This move is said to underscore the Procter & Gamble-owned brand's commitment to expanding its global footprint and catering to the growing demand for luxury skin care in the emerging South East Asian market.
"Not only is Vietnam becoming one of Asia's fastest-growing luxury markets, but we recognise there is a high consumer demand for SK-II,” said global CEO of SK-II, Suekyung Lee.
“At SK-II, consumers are at the heart of all that we do, and we seek to continuously understand her and serve her better than anyone else. We are excited to be able to serve our Vietnamese consumers and PITERA lovers with SK-II’s PITERA product innovations, brand experiences to help achieve her own journey to Crystal Clear Skin.”
The market's rapid growth itself is a significant draw. Vietnam's steadily advancing economy has boosted disposable incomes, enabling more consumers to invest in beauty and personal care products.
Furthermore, it is home to a large youthful population. A significant portion of Vietnamese consumers fall into the millennial and Gen Z demographics, who mostly have a strong willingness to experiment with new products.
According to a new whitepaper published by Keaney and cosmetics firm LUXASIA, the luxury beauty market in SEA and India is slated to triple in size in a decade, with a CAGR of 11%.
Vietnam was noted as one of the markets with the most promise, as did India, Thailand, Indonesia and The Philippines.
SK-II launched in Vietnam in partnership with omnichannel luxury distributor LUXASIA, which represents the brand across six markets in Asia Pacific – Singapore, Malaysia, Thailand, Indonesia, Australia, and now Vietnam.
“LUXASIA Group is proud to expand our regional partnership with P&G and bring the leading global prestige skincare brand, SK-II, into Vietnam,” said Dr Wolfgang Baier, Group CEO, LUXASIA.
The Japanese skin care brand’s milestone entry was marked with the launch of its high-tech flagship store in Takashimaya at Saigon Centre, Ho Chi Minh City.
Having a touchpoint in the city’s most prestigious luxury retail space is considered a coup for the brand as the Vietnamese retail landscape is highly competitive.
According to SK-II, the next-generation store is equipped with its signature Magic Scan technology, which is based on state-of-the-art facial recognition, computer vision, and Artificial Intelligence (AI) technology augmented by SK-II’s proprietary skin science and diagnostics innovation behind decades of skin research and 1.2 million data points.
With this technology, the brand aims to introduce Vietnam’s beauty shoppers to a “positive skincare counselling experience”. This entails helping them to understand their skin’s strengths and receive personalised product recommendations to unlock “skin’s future potential”.
The launch, held on September 28, was attended by Vietnam’s most notable celebrities, including actresses Chi Pu and Ninh Dương Lan Ngọc, as well as former Miss Vietnam, Kỳ Duyên.