeon's first fast-fashion" foray, Aeon Vietnam General Director Yasuyuki Furusawa told Nikkei Asia.

Vietnam is becoming Aeon’s "most important market" as it tries to expand beyond Japan, with the local capacity of handling clothing production thanks to a cheap and abundant labor force, which can minimize risk of supply disruption and bring costs down.

It is also considering selling those items on Vietnamese e-commerce sites as well as in neighboring countries, Nikkei reported.

Aeon entered Vietnam in 2014, and has opened around 200 stores in the country, including supermarkets and six malls.

Its rivals, Uniqlo and H&M, entered the market in 2019 and 2017, respectively. They have less locations than Aeon, but are growing fast thanks to the rising middle class that have more money and are eager to shop.

Vietnam has a population of nearly 100 million -- behind only Indonesia and the Philippines in the Association of Southeast Asian Nations -- with a young average age of 33. Its economy grew at over 7% a year before the pandemic, and has been bouncing back as coronavirus curbs are removed.

Bac Giang focuses on removing difficulties, accelerates construction schedule of key projects
(BGO) – The Member of Central Party Committee, Secretary of Bac Giang provincial Party Committee (PPC) Duong Van Thai on September 8 paid a field trip to inspect the schedule of Nhu Nguyet construction bridge ad some projects in Luc Nam district.
 
Vietnam introduces business environment in Japanese prefecture
A forum discussing Vietnam’s business environment was held in Japan’s prefecture of Kanagawa on September 9.
 
Chinese automaker Chery plans to set up plant in Vietnam
China’s state-owned Chery Automobile has said it wants to sell its first made-in-Vietnam car by next year.
 
IMF optimistic about Vietnam's economic growth
The first half of this year saw a swift economic rebound as Vietnam’s pandemic restrictions eased follow source ing the adoption of a living-with-Covid strategy and a robust vaccination drive, according to an article published on the website of the International Monetary Fund (IMF), imf.org.
 
Hanoi family keeps the craft of making mooncake moulds alive
Every year when the Mid-Autumn festival is just around the corner, the family of Tran Van Ban in Thuong Cung Village, Thuong Tin, Hanoi, is busy making moon cake moulds.
 

Source: VnExpress

 
Bình luận mới vừa được thêm vào. Click để xem
Mới nhấtHay nhấtXếp theo: