K11 Musea, a popular shopping destination in Hong Kong’s thriving Tsim Sha Tsui area, is expanding its luxury retail space by more than 30,000 sq ft. The ambitious expansion plans were announced by mall operator K11 Group in a recent press release. According to the statement, six existing brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels – will be revamping and expanding their stores within the next four years. In addition, luxury brand Prada is set to open a new store in the mall.
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K11 Group’s executive vice president, Richard Cheung, expressed his excitement over the news, stating, “We are thrilled to see many leading luxury brands expanding at K11 Musea, especially in the current retail landscape in Hong Kong.” He also attributed the expansion to the exceptional performance and high sales productivity of the stores at K11 Musea.
The mall has been breaking records this summer, with a new single-day footfall record set recently. Despite challenges in the Hong Kong retail sector, K11 Group reported a 10% increase in tourist spending at the mall this year, while F&B and retail sales saw an impressive rise of nearly 30%.
K11 Group is a subsidiary of Hong Kong’s prominent property giant, New World Development. Founded in 2018 by Adrian Cheng, the current CEO of New World Development and son of renowned property tycoon Henry Cheng, K11 Group manages a portfolio of properties, including malls, offices, and residences that showcase art, design, and culture.
New World Development is the listed real estate entity of Chow Tai Fook conglomerate, which is controlled by the Cheng family. The conglomerate has diversified holdings across various industries, including property development, hotels, department stores, and jewellery. Other notable subsidiaries include Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.