H&M will officially open its first Vietnam outlet in 2017.
According to Inside Retail, though no further details have been released about the specifics of the Swedish firm’s Vietnam debut, however the company also has plans to launch stores in Iceland, Colombia, Kazakhstan and Georgia in 2017.
Following the debut of Zara in the country last month, fast-fashion retailers have increasingly set their sights on Vietnam. On September 8, the H&M rival drew scores of shoppers to their two-story outlet, located in the Vincom Center, and pulled in roughly VND5.5 billion in sales, according to unofficial reports from Inside Retail.
As a result, the news source is now calling Vietnam the “next Asian battleground for the fast-fashion industry”, speculating that other major international brands such as Uniqlo and Forever 21 could appear on Saigon’s streets one day soon.
Beyond H&M, the Hennes & Mauritz Group also owns several other brands, such as Cheap Monday, & Other Stories, COS, Weekday and Monki, and boasts over 4,200 stores in 64 markets worldwide.
[Photo via Avenue Gallery]
