Stefano Ricci, which entered the Vietnamese market in mid-2025 with its first flagship store at Rex Hotel in Ho Chi Minh City, has seen significant growth. This growth is driven by an expanding affluent customer base and rising demand for handcrafted, personalized products.

According to a Stefano Ricci brand representative, luxury goods were once primarily seen as status symbols. Today, high-end customers show greater interest in the story behind each product, including materials, craftsmanship, heritage value, and its ability to reflect the owner's lifestyle.

This shift in consumer values aligns with Vietnam's economic outlook. Knight Frank forecasts Vietnam to be among the 5 fastest-growing markets globally for ultra-high-net-worth individuals during the 2026-2031 period. This presents a fertile ground for brands pursuing distinctive and sustainable values to expand their operations.

The evolving market creates favorable conditions for fashion houses like Stefano Ricci, which uphold a philosophy of artisanal craftsmanship, to thrive in Vietnam. Beyond offering new options in the ultra-luxury segment, the Italian brand also brings made-to-measure and handcrafted artistry closer to the business community.

As technology and artificial intelligence simplify access to products, information, and trends, unstandardized values like crafting time, artisan skill, and material rarity are increasingly becoming new benchmarks for luxury goods.

Jonathan Hanh Nguyen, Chairman of IPP Group (left), with Filippo Ricci, creative director and founding family member of Stefano Ricci, at the opening ceremony of the Stefano Ricci Rex Hotel store. *Photo: SR*

Jonathan Hanh Nguyen, Chairman of IPPG, believes success in the luxury market extends beyond introducing brands to Vietnam. It also involves establishing a connection with customers through experiences and the values the brand embodies.

A DAFC representative, a member of IPPG, stated that nearly two years of preparation, adhering to Stefano Ricci's strict standards, reflects the company's confidence in Vietnam's market potential. This commitment also upholds the brand's core values, cultivated over more than half a century: Florentine craftsmanship heritage, rare materials, and a philosophy striving for perfection.

After one year of operation in Vietnam, Stefano Ricci observes a significant shift in the purchasing behavior of successful entrepreneurs. Previously, buying decisions were primarily brand or product-driven. Now, customers invest more time in personalized consultations and custom crafting.

Brand representatives report an increasing demand for made-to-measure (MTM) and bespoke services. Many customers explore these tailored options to acquire designs with a personal touch, distinct from mass-produced items.

Stefano Ricci's creations are crafted from premium materials. *Photo: SR*

For many entrepreneurs, a suit or accessory must not only fit well but also reflect their lifestyle and values. Consequently, selecting materials, colors, and finishing details becomes integral to building personal identity.

Alongside the personalization trend, there is growing interest in the art of craftsmanship itself. Beyond the materials, customers also seek to understand the product creation process and the value of the underlying manual techniques.

Stefano Ricci's "100% Made in Italy" philosophy is evident in every design. According to the brand, a bespoke product undergoes over 200 steps in more than 40 hours, with approximately 30 steps completed entirely by hand. Customers can choose from around 800 types of materials, including exclusive fabrics from Antico Setificio Fiorentino, a historic silk mill in Florence established in 1786 and now owned by Stefano Ricci.

Pierpaolo Di Fonzo, a master tailor from Florence (far left), provides direct consultations at a trunk show. *Photo: SR*

Beyond the product, the experience is also a vital component of the ultra-luxury segment. Private consultations, exclusive trunk show events featuring Italian artisans, and a guided process from material selection to final product completion are highly valued by many Vietnamese entrepreneurs.

Stefano Ricci reports that the number of customers booking made-to-measure services at trunk shows has surpassed expectations. This indicates a growing demand for personalized luxury fashion and reflects a shift among customers from simple product ownership to seeking sustainable values and unique experiences.

Thai Anh