UK Debenhams retailer to enter VN next year
UK Debenhams retailer to enter VN next year
Debenhams, the multichannel department retailer, is set to drive its international presence further by launching its brands in the Vietnamese market next year.
The move comes on the back of agreements with local market partner VinDS, part of Vingroup, one of Viet Nam's largest private companies.
According to a press release issued by Debenhams, Vingroup will distribute products in their Fashion Megastore department store chain from early 2016, offering select womenswear and menswear brands to be sold in 15 stores across the country by the end of the year.
Debenhams Chief Executive Michael Sharp said, "Selling our own brands outside of Debenhams offers a new leg of growth for the business. Our distribution agreement with Vingroup in Viet Nam will introduce our brands to this exciting market for the first time."
Sharp said the opportunity for Debenhams to expand internationally would include distributing the firm's products to new customers and working with Vingroup in Viet Nam, enabling it to complement the existing Fashion Megastore's offerings with more diverse items.
"Working with Vingroup, we will equally benefit from their market-leading knowledge and expertise in the Vietnamese market. Plans to grow the Fashion Megastore concept over the coming years will see Vingroup take a dominant position in the department store sector, which Debenhams will now be a part of," Sharp said.
Munish Rishi, CEO of VINDS (Consumer lifestyle arm of Vingroup), said he believed the partnership would bring significant value to the company's Fashion Megastore proposition and would prove an attractive offer for Vietnamese consumers seeking fashionable, high-quality and affordable products.
"We plan to bring the best of Debenhams' brands to market as a key differentiator for our Fashion Megastore's brands, with eight additional stores opening in the next two months and plans to launch 30 stores over the next three years," Rishi said.
Debenhams currently manages 248 stores across 28 countries, opening its first international store in Bahrain in 1997, followed by further stores across the Middle East, including Egypt, Kuwait, Iran and Jordan, as well as Libya, Qatar, Saudi Arabia, Turkey and two emirates in the United Arab Emirates (Dubai and Abu Dhabi). Stores are also located in Europe and Southeast and Southwestern Asia.
