Italian luxury brand Bvlgari opened its first store in HCMC at the end of February, making a ‘comeback’ to the Vietnamese market.
The new store opened at the end of February in Ho Chi Minh City’s, downtown District 1, but because of ongoing COVID-19 restrictions, there was no formal opening ceremony since both company executives and city health officials wanted to minimize large numbers of people gathering for the opening.
Bvlgari, aka, Bulgari S.p.A. is an Italian luxury brand that was founded in 1884 and known for its jewellery, watches, fragrances, accessories and leather goods. Some of its products cost more than $30,000 USD and it is a brand that caters to both the nouveau riche and the ultra rich.
Bvlgari was previously in Vietnam, with its products sold through a local distributor, but in March 2019 Bvlgari terminated its distributor agreement in October 2019 established a subsidiary in Vietnam.
A spokesman for Bulgari Vietnam discussed the opening of the new Ho Chi Minh City store and said that the company had returned to Vietnam due to the long-term potential of the market.
The spokesperson told local media that, “It is the right time to return since we will be able to approach our potential customers, who usually buy luxury products when traveling to foreign countries."
Statista, a consumer data company reports that the Vietnamese luxury goods market is expected to be worth $1.14 billion USD this year and grow at an average rate of more than 7% annually until 2025.