Luxury Brands Expand Footprint Hong Kong Mall K11 Musea
In Hong Kong’s Tsim Sha Tsui area, K11 Musea, a popular mall, is set to expand its luxury retail space by more than 30,000 sq ft. According to a press release from mall operator K11 Group, this additional space will be occupied by six existing luxury brands, including Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels, as well as a new store by incoming brand Prada.
Richard Cheung, executive vice president of K11 Group, expresses excitement regarding the expansion of leading luxury brands at K11 Musea, especially given the current state of the Hong Kong retail sector. He attributes this success to the high sales productivity and strong performance of these brands at their current stores within the mall.
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K11 Group also reported a new record for single-day footfall at K11 Musea this summer, as well as a 10% increase in tourist spending and a nearly 30% increase in F&B and retail sales. K11 Group is a subsidiary of Hong Kong property giant New World Development, which was founded in 2018 by CEO Adrian Cheng, son of renowned property tycoon Henry Cheng. The company’s portfolio includes malls, offices, and residences that aim to showcase art, design, and culture.
New World Development is the listed real estate arm of the Chow Tai Fook conglomerate, controlled by the Cheng family. The conglomerate has interests in various industries, such as property development, hotels, department stores, and jewellery. Its key subsidiaries include Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.