K11 Musea, a premier shopping destination located in the bustling Tsim Sha Tsui area of Hong Kong, is gearing up to expand its luxury retail offerings with a brand new 30,000 sq ft space. This exciting development was announced in a recent press release by the mall’s operator, K11 Group. The additional space will be occupied by six prominent luxury brands – Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent and Van Cleef & Arpels – who will be revamping and expanding their existing stores over the next four years. The new space will also welcome incoming brand Prada.
“We are thrilled to see so many top luxury brands expanding their presence at K11 Musea, especially in light of the current challenges facing the Hong Kong retail market,” says Richard Cheung, Executive Vice President of K11 Group. “This is a testament to the excellent performance and impressive sales productivity of these brands at K11 Musea.”
K11 Group reports that the mall has recently achieved a new record in single-day footfall this summer. In addition, tourist spending at the mall has increased by 10% this year, while food and beverage and retail sales have seen a growth of nearly 30%.
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K11 Group is a subsidiary of the renowned Hong Kong-based property giant, New World Development. Founded in 2018 by Adrian Cheng, CEO of New World Development and son of property tycoon Henry Cheng, K11 Group manages a diverse portfolio of properties including malls, office spaces and residences, all with a focus on promoting art, design and culture.
New World Development is the listed real estate arm of the Chow Tai Fook conglomerate, which is controlled by the Cheng family. The conglomerate boasts a diverse range of businesses including property development, hotels, department stores and jewellery. Other notable subsidiaries include Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.