Italian luxury house Bulgari has opened its first brick-and-mortar store in Ho Chi Minh City, marking its comeback in the country.
Spanning 194sqm, the Bulgari Vietnam store is located at Union Square shopping centre, featuring the brand’s full range of jewellery, including its famous Serpenti rings, bracelets and necklaces.
Bulgari first entered Vietnam in 2014 via local distributor Imex Pan Pacific Group and operated until March 2019. In this comeback, the brand set up a member company named Bulgari Vietnam in the country for direct import and distribution.
According to the brand’s spokesperson, Vietnam is considered as a potential market for the luxury sector due to stable economy and rapid growth. According to data company Statista, Vietnam’s luxury goods market is estimated to reach US$1.14 billion this year and achieve 7.17 per cent growth annually until 2025.
“We believe this is a good time to bring the brand back to Vietnam,” said the spokesperson. “Overcoming current obstacles will help us to reach a potential customer base that in normal circumstances, they would shop our products overseas.”
Due to the on-going Covid-19 situation in the country, the brand operated without any launching event.