New World Development Co., the Hong Kong real estate company controlled by the billionaire Cheng family, is in talks with luxury giant Louis Vuitton to open a mega store in one of the developer’s signature malls, according to people familiar with the matter.
The new store would occupy about 40,000 square feet at the K11 Musea mall, making it one of Louis Vuitton’s largest in Asia, said the people, who asked not to be identified discussing private matters. The store could feature a museum, a cafe and a lounge for the brand’s VIP customers, they said. Details over rent remain unclear.
Discussions are at an advanced stage, but details could still change and the deal could still fall apart, the people said.
New World didn’t immediately respond to a request for comment. A spokesperson for LVMH declined to comment.
If an agreement is reached, the expansion of fashion conglomerate LVMH’s largest brand would inject some confidence into Hong Kong’s retail industry and help its ailing commercial property sector. It would also be a boost for New World, which has been struggling with debt woes and uncertainty over its leadership.
Located near the city’s famous Victoria Harbor and with a fashion-forward design incorporating arts and culture elements, K11 Musea is a popular destination for tourists. Its exclusive private members clubs have also attracted a group of wealthy clientele through the Cheng family’s networks.
LVMH’s plan to open a mega store in one of Hong Kong’s most upscale shopping malls, with significant space reserved for non-retail and VIP elements, underscores luxury brands’ efforts to wring more growth from the ultra-rich at a time when China’s economic slowdown has sapped demand for discretionary consumption among middle-class shoppers. Fashion houses are designing more unique shopping experiences to develop personal connections with customers, and are focusing more on clients less affected by the downturn.
While Hong Kong has been suffering from declining retail sales and a slow recovery in tourism, the city has the highest concentration of millionaires in the Greater China region and ranked No. 9 on a list of wealthiest cities in the world, according to a report published last year by investment migration company Henley & Partners in partnership with intelligence firm New World Wealth.
K11 Musea is accelerating its pivot to luxury shopping with Prada SpA opening a new store in the mall and other high-end labels, including LVMH’s Loewe and Kering SA’s Saint Laurent and Balenciaga upgrading their facilities. The mall also hosted Louis Vuitton’s first ever fashion show in Hong Kong in 2023.
Facing mounting pressure over its debt burden, New World has proposed pledging some of its most-prized properties valued at a total $19.1 billion, in order to refinance its loans, Bloomberg News reported earlier this year. K11 Musea, located on a site where the Cheng family has owned properties since the 1970s, is seen as a heritage asset for the clan. The family is the center of an ongoing succession saga with patriarch Henry Cheng saying he was still looking for someone to take charge of the family business.
Building on its commitment to creative partnerships, Bershka has teamed up with Ral7000 Studio to unveil a new footwear brand inspired by Y2K aesthetics and digital culture.
The Inditex-owned brand unveils its new label, Out of Core – Bershka
Named Out of Core, the brand draws its identity from external memory algorithms used in computing. This latest venture blends technological influences with functional design, promoting self-expression and individuality.
The collection spans four distinct conceptual lines, featuring styles such as silver-flower sneakers, virtual reality-inspired trainers, and boxing-style sports boots. Prices range from €69.99 for Mary Jane-style sneakers to €139 for Western-inspired heeled boots.
In addition to footwear, the brand also offers a range of minimalist, urban-inspired apparel and accessories. The collection’s color palette is dominated by shades of white, black, and soft pink. Key pieces include two cap styles priced at €12.99, alongside short-sleeved T-shirts, sweatpants, and hoodies available for €45.99.
The Out of Core collection, designed in collaboration with Ral7000 Studio’s footwear designer Agata Panucci, is now available on Bershka’s e-commerce platform and in select stores.
Founded in 1998, Bershka closed in 2024 with a retail network of 854 stores, including both standalone boutiques and franchises. The brand also operates in approximately 220 markets through its online platform.
Part of the Inditex portfolio alongside Zara, Zara Home, Oysho, Lefties, Pull&Bear, Stradivarius, and Massimo Dutti, Bershka reported €2.93 billion in revenue for the fiscal year 2024, reflecting an 11.8% increase from the previous year. Meanwhile, Inditex as a whole, led by Marta Ortega, saw sales rise 7.5% during the same period, reaching €38.63 billion.
Isabelle Parize is stepping back into the leadership role at Delsey. As CEO of the French luggage and accessories brand from 2018 to 2021, Parize successfully guided the company through the challenges of the COVID-19 pandemic, which severely impacted international travel.
Isabelle Parize – DR
In June 2021, she handed over the reins to Davide Traxler, a turnaround specialist who, according to his LinkedIn profile, no longer holds the position. Parize, however, remained involved with Delsey as chair of the supervisory board.
Parize began her career at Procter & Gamble, where she held key strategic roles in marketing and brand management for 13 years. In 1994, she joined Henkel, where she served as vice president for Europe, Africa, and the Middle East. After a period leading Canal+ Distribution (part of the Vivendi Group), Parize became chair of the board at French beauty retailer Nocibé in 2011. In 2015, she was appointed CEO of the German group Douglas, which had acquired Nocibé the previous year.
In addition to her role at Delsey, Parize has served on the board of American cosmetics group Coty since 2020 and the board of Carbios, a leader in environmental biotechnology, since 2022.
Founded in 1946, Delsey Paris is a leader in premium luggage and ranks as the world’s third-largest luggage brand. Its collections are available online and at more than 6,500 points of sale in over 90 countries.
Delsey Paris, which opened a flagship store on the Champs-Élysées in Paris in April 2024, also operates 68 international boutiques, including several in Asia. The brand generates 40% of its sales in the United States.
After weathering the pandemic years, Delsey Paris has returned to solid growth, with 2023 sales increasing 20% to reach €250 million. A year ago, “Le Figaro” reported that this turnaround could pave the way for a change in ownership.
To fête its 15th birthday, Jacquemus is celebrating its history. This week, the Parisian label founded in 2009 by Simon Porte Jacquemus launched the Les 15 ans capsule collection, reissuing 18 signature models selected from its archives, chosen among its bestsellers, dresses in particular. The collection is available at Galeries Lafayette in Paris and Saks Fifth Avenue in New York, promoted by ad hoc window displays.
La Robe Maman dress from 2016 – ph Deo Suveera & Pamela Dimitrov – Jacquemus
The anniversary items have been chosen from virtually all the collections launched by Jacquemus since 2013, reflecting its sunny, sensual fashion. Among others, the capsule collection features the Col U 1960s-inspired short dress in performance fabric from 2013, the Amour wedding dress from 2020, the Françoise black dress with large square white collar from 2017, the Epaules géantes maxi tartan jacket with oversized shoulders from 2016, and the Castagna red draped mini dress worn by Kylie Jenner at the Jacquemus runway show staged at the Maeght Foundation in January 2024.
“Each look defines the silhouette as an individual story articulating the Jacquemus language: Round-square geometry, draped cuts and minimalism, architectural silhouettes and shapes, transparency and single-material fabrics, polka dots and stripes, the twin inspiration provided by great 1980s fashion and 1950s couture,” the label said in a press release, underlining that “they are the visual references and obsessions that have defined and inspired Jacquemus, from early on until today.”
A selection of dresses will be matched with each look of the Les 15 ans capsule collection. Among the reissued dresses, La Robe Saudade, La Robe Valérie, La Robe Mazzolu, La Robe Biasi, La Robe Novo and La Veste Camargue will be on sale at all Jacquemus stores, on the label’s e-shop, and at selected retail partners worldwide.