A new multi-label affluence abundance alms artist labels at discounted prices has opened aloof off Orchard Road.
Mondo Vantaggio, which occupies 13,000 sq ft on the additional attic of Furama RiverFront auberge in Havelock Road, carries added than 40 high-end European brands, including Gucci, Balenciaga, Prada, Burberry and Versace. It carries mainly covering appurtenances and bags, but additionally has a baby addition of ready-to-wear clothes and shoes.
The Straits Times begin that some prices are agnate to those at the brands’ standalone affluence boutiques, while others are about $150 lower. There are additionally prices college than what can be begin at the arch stores, but the discounts offered by Mondo Vantaggio eventually accompany prices down.
Customers get a 15 per cent abatement off all purchases. VIP agenda holders who absorb $20,000 aural six months get a added 10 per cent discount.
Last weekend, Mondo Vantaggio offered a store-wide 30 per cent abatement – a echo action of a 30 per cent auction captivated on its aperture weekend on March 12. Mr Eddie Wong, 54, accumulation arch controlling administrator of the Hong Kong-based company, says the auction on its aboriginal two canicule of business was so well- accustomed that the abundance absitively to echo the action from aftermost Friday to Sunday.
He adds: “For appropriate promotions in the future, it could be 20 or 30 per cent, maybe alike 50 per cent off.”
These discounts accordingly lower the prices significantly.
For example, a covering accessory wallet with breeze cease from Prada costs $860 afore abatement at Mondo Vantaggio. The aforementioned wallet costs $1,000 (inclusive of GST) at the Prada abundance at Paragon and at DFS Galleria Singapore.
A baby Pandora bag in dupe covering from Givenchy is affairs for $2,682 afore abatement at Mondo Vantaggio. The aforementioned bag costs $2,700 (inclusive of GST) at the Givenchy abundance at The Shoppes at Marina Bay Sands and at DFS Galleria Singapore.
A Versace covering haversack with a Medusa adornment retails for $3,740 afore abatement at Mondo Vantaggio. The aforementioned bag costs $3,460 (inclusive of GST) at the Versace abundance at Paragon. The bag costs $3,179 at Mondo Vantaggio afterwards a 15 per cent discount.
On how Mondo Vantaggio manages to accumulate its prices so low, Mr Wong says the abundance is allotment of a aggregation in Hong Kong that is a banker of affluence goods. It can retail these appurtenances at lower prices because it buys in aggregate anon from its source. He beneath to acknowledge the source.
He says: “Our bang-up has actual acceptable access in Europe with these brands, so we can get our commodity anon from the source. Because of this, we are able to action actual reasonable and aggressive prices to our customers.”
The broad business is an accustomed business archetypal in the appearance industry. Well-known multi-label affluence food such as Colette in Paris and Dover Street Bazaar in London and Japan are advised wholesalers as they buy commodity anon from the cast arch to backpack at their stores.
However, there is the abeyant for commodity to acquisition its way to the blah or alongside bazaar when, for example, wholesalers resell what they accept bought to third- affair buyers, or aback there are branch overruns.
Mr Wong declines to acknowledge the character of the architect of the company, but says he is a Singaporean. The company, which started in Hong Kong in April aftermost year, is registered there beneath the name Worldwide Premium Distribution Co Ltd. Its broad business is focused on the Chinese market.
Mr Wong says the aggregation opened Mondo Vantaggio in Singapore to focus on retail.
Mondo is Italian for “worldwide” or “global” while Vantaggio agency “advantage”.
It is not the alone business actuality which sells new artist appurtenances at discounted prices. Affluence online belvedere Reebonz additionally offers new affluence articles at lower prices. According to co-founder Daniel Lim, the aggregation works with authorised affairs agencies to antecedent its merchandise.
The Straits Times contacted affluence brands awash at Mondo Vantaggio, such as Gucci, Salvatore Ferragamo and Prada, to acquisition out how they acquainted about their articles actuality awash at discounted prices. The 12 brands contacted either did not acknowledgment by columnist time or beneath to animadversion on the multi-brand abundance due to “corporate guidelines” or the “sensitive” attributes of this story.
Mr Wong says Mondo Vantaggio is not a business that is activity adjoin the cast principals.
“We are not accomplishing annihilation illegal. We get aggregate anon from the antecedent in Europe. I don’t anticipate any concrete bazaar in Singapore will advertise affected items because that is actionable here.”
He says the commodity the aggregation carries is genuine, abacus that if it was up to any “monkey business”, it would not accept invested so abundant time and money on the store. He says it spent $3 actor on renovations.
Much accomplishment has been fabricated to actualize an abundant feel in the store. Staff associates dressed in acute atramentous accoutrements are stationed a few metres apart, continuing at the accessible with gloves on to abetment customers.
The abundance is abounding with ample shelves that acutely advertise the cast names in big signs aloft anniversary rack.
Though the amplitude is advanced and showcases the array of brands well, the gold and marble adornment does appear off as added nouveau riche than affected sophistication.
There is additionally a VIP room, done up in the aforementioned appearance as the blow of the store, area barter can appeal clandestine viewings of merchandise.
The abundance receives new commodity every two weeks.
So that barter amble a little longer, the abundance additionally has a bistro that can bench 50, run by The Tiramisu Hero. The Singapore cafe, which has an aperture in Tyrwhitt Road, serves ablaze snacks, coffee and desserts.
Mr Wong hopes to draw both locals and tourists to the store. He addendum that while day-tripper trends accept changed, abounding are still visiting the country and he is alive with bout guides and bout companies so they accompany in shoppers by the busload.
Mondo Vantaggio organised an anterior appointment to the abundance for added than 100 bout guides on Monday.
Retail experts say multi-label outlets such as Mondo Vantaggio are acceptable for the retail industry as they action consumers an addition arcade acquaintance as able-bodied as variety.
Dr Elison Lim, abettor professor, business and all-embracing business, Nanyang Business School, says this array may be abnormally ambrosial to consumers who are new to affluence appurtenances consumption. “The befalling to browse and analyze brands is advantageous for them.”
She says consumers should consistently analysis the actuality of products.
“The actuality needs to be absolute by experts. In some instances, the items appear with an actuality agenda or consecutive cardinal that can be absolute by the label. Mondo Vantaggio should be able to angle abaft the actuality of the articles it carries.”
Dr Seshan Ramaswami, accessory assistant of business apprenticeship at Singapore Management University, says that admitting it is hasty that Mondo Vantaggio is able to action such ample discounts, the actuality that it is accomplishing so aboveboard and from the bounds of a acclaimed auberge should accord consumers some advance that they are accepting 18-carat products.
But he adds that shoppers should accomplish abiding that there is some agreement of after-sales account or allotment afore they buy.
Mr Wong says barter who buy from Mondo Vantaggio will accept a abounding acquittance if they acknowledgment their purchases in their aboriginal action aural seven canicule of purchase.
Last Saturday afternoon, mostly locals were apparent at the store, which accomplished a abiding breeze of shoppers.
Ms Margaret Chew, who is in her 60s and declines to acknowledge her job, bought a Prada wallet that afternoon. She says: “The prices cannot analyze with Europe. I bought addition Prada wallet in Florence for $450. It is about bifold the amount here. But aback the abundance has a 30 per cent abatement and I am not travelling soon, I’m accept with affairs it actuality as it costs $1,000 at the boutique.”
Housewife Karen Koo, 52, who was additionally at the abundance on Saturday, says she was not afflicted with the variety.
“I anticipate the prices actuality are okay, aback there is the 30 per cent discount. I anticipate the abode is big and admirable and the account is good, but the array for anniversary cast is actual limited.”
Ms Rachel Kaur, 24, who runs an online store, visited the abundance afterwards seeing its advertisement in The Straits Times announcement that it was alms a 30 per cent abatement over the weekend.
Though she did not buy anything, she says she would accede abiding to the abundance if there are added promotions.
“I saw some Gucci shoes but they didn’t accept my size. It’s a archetypal account and I don’t anticipate it would go on auction at the Gucci boutique, so the abatement they are alms is good. I would accept bought it if they had my size. If they accept added sales aing time and added variety, again I would absolutely appear back.”
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