AEON, the Japanese retailer, launched its new private brand My Closet, at a competitive price, in AEON Mall Binh Tan, Ho Chi Minh City.
|AEON Mall Binh Tan. Photo: AEON|
According to Nikkei Asian Review, the Japanese retailer’s fast-fashion products will cost 50-75% of its rivals like Sweden’s H&M and Japan’s Uniqlo. The new lineup features 400 items, targeting 16–24-year-old women, who are willing to spend more money on shopping.
For instance, while T-shirts from a Western or Japanese company may be priced from VND200,000 (US$8.5) to VND300,000 ($12.75), the My Closet’s price is about VND150,000 ($6).
“We aim to make it Aeon's first fast-fashion foray”, Yasuyuki Furusawa, General Director of Aeon Vietnam, told Nikkei Asian Review.
The retailer is expanding its private labels in Vietnam with the recent launch of Topvalue, Hóme Cóordy (the private brand for household products and furniture) at the MaxValu supermarket chain, as part of creating momentum for future growth.
Speaking at the opening ceremony of the Nine – a new retail format in Hanoi, Yasuyuki Furusawa said: “The biggest goal of AEON Vietnam is to meet the needs of customers, help customers shop more conveniently by increasing our presence, developing new formats, and expanding business locations. In addition, AEON Vietnam also focuses on developing private brand products with AEON's characteristics. We will also promote digitalization, e-commerce, and cashless payments.”
According to AEON’s representative, the products are processed at local factories, and the production process of the items is expected to take only one-two months. The retailer also considers offering the clothing brand on Vietnamese e-commerce sites as well as in neighboring countries such as Malaysia.
Aeon established its first shopping mall in Vietnam in 2014 and has opened around 200 stores in the country, including supermarkets and six malls (two commercial centers in Hanoi’s Long Bien and Ha Dong districts).
With the MaxValu chain, the Japanese investor aims to open 100 small and medium supermarkets in Vietnam by 2025.
Statistics from Statista showed that revenue in Vietnam’s apparel market amounts to US$5.91 billion in 2022. The market is expected to grow to $7.33 billion in 2026 at a compound annual growth rate of 5.54%.