Fashion CEO Vu Linh solves the problem of developing domestic brands

Market signal recovers

Currently, CEO Vu Linh is in high demand. How do you evaluate the Vietnamese fashion market in early 2025?

After the COVID-19 pandemic, especially in 2023, the retail and fashion industry will face difficulties due to consumers cutting spending on non-essential products. However, from the third quarter of 2024, the market has shown signs of recovery as people have a need to buy clothes, especially to travel more.

On the occasion of the Lunar New Year 2025, IVY moda recorded higher revenue growth and customer base compared to 2024. An important indicator is that the average value of the product has increased by 16-17%, showing that customers are starting to spend more. Compared to the same period last year, our revenue increased by 19%, although there was a slight decrease in the number of stores. Although the economy is still facing difficulties, this is a positive signal for the industry's recovery.

In addition to famous international brands, many Local brands are increasingly developing and having their own customer base. Does this create competitive pressure with existing used brands in the market?

In recent years, many domestic fashion brands have entered the market and quickly gained a foothold thanks to bold, accurate and punctual steps. Of course, there are also many brands that have failed and gone bankrupt due to great competitive pressure.

However, specific brands such as IVY moda were not affected much. Up to now, our customer base has been quite clear, mainly women working, with families, mainly shopping age from 35-38. While domestic brands target younger customer segments, prefer bold, different trends.

Each customer will divide their budget into many brands. It is not true to say that other brands appearing on the market do not affect us. However, we know the customers well and always optimize the amount of money that customers want to pay.

Finally, I believe that the appearance of many brands in the Vietnamese market today will contribute to the development of the fashion industry, enhancing aesthetic taste and customer choice. When customers have more options, they will be more satisfied.

The sustainable fashion trend has been pursued and honored by many brands over the past decades. Does IVY moda have a development and promotion strategy following this trend?

Instead of communicating in an extreme way, we aim for the durability of the product to be felt by customers. Accordingly, we choose to produce shapes that both follow trends and allow customers to wear them for a long time, not 1-2 seasons but 6-7 seasons are still durable and beautiful, not outdated.

In 2025, we will have a campaign for customers to bring products from 10 years ago to the store and exchange them for a new shirt. This campaign comes from the sharing of customers from the products they still wore 10-20 years ago. That is our way of talking proudly about our own sustainability.

In the context of economic difficulties, how has your business adjusted its apparatus to overcome this period?

When sales increase, human resources will increase and when sales decrease, human resources must also decrease. This is a business principle that cannot be changed.

Over the past two years, we have reduced about 20% of our personnel to optimize the apparatus, reduce costs and eliminate ineffective positions. After the cut, the apparatus is still operating effectively, proving that the optimization has been successful.

At IVY moda, there are no positions such as Deputy Head of Department or Senior. All employees do practical work and optimize their work performance. The head of the department still spends 80-90% of his professional time, only a small part for the manager, helping employees learn quickly and accumulate experience.

The working environment at IVY moda is clear, without discrimination or outside factors. Everyone is truly dedicated and sees their self-worth in the company. Therefore, many employees are attached to it for a long time. When leaving, they all had enough knowledge and experience to continue their careers.

Having worked in many different positions in the business, will it help you understand employees and support brand management and operation in the future?

A lot. For example, before taking on my current position, I used to be a sales accountant and head of retail. Thanks to that practical experience, in 2022, I decided to cut these 2 positions to streamline the apparatus without greatly affecting business operations. If I were just a simple manager, it would be difficult for me to understand this job in depth.

For those with a lot of experience, they can see unnecessary positions just by observing. However, for me, as a younger and less experienced person, being self-employed through those jobs helps me have a comprehensive view of how to operate a business and understand the practical needs of positions in the apparatus.

Affirming the role of CEO at the age of 30

Appearing as a recruitment CEO with 5 other famous bosses in the program "Opportunity for Whom", this gives him what opportunities and lessons?

Through two seasons of participation, I have learned a lot from colleagues from different industries such as retail, technology, etc. Each person has an in-depth perspective on business, human resources, and recruitment. Listening to and interacting with them has helped me improve many of my views. Even when my opinions are refuted, they always make clear and easy-to-understand arguments, helping me to further reinforce my ideas.

The most valuable thing I have is my relationship with these CEOs. In addition to the program, we still often meet, share and exchange work. I also found suitable personnel for businesses through the program.

Is participating in the program with big bosses with a lot of experience in age and career being the way for him to affirm that he is no longer the "Rich Kid" as the press once shaped him?

In 2020-2021, every time I saw the phrase Rich Kid associated with my name, I felt uncomfortable and a little uncomfortable. At that time, I still didn't know how to face that way of seeing things. But after two years, when I became more open to the media and showed everyone what I was doing, I realized that the phrase was gradually no longer associated with my name.

Now, no matter who mentions it, I'm not upset anymore. On the contrary, I feel happy that people are starting to pay more attention to what I am doing and the results I am achieving, instead of just being attached to the "rich kid" label. When my name is mentioned, people just call it "Vu Linh", and I am very happy with that.

At the program, he shared many famous lines on social networks. Do these statements reflect your true personality?

My personality has many different aspects, depending on my circumstances and environment. I often joked that I had many "persones", that is, wherever I was, I would adjust myself to suit the context.

For example, CEO Nguyen Trung Dung ( human Foods) once said when he met me in real life that I was very different from when I participated in the program. He told me to look like an "old man" in "Opportunity for Who", but in real life it is very youthful. I learned from that saying. And in the second season, I chose an outfit that more stuck to my style.

Regarding the philosophies in Opportunities for Whom, that is exactly what I want to share with everyone. When participating in the program, I want to bring real values to the audience. The audience not only wants to entertain but also wants to learn from the participants. Therefore, I try to share views, perspectives, and lessons learned from work and life, helping the audience to draw out things that are useful to themselves.

I always hope that each of my statements in the program brings practical value. If there are conflicting opinions or disagreements, I am ready to listen and accept them.

Thank you for sharing.