Objective: to identify a local partner in Vietnam for Tory Burch, a fashion brand, with strong experience in luxury retail and the ability to offer premium locations for the brand’s stores.
Project Background:
Tory Burch, a renowned fashion brand specializing in luxury goods, partnered with IN Asia and his founder Gael Hornbeck to support finding a distributor in Vietnam who possesses expertise in luxury retail and can provide premium locations for their brand.
Solutions:
To address Tory Burch’s requirements, SOA implemented the following solutions:
- Diagnosis: SOA conducted a comprehensive analysis to gain a clear picture of how affordable luxury fashion goods are marketed in Vietnam. This diagnosis provided invaluable insights into the local market, including consumer preferences, competitors, and market trends.
- Focus Panel: SOA organized a focus panel to test the products on target audience of Tory Burch. Allowing for direct feedback and insights from the target consumers. This feedback facilitated the refinement and optimization of Tory Burch’s offerings in line with the preferences of the Vietnamese market.
- Prospection: SOA engaged in proactive prospecting activities to evaluate partnership opportunities with local retail operators/distributors. By reaching out to potential partners and thoroughly assessing their capabilities and alignment with Tory Burch’s requirements, SOA identified promising leads for partnership opportunities.
Results:
Source of Asia successfully supported Tory Burch with the following results:
- An extensive 82-page market report was delivered, providing detailed information on the marketing landscape for affordable luxury fashion goods in Vietnam. That leads to helping Tory Burch with crucial insights for strategic decision-making.
- The focus panel, consisting of 14 participants, offered valuable feedback on Tory Burch’s products, enabling the brand to make improvements and adjustments based on the preferences of the target audience in Vietnam.
- During the prospection phase, SOA identified 9 high-priority leads, representing potential local retail operators and distributors who demonstrated strong capabilities and alignment with Tory Burch’s brand identity and requirements.
With these results, Tory Burch is well-positioned to establish a strong presence in the Vietnamese luxury fashion market. By partnering with a local entity experienced in luxury retail and offering premium locations, Tory Burch can effectively cater to the target audience and achieve its business objectives in the fashion sector within Vietnam.
