Before falling in love with fashion, you worked in the aviation field for a while. What inspired you to move over to the fashion field?

I began my career as a flight attendant with Vietnam Airlines, where I worked for over seven years. The job allowed me to visit many places around the world and experience new cultures. It was an amazing time for Vietnam, as the country was opening up more and more to the world. There was a real sense of future prosperity for anyone who wanted it and was willing to take the opportunities at hand.

One thing I quickly realized being overseas was how many cool, famous fashion brands people were wearing that I’d never seen available in Vietnam. I used to spend my free time shopping, and when I’d come back home my friends would always notice my new clothes, shoes or bags and ask me where I got them. I soon felt there could potentially be a huge opportunity in the market for international fashion brands in Vietnam.

Then one day, on a business trip to Singapore that I’ll never forget, I spent $300 on two huge bags of Mango clothing. I was so happy to wear them, because they were affordable and beautiful, and I also sold some to friends, who also loved them. I felt the brand might be suitable for Vietnamese people, and soon after started to approach Mango, taking the first steps in my fashion career.

Can you tell us about the journey you went through, the challenges and opportunities, in MRMI’s rise to becoming a “fashion empire” ? Especially in the early days of starting the business, as few people had thought about bringing international fashion brands to Vietnam …

When I initially intended to bring Mango to Vietnam I had no relationships to rely on. I had to create my own relationships, by approaching people. At first, no one knew who I was. Few foreigners had paid much attention to the Vietnamese market at that time, mainly focusing instead on the Chinese and Indian markets. But I persisted, calling every week, and finally, Mango invited me to come to Spain. We worked for almost two years before we were given the rights to bring the brand to Vietnam. We opened our first Mango store in 2004, in Ho Chi Minh City, and haven’t looked back.

I thought I would be successful if I could clearly present the market and the opportunity, and touch on points that I felt the partners were looking for. Ultimately, all of these international brands are looking for trusted local partners with local expertise. When I contacted Mango, I had to show them new things and the needs of the Vietnamese market. Understanding Vietnamese consumers and the Vietnamese market is key to securing brands.

After two decades in the fashion market and having recorded admirable achievements, what are the core values MRMI pursues? What factors make a difference and make MRMI’s name so reputable in the fashion field?

Warren Buffet and Bill Gates were both asked in interviews to choose one word that they believe has contributed to their success. Without hesitation, they both said “focus.” To me, focus is essential.

So often, especially in Vietnam, it seems that once companies and entrepreneurs start enjoying some level of success, they lose focus and begin to over diversify, trying to invest and expand into many non-core businesses. To me, the more industries and business models you diversify into, the more your essential resources like time, capital, energy, and team attention gets spread thin. Plus, you will be going up against incumbents with way more experience and know-how than you. For me, I just do fashion. I’m not letting any distractions get in the way that don’t forward our objective to be a leading fashion retailer in Vietnam and Southeast Asia.

High quality is also essential. I firmly believe that MRMI has the highest standards of quality when it comes to the fashion industry. For every brand we decide to bring into the market, my team probably considers and rejects 20. We also spend a tremendous amount of time considering where to open stores, and reject a lot of locations with other high-end brands if they don’t meet our internal criteria.

Equally important is integrity. Maison encourages open and direct communication, where everyone’s opinion is heard in an open-minded manner. Open and direct communication sometimes means having uncomfortable conversations, but that’s essential to reaching the truth and achieving an outcome that is in everyone’s interests.

Lastly is playfulness and diversity. Work takes up a large part of your life, so why not have fun while you’re doing it? At Maison, we respect diversity and people’s ideas. We work hard to ensure that there are always opportunities for our team in both their career and self-development. We believe that our human resources are a core asset that strengthens our business and sustains our growth.

How do you view the potential of Vietnam’s fashion market?

Vietnamese people have become more affluent since the early 2000s, with purchasing power steadily increasing and being spread out quite evenly across all cities and provinces. It’s now one of the fastest-growing economies in the world, with a uniquely young demographic. Nearly 65 per cent of the population of 98 million is under the age of 35.

There’s never been a better time to be a fashion retailer in Vietnam, with consumption being driven by the rapidly-emerging middle and upper middle classes. The fashion market is expected to hit $8.6 billion by 2025, growing at a combined annual growth rate (CAGR) of 8.6 per cent; far outpacing its regional peers. I can proudly say that our company is perfectly positioned to capitalize on this growth and the opportunity it presents. If you look at our portfolio, nearly 85 per cent of our brands are in the mass-aspirational or sportswear segment, with an additional 15 per cent in the mid to high-end segment, which matches where the majority of economic growth and consumer demand will come from in the years to come.

In addition, this excellent economic development also comes from tier 2 and 3 cities around the country and the incredible supply of new and upcoming high-quality real estate developments and commercialized shopping streets nationwide. When you consider all of this, the growth potential is truly exciting.

What is your vision over the next 5-10 years for MRMI in particular and the domestic fashion industry in general?

Our company is currently generating over $110 million in revenue, with 80 per cent of our stores being located in Hanoi and Ho Chi Minh City. Over the next five years, we expect tier 2 and 3 cities to make up at least 30 per cent of our growth, and our overall sales are forecast to reach $400 million by 2027, driven by expansions to our existing portfolio of popular brands, the introduction of new brands, expansion into new cities, and the excellent growth of our e-commerce and online platforms.

With foresight and recognizing fashion as an industry with long-term development, within the next five years, Maison will post three-fold growth in scale and have more than 400 stores nationwide with several new brands, and will also be listed on the stock exchange. Maison aspires to become a leading fashion retailer in Vietnam.

Can you tell us a little bit about your style? What are some of your favorite fashion brands that you often wear to work or wear daily?

I am pretty diverse in choosing fashion brands to suit my daily life and work. I could wear Charles & Keith, Pedro, Coach, Gigi, or Ceci, and also love MLB - one of the famous fashion brands from South Korea. When walking or hanging out with friends, I wear Pinko and Marhen. J, Max & Co. and on the weekend Max Mara, because the style and the designs from these brands are very fresh.

I also have experience finding many high-quality brands without fear of being punished. I often wear Charles & Keith and Pedro’s clothes because, for less than VND2 million ($85), it is possible to own many beautiful shoes, sandals, bags, and fashion accessories.

During your 20 years in business, what do you see yourself as having gained and lost? If you could go back 20 years, would you choose to start out in the fashion business?

I often look at things positively, to share what I have gained. We only have one life, so why choose a boring life? I love fashion, so I decided to start a fashion business. I have been in the fashion business for 20 years. For me, it is joyful. If I could go back, I might still choose fashion to start a business.

An Interview From Forbes Vietnam.