de Retail.  Founded in 2019, Coolmate quickly became popular for its products and services catering to male customers and has consistently topped menswear’s e-commerce sales in major online marketplaces in Vietnam.  The company offers a diverse product line including activewear, casualwear, and underwear, designed for style-conscious modern men seeking quality and affordability. Its customer-centric approach is highlighted by a 60-day, no-questions-asked return policy. “Vertex Ventures Southeast Asia and India brings deep expertise in scaling startups globally with valuable connections across various markets,” he said. “We believe the guidance and support from Vertex will significantly accelerate our strategic entry into new regional markets.” Untapped opportunity While online retail has experienced robust growth, the offline market in Vietnam still accounts for more than 80 per cent of the overall market share. “This is an undeniably significant segment that cannot be ignored. Recognising this, we believe an omnichannel approach will enable Coolmate to tap into a larger customer base, expanding our reach and opening new avenues for growth,” Pham said.  The company has already piloted several offline store initiatives in Vietnam.  The executive said the new funding will be allocated across three strategic focus areas: product innovation and expansion, omnichannel retail presence, and international expansion.  “We plan to experiment with a mix of retail models, including a shop-in-shop format and our branded stores,” Pham said. “This will allow us to build a seamless online-to-offline (O2O) experience for our customers.” Coolmate is now planning to expand beyond its home market. The company is exploring opportunities to establish a local presence in Thailand while launching on Amazon in the US.  “This dual-pronged approach enables us to test regional and international expansion strategies while leveraging established distribution networks in both markets,” he said, adding that given the similarities in ecosystems and values, Southeast Asia presents a significant growth opportunity due to the increasing demand for quality basic apparel.  “As for the US, Vietnam’s cross-border solid e-commerce practices offer a chance to test our products in a huge apparel market. This international expansion strategy will enable us to refine our brand’s global appeal and gauge demand across diverse regions,” he explained.  The partnership with Vertex Ventures Southeast Asia and India offers significant strategic advantages to Coolmate’s international expansion, according to the CEO.  “Their local teams have a deep and nuanced understanding of each consumer market,  allowing them to unpack intricate cultural and behavioural dynamics. Their mentorship will be crucial in fine-tuning our expansion strategies as we enter new markets,” he said.  Sourcing advantages and product offerings Pham said while Coolmate continues to source premium fabric materials and expand its sustainable product offerings, the company will venture into womenswear to diversify its portfolio.  “Vietnam’s prominent position as one of the world’s apparel export powerhouses provides a significant advantage,” he said. “Sourcing locally empowers us to achieve superior cost efficiency, enhanced supply chain flexibility, and optimised quality control. This strategic approach enables us to gain a competitive edge.” “Coolmate strategically partners with leading export-driven factories renowned for producing international standard apparel. This is backed by the team’s talented and experienced professionals with a proven track record of working with global brands for many years,” he further said.  According to Statista, Vietnam’s fashion market is projected to reach $2.82 billion this year.  To scale its business in an emerging yet highly competitive market, the company needs to address several key challenges and implement strategic initiatives.  The executive said some key challenges Coolmate faces include price competition from low-cost manufacturers, rapidly evolving consumer preferences, increasing demand for sustainable and ethically produced garments and fierce competition for mindshare and customer loyalty in a crowded market.  “We aim to build a seamless omnichannel experience with a robust e-commerce platform complemented by a network of physical stores strategically located in major cities,” he said.  “We recognise that our employees are the key to our success. With that in mind, we have implemented comprehensive talent management programs to attract, develop, and retain top industry talent, ensuring we maintain a competitive edge through our human capital.” Further reading, LA-based Astoud brings Vietnamese fashion labels closer to US customers.