Generating revenue of over US$40 million from the two Zara stores in Hanoi and Ho Chi Minh City, Vietnam has become the second largest market of Mitra, only behind its base in Indonesia.
In addition to Zara, Mitra also franchises other international brands such as Starbucks, Burger King and Topman in Indonesia.
Meanwhile, H&M with four stores posted revenue of VND322 billion (US$13.85 million) in the January – June period, of which, the fast fashion brand reported revenue of VND175 billion (US$7.52 million) in the second quarter, up 16% month-on-month, reported The Leader newspaper.
For a population of nearly 100 million, of which the majority is at young age with a steady growth of income per capita, Vietnam is considered potential market for fashion retailers. In addition to Zara and H&M, other brands such as Uniqlo and Forever 21 are also planning to enter the Vietnam’s fashion market.
Mitra opened its first Zara store outside Indonesia in Ho Chi Minh City in September 2016, three months later, its second store was launched in Hanoi.
By the end of 2017, H&M marked its entrance into the Vietnamese market with the opening of its first store in Ho Chi Minh City. The brand currently has four stores in the countries, of which two stores are in Ho Chi Minh City and two in Hanoi.
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