Luxury Brands Expand Footprint Hong Kong Mall K11 Musea
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K11 Musea, a prominent mall located in Hong Kong’s bustling Tsim Sha Tsui district, is planning to expand its upscale retail space with an additional 30,000 square feet. In an official statement, the mall’s operator, K11 Group, revealed that this expansion will be taken up by six well-known brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent, and Van Cleef & Arpels – which will be renovating and expanding their existing stores over the next four years. Additionally, the upcoming arrival of Prada will also add to the mall’s luxury offerings.
Richard Cheung, Executive Vice President of K11 Group, expressed his excitement about the increasing number of luxury brands choosing to expand at K11 Musea. He attributed this growth to the mall’s strong performance and high sales productivity. According to Cheung, the mall has recently achieved a new record for footfall, indicating its popularity among visitors. Moreover, K11 Group announced a significant increase in tourist spending and a considerable rise in the sales of food, beverage, and retail items this year.
K11 Group is a subsidiary of the renowned New World Development, a prominent property firm in Hong Kong. Founded in 2018 by Adrian Cheng, the current CEO of New World Development and son of property mogul Henry Cheng, K11 Group manages a diverse portfolio of properties, including malls, offices, and residences, all of which have an emphasis on showcasing art, design, and culture.
As the publicly listed real estate arm of the Chow Tai Fook conglomerate, which is controlled by the Cheng family, New World Development has a wide range of business interests, including property development, hotels, department stores, and jewellery. Notable subsidiaries of the conglomerate include Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.