Luxury brands expand footprint at Hong Kong mall K11 Musea

K11 Musea, a mall in Hong Kong’s Tsim Sha Tsui area, is set to expand its luxury retail space by over 30,000 sq ft. In a press release, mall operator K11 Group says that the space is being taken up by six existing brands — Audemars Piguet, Balenciaga, Brunello Cucinelli, Loewe, Saint Laurent and Van Cleef & Arpels — that will be revamping and expanding their stores over the next four years, in addition to a new store by incoming brand Prada. “We are excited that many leading luxury brands are expanding at K11 Musea, especially in the context of the current Hong Kong retail sector," says Richard Cheung, executive vice president of K11 Group. "This is largely the result of the strong performance and very high sales productivity at their current stores at K11 Musea.” K11 Group said the mall hit a new single-day footfall record this summer. Tourist spending at the mall rose 10% this year, while F&B and retail sales increased by nearly 30%. Read also: Cuscaden Reserve relaunched at prices from $2,900 psf, down 20% from average transacted prices Advertisement Advertisement The group is a unit of Hong Kong property giant New World Development. The mall operator was founded in 2018 by Adrian Cheng, the current CEO of New World Development and son of property tycoon Henry Cheng. K11 Group’s portfolio of properties includes malls, offices and residences focusing on showcasing art, design and culture. New World Development is the listed real estate entity for the Chow Tai Fook conglomerate, which the Cheng family controls. The conglomerate has holdings across multiple businesses, including property development, hotels, department stores and jewellery. Other key subsidiaries include Chow Tai Fook Jewellery Group and the Rosewood Hotel Group.