Choi Junho, CEO of Castelbajac, Joins Yoon's Economic Delegation on Vietnam Visit
Following the US, ASEAN Market Seeks to Secure Competitiveness of K-Fashion
President Yoon Suk-yeol will be accompanied by CEO Choi Jun-ho, who leads Fashion Group Hyungji and Castelbajac, as part of the economic delegation during his scheduled visit to Vietnam from the 22nd to the 24th, the company announced on the 15th.
Fashion Group Hyungji plans to accelerate its strategy to establish Castelbajac as a flagship brand representing 'Global Hyungji,' following CEO Choi's participation in the economic delegation. After entering the U.S. market this year, the group aims to showcase the prestige of K-fashion in the rapidly growing ASEAN market as well.
Vietnam boasts a massive domestic market with a population nearing 100 million, and from 2016 to 2021, it recorded the highest middle-class growth rate in Southeast Asia at 10.1%. Over the next decade, the middle-class population is expected to increase by 23.2 million to reach 56 million, ranking third after Indonesia (+75.8 million) and the Philippines (+37.5 million).
Castelbajac expressed its ambition to sustain the competitiveness of K-fashion in the long term by expanding its supply chain through collaboration with companies responsible for the ASEAN market economy. Last month, Castelbajac signed a memorandum of understanding (MOU) with Central Group, Thailand's largest distribution company, to secure supply chains. Central Group operates 120 department stores and 16 luxury flagship stores across 80 cities in 11 countries. It entered Vietnam in 2011 and currently runs over 30 shopping centers and more than 200 stores there.
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CEO Choi stated, "We have long prepared to target not only Vietnam but also the ASEAN market, which boasts high economic growth rates and population density. Through a solid partnership with Central Group, which has an extensive distribution network across the ASEAN market, I am confident that we can establish our position as a leading representative of K-fashion."
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