K11 Musea, a popular mall located in the bustling Tsim Sha Tsui area of Hong Kong, is gearing up for a major expansion of its luxury retail space set to span over 30,000 sq ft. In a recent press release, K11 Group, the operator of the mall, announced that six well-known brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent and Van Cleef & Arpels – will be revamping and expanding their existing stores over the next four years. The expansion will also include a new store by incoming brand Prada.
Richard Cheung, executive vice president of K11 Group, expressed his excitement about the expansion, stating, “We are thrilled that many leading luxury brands have chosen to expand at K11 Musea, especially given the current retail climate in Hong Kong. This can largely be attributed to the impressive performance and high sales productivity of these brands at their current stores in K11 Musea.”
K11 Group also revealed that the mall achieved a new single-day footfall record this summer. Additionally, tourist spending at the mall has increased by 10% this year, while F&B and retail sales have seen a significant increase of nearly 30%.
Delving into the background of K11 Group, it was founded in 2018 by Adrian Cheng, the current CEO of New World Development and son of property mogul Henry Cheng. The group’s portfolio consists of various properties including malls, offices, and residences, with a strong focus on promoting art, design, and culture.
K11 Group is a subsidiary of the listed real estate entity of Chow Tai Fook conglomerate, which is controlled by the Cheng family. The conglomerate holds interests in various businesses such as property development, hotels, department stores, and jewellery. Some of its notable subsidiaries include the Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.
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