Hong Kong’s K11 Musea says its sales growth doubled during the first quarter of this year driven by the Hong Kong Arts Month and the return of tourists as the city’s borders opened.
The monthly average growth rate was at 10 per cent for the period, with all retail sectors undergoing increased revenue. While sales of the jewellery and watches sector surged 100 per cent year on year, the beauty and luxury fashion sector recorded a 170 per cent increase in revenue.
The group said in the first weekend following China’s first exhibition of graffiti and street art ‘City As Studio’, the cultural retail precinct experienced an unprecedented rise in footfall, 200 per cent year on year.
K11 Musea said it is confident sales will grow even more strongly during the next quarter, boosted by the Easter and Labour Day ‘Golden Week’ holidays.
Three new concept stores will open at K11 Musea this month in the Muse Edition area on the ground floor: Maison Margiela, Diesel, and Swatch, the latter a pop-up.
The group’s K11 Art Mall also reported a “robust” year-on-year revenue increase of more than 15 per cent and 100 per cent occupancy earlier this year.
