“I sell high-end products at reasonable prices so that many Vietnamese women can dress more beautifully,” designer Dang Minh Phuong, who’s struck fame with her My Lullaby brand, tells The Investor.
As a designer and a businesswoman, how do you assess the fashion needs of Vietnamese women today?
The domestic fashion market in Vietnam has great potential because Vietnamese women and women the world over like to dress beautifully. The need to dress beautifully is huge, reflected in the fact that every week and every day, women feel the need to have new clothes.
In meeting this need, domestic brands have the advantages of highly skilled workers, cheap labor costs and abundant supplies of fabric. Ordering a foreign dress will take a lot of time and money, but dresses made here can be delivered one day after ordering.
In addition, our biggest plus point is that we understand the form of Vietnamese women.
What direction have you chosen for yourself in the fashion business? What are the difficulties you’ve faced and how have you overcome them?
In business, I chose a very different path than the normal, focusing most on keeping the customer experience at a high level when shopping at My Lullaby.
All of My Lullaby stores are located on main streets with large areas and have the look of luxurious, sophisticated boutiques. This is a rather difficult path, especially in difficult economic times when customers tighten spending and shift towards online shopping.
My Lullaby creations use high-quality fabrics and are completely hand-embroidered. However, our prices are extremely affordable. This means managing balance costs, revenue and profit.
Adversity brings wisdom, they say. My Lullaby has come a long way to where it is today because of perseverance and the mindset of putting customer experience first.
Customers are always smart. They understand what we do and we have gained an ever-widening base of loyal customers, helping us stay steadfast in our business approach.
Is selling high-end products at affordable prices a strategy to retain customers?
Instead of pouring cash into brand advertising campaigns or organizing epic fashion shows, I focus on customer care, heeding customer interests directly.
In fact, the prices of fashion items at My Lullaby are said to be three times lower than similar products developed by other fashion brands. But our pricing has the clear aim of having many women access high-end fashion at more reasonable prices.
The strategy is to target a majority of consumers because My Lullaby does not spend too much on advertising or inviting celebrity models or organizing fashion shows. Instead, we focus on serving a larger population.
You have received widespread acclaim as a successful woman. How do you define success for yourself?
For me, a successful woman is one who knows how to exploit and develop her internal strengths and potential, making her become the best version of herself while creating a life happy life every day for herself and people around.
So I would say that I have achieved some success in my life.
The word “grateful” is often overused these days, so I use it very sparingly. However, in this case, I think that I should use it. I am grateful for being born with unique qualities, for having undying passion and for always trying to turn the passions into practical things to make my everyday life better.
I am fortunate to have a solid career which also offers a flexible schedule, giving me time to take care of my family. Every evening, I can still cook a meal that my children look forward to eagerly.
To balance work and family, I always follow the principle of "choosing things to do," prioritizing things I do best and that need me most.