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Billionaire Cheng family in talks with Louis Vuitton on mega Hong Kong store

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Bloomberg

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March 17, 2025

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.

Louis Vuitton – Fall-Winter2025 – 2026 – Womenswear – France – Paris – ©Launchmetrics/spotlight

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.



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new boutiques establish rue Saint-Honoré as a fragrance hub

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Nazia BIBI KEENOO

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March 18, 2025

Rue Saint-Honoré is elevating its fragrance scene in Paris’ 1st arrondissement, drawing top luxury brands. The iconic street will welcome new niche perfumery boutiques in the coming weeks, further cementing its status as a premier scent destination.

The upcoming Creed boutique onrue Saint-Honoré – FNW

French fragrance house Matière Première will open its first-ever standalone boutique at 306, rue Saint-Honoré, steps away from Christian Dior Parfums, Parfums de Marly, and Fragonard. The opening comes a few months after luxury giant Kering took a stake in the brand, which was founded in 2019 by Aurélien Guichard, Cédric Meiffret, and Caius von Knorring.

Another Kering-backed brand is also making its way to rue Saint-Honoré. Creed will open a boutique at 211, rue Saint-Honoré, taking over the space previously occupied by footwear brand Cosmoparis. Kering acquired the historic fragrance house, founded by James Henry Creed in 1760, in October 2023. At the time, Creed generated annual sales of €250 million and already operated a Paris boutique on rue des Saints-Pères in the 7th arrondissement.

In early April, Italian perfumer Acqua di Parma, part of the LVMH group, will open a boutique at 305 rue Saint-Honoré, near Byredo (Puig Group) and directly across from the upcoming Matière Première store. The brand—founded in 1916—is already present at La Samaritaine and BHV Marais and previously operated a boutique on rue des Francs-Bourgeois in the Marais. This district has also seen a growing number of beauty and fragrance brands set up shop.

Maison Crivelli is set to open on rue Saint-Honoré by the end of the year.
Maison Crivelli is set to open on rue Saint-Honoré by the end of the year. – FNW

By the end of the year, Maison Crivelli will also join the neighborhood, opening at 314, rue Saint-Honoré in the space formerly occupied by jewelry brand Satellite. Currently sold in 44 countries through 450 retail points, the independent fragrance house—founded seven years ago—will unveil its first standalone boutique.

According to trend forecasting firm NellyRodi, the global niche fragrance market is valued at nearly $3 billion (€2.7 billion) and is expected to reach $7.4 billion by 2031.

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Bogner reports another record-breaking year

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Nazia BIBI KEENOO

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March 18, 2025

Crisis? What crisis? Bogner appears to be unaffected. The Munich-based luxury and sportswear brand once again posted record-breaking results for the 2023/24 fiscal year, with revenue climbing 7% to €187.6 million, compared to €175.6 million the year before.

Spring/Summer 2025 campaign image. – FIRE+ICE

Growth spanned all distribution channels across both core brands, Bogner and Fire+Ice. Digital sales surged by 15% year over year, while wholesale revenue increased by 8% and retail sales grew by 2%.

“Our record revenue in the 2023/24 fiscal year highlights our strength as a luxury sports fashion brand. Bogner is also on track to achieve sustainable growth in the current fiscal year,” said CFO Frank Wiesner. 

The company further expanded its global footprint with new stores in the United States, the United Kingdom, and France. Alongside a new permanent location on Madison Avenue in New York, a partner store opened in London’s Mayfair. Several pop-up and partner locations were also launched in the French Alps, in elite ski resorts such as Annecy, Megève, Courchevel, and Val d’Isère.

Bogner continues to strengthen its international presence and brand awareness while benefiting from the strong performance of both core brands.

A key focus of the past fiscal year was product innovation, with a stronger link between ready-to-wear and active sports collections. Jersey, knitwear, and outerwear were key categories, contributing to an expanded year-round product portfolio.

The Munich-based luxury fashion brand remains a strong player in the golf sector.
The Munich-based luxury fashion brand remains a strong player in the golf sector. – BOGNER

Looking ahead to 2024/25, Bogner remains focused on international expansion, with its home market in the DACH region continuing to play a central role.

Another priority is the strategic development of its omnichannel capabilities. Alongside strengthening its digital business, the company is optimizing processes to better meet the needs of strategic partners and expand its international network.

“We are growing thanks to the outstanding dedication of the entire Bogner team. Our community represents a unique lifestyle driven by a passion for sports, fashion, and innovation. This is reflected in our strong core brands and first-class portfolio,” said Daniel Hiendlmeier, appointed Chief Brand Officer and Managing Director in the summer of 2024.

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Harvey Nichols to shutter Liverpool One Beauty Bazaar

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We’re used to hearing about stores opening at Liverpool One these days but news has emerged that a high-profile retailer at the giant mall is shutting down.

Liverpool One

The Harvey Nichols Beauty Bazaar that’s been open since 2012 is to close with a Harvey Nichols spokesperson saying the company is focusing on “full category stores”. 

That’s a key part of its growth strategy under still-new Julia Goddard, a former Alexander McQueen exec, but is interesting given the growth and importance of the premium beauty sector. 

In fact, standalone beauty stores remain a key part of rival Harrods’ strategy via its H Beauty chain, while Boots has opened a beauty-only store, Sephora is expanding fast and other retailers like M&S and Next continue to see beauty as a key category.

But perhaps it’s the intensifying competition that’s the issue and in fact, Sephora is opening at Liverpool One this spring.

Harvey Nichols also said: “We have reviewed our store portfolio and mutually agreed with the landlord of our Beauty Bazaar location in Liverpool to surrender the lease as we focus on investment into full-category stores.

“Unfortunately, this means that our employees in the Liverpool store may be at risk of redundancy. We have entered into a consultation process and are doing everything we can to support those affected by the surrender.”

A Liverpool One spokesman said the store has “has made an important contribution to Liverpool One success since opening. We’re committed to bringing the best, in-demand brands to [the mall] and we have well-progressed plans to transform the space that will ensure Liverpool One continues to go from the strength-to-strength.”

The closure is expected in the middle of next month and will leave a noticeable gap in the mall given its large size (it covers 22,000 sq ft and three floors). But Liverpool One, which is now almost solely owned by landlord Landsec, should have no problem filling the space that was once a Habitat store. The centre is one of the UK’s supermalls and has announced a raft of openings in recent years showing that it’s one of the key destinations on retailer wishlists.

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