Spanish fashion brand targets five new markets this year, of which Vietnam is one.
Vietnam, New Zealand, Paraguay, Aruba, and Nicaragua are five new markets for Zara, a brand of Spanish fashion corporation Inditex, in its bid to open between 280 and 360 new stores this year.
Vietnam promises great opportunities for Zara as the majority of its population are young to middle age, Zara Vietnam wrote on its website. “The rapid urbanization and globalization in Vietnam has seen the number of consumers who care about international high street fashion increase dramatically,” it said.
Zara made the decision to enter the market because of the potential from more and more young Vietnamese pursuing fashions not readily available in the country.
Zara Vietnam also pointed out that many local brands are failing to offer modern clothing styles and what they do offer can be quite expensive, so Zara certainly has a fair chance of moving in to the untapped segment.
The success of Zara saw Mr. Amancio Ortega, founder of Inditex, become one of richest men in the world. The corporation’s market capitalization now totals some $102 billion.
It opened 330 new stores around the world last year.