The Business of Fashion’s Post

What captivated me about this article is its illumination of the current commercial dynamics among key #China cities – #Shenzhen, #Guangzhou, and particularly #HongKong – which play significant roles in the luxury industry. The spotlight is on #Pharrell’s second Louis Vuitton menswear collection in Hong Kong, a distinctive city that is responsible for more than five percent of global luxury sales. Despite enduring a severe economic shock during the pandemic, Hong Kong emerges as a shining treasure brimming with resilience and untapped potential. #luxury #hongkong

With Hong Kong set to retake its former glory, now more than ever, we see the region as an important springboard for luxury brands to expand across Asia. Our COO Jack Harrison was interviewed by Walpole on the state of luxury in Hong Kong where he shares that, "Hong Kong is a massive market from a luxury perspective and the density of high net worth is exceptional.". Euromonitor reported last August that Hong Kong is the top market with the highest per capita expenditure on luxury goods. Confidence in the city is rising which is why it is projected to regain pre-pandemic levels of luxury sales by mid-2024. This marks the beginning of the region's retail renaissance post-pandemic. Read more of what our COO had to say along with other respected industry experts via this link: https://lnkd.in/gNqaYnnZ #hongkong #economy #luxury #luxurygoods #retail #retailindustry

Hermes International SCA, the French luxury giant, is expanding its presence in one of Hong Kong's most prestigious shopping malls! Amidst economic uncertainties caused by China's slowdown, Hermes' decision to invest in Hong Kong showcases the growing confidence that premium brands have in the city. But here's the best part: Hong Kong is making a remarkable comeback! Despite social unrest in 2019 and strict Covid restrictions, it regained its position as the world's top luxury spender per-capita last year, surpassing Switzerland and the United Arab Emirates. And it's not just Hermes! Other leading brands like Chanel are also expressing optimism about Hong Kong's prospects. They seized the opportunity presented by pandemic-induced rental price slumps and rented a two-floor store in Causeway Bay. Talk about seizing the moment! This renewed focus on Hong Kong by luxury brands highlights the city's resilience and attractiveness as a high-end retail hub. Hong Kong continues to demonstrate its allure to prestigious brands seeking to tap into its discerning and affluent consumer market.

🏢 Hongkong Land Limited’s announcement that it is embarking on a US$1 billion development plan with a lineup of luxury brands, including Cartier, CHANEL, Hermès, Prada Group and Van Cleef & Arpels, made the headlines last week. The investment has raised questions about the future direction of the luxury sector within the territory, leaving many wondering what the long-term implications of this shake-up could be. Full article: https://lnkd.in/gVyD44am — Inside Retail Asia: https://insideretail.asia/ Inside Retail US: https://insideretail.us/ Inside Retail Australia: https://lnkd.in/ghHYwQxs Inside Retail New Zealand: https://lnkd.in/gqNrQSHN

Brands with 老錢風 (Quiet Luxury, Old Money Vibes) seem to be sheltered from recession clouds and still seeing significant growth in China. As usual, it's not just what they do, it's how they do it, that sets them apart. #china #luxury #hermes #ralphlauren #internationalbusiness

The rapid resurgence of luxury in Hong Kong, despite economic slowdown in mainland China, reflects renewed confidence of brands in the city. Massive investments by Hermès and other brands illustrate this dynamic. Impressive growth figures and renovation of luxury retail areas support this trend. However, increasing reliance on mainland Chinese tourists raises questions about the long-term sustainability of this revival. Efforts to diversify retail offerings and promote localized luxury signal adaptation to changes in the global luxury market. #Luxury #Advisory

Since the city’s and mainland China’s reopening at the beginning of this year through August, Hong Kong has welcomed 20.5 million tourists — 80 percent of them from the mainland, according to VOA News. And now, with the return of A-list luxury events and major brands to the city’s commercial districts, including Chanel’s two-story Causeway Bay retail space leased for an eye-watering $384,000 (HK$3 million) per month, as well as Dior, De Beers, and Bulgari’s latest store openings, brands and insiders are wondering if the city will see a retail and tourism renaissance after all. Among China’s millionaires, however, Hong Kong remains a top shopping destination, according to a recent survey of 2,000 affluent and high-net-worth individuals conducted by Agility Research and Strategy. The report highlighted that besides travel, luxury experiences including entertainment were also significant factors. Reach out to us at www.AsiaCorp.eu or at info@AsiaCorp.eu and let us explain how we successfully assist Western brands in succeeding in all of Asia and towards the growing Asian consumer market. #HongKong #Opportunity #Luxurymarket #APAC #AsiaCorp https://lnkd.in/d3h-aAFn

Hong Kong's luxury and retail sectors are experiencing a remarkable revival. Despite challenges in the past, recent surveys show that the city remains competitive with Singapore in attracting talent and multinational corporations' regional headquarters. The reopening of Hong Kong's borders has revitalized the luxury market, with notable events such as Louis Vuitton and Christian Dior fashion shows taking place in the city. Art Basel Hong Kong is also set to return in 2024, featuring international galleries capitalizing on the city's affluent consumers and collectors. Christie's Asia Pacific has experienced strong buying momentum in luxury categories, surpassing its highest-ever annual total for luxury in Asia. The city's business-friendly policies and logistical advantages make it an ideal location for brands to establish their regional headquarters. Let's keep an eye on Hong Kong's exciting growth in the luxury and retail industries! #louisvuitton #christiandior #artbasel #christies #HongKong #luxuryindustry

I spoke to Inside Retail Asia yesterday regarding Hong Kong’s accelerated retail reinvigoration through the lens of 2-TIMES — more specifically, how world renowned luxury brands counting Louis Vuitton, Hermès and Cartier, and even auction houses like Sotheby's are capitalising on favourable market conditions in 2024, to better position themselves for future success with the city’s globally distinguished ultra high net worth individuals. “Hong Kong’s luxury market is evidence of the city’s dynamism, however like China, the sector is still in recovery mode, and therefore brands and retailers alike need to consider a few key challenges…” See the full feature: https://lnkd.in/gPQC_s3a With thanks to Van Tong.

Despite ongoing challenges in the retail sector, Hong Kong's consumer confidence is gradually rebounding to pre-COVID levels. The city continues to hold a crucial position in the global market, partly due to the support of mainland Chinese tourists. Retail sales in Hong Kong have experienced a decline, especially in luxury spending, but efforts are being made to reduce reliance on this segment and diversify offerings. The recent return of runway shows by renowned fashion brands like Louis Vuitton and Dior is a positive sign for Hong Kong's position as an international fashion platform. #design #asia #hongkong #consumer #confidence #saleslevel #retail #retailer #designers #globalmarket