Louis Vuitton, Prada sign on to Hongkong Land’s $1 billion Landmark plan

(Source: Supplied)

A lineup of famous luxury labels have signed on to a US$1 billion luxury development planned by listed property developer Hongkong Land scheduled over the next three years.

The project will see 10 multi-storey brand maisons built in Hongkong Land’s existing interconnected commercial buildings in the heart of Hong Kong’s Central District, with the upmarket Landmark shopping centre at its core.  

Three unique maison destinations of between two and eight storeys will be created in each of Landmark Atrium, Landmark Alexandra, and Landmark Prince’s, while one will be developed in Landmark Charter, doubling the retail areas of the 10 luxury brands to over 220,000sqft.

Cartier, Chanel, Dior, Hermes, Louis Vuitton, Prada, Saint Laurent, Sotheby’s, Tiffany & Co, and Van Cleef & Arpels have agreed to partner with the property developer in its three-year strategy.

Hongkong Land says the project – which it has dubbed ‘Tomorrow’s Central’ – includes more than US$400 million of investment capital from the firm and an estimated US$600 million from retail tenants.

The spaces will allow brands to showcase products, create personalised services such as haute couture, and offer private dining concepts, outdoor terraces and salons.

In addition, the transformation project will create approximately 260,000sqft of food and beverage space. Upon completion, Landmark shopping centres will house more than 100 dining destinations, including its existing 15 Michelin Stars and 1 Michelin Green Star eateries.

Hongkong Land said the strategic investment aims to meet luxury tenants’ demand for significant additional retail space and enhanced brand representation. The project will also allow the company to expand its regional market share and leadership in the luxury goods segment.

According to Reuters, the plan comes against a backdrop of overall sliding retail and office markets in Hong Kong, where vacancy rates are at record-high levels.

However, Hongkong Land said its ‘Very Important Customer’ (VIC) group has continued to spend more, with an average of HK$1 million ($128,080) each last year. VIC contributed around 80 per cent of the company’s luxury retail sales in the region.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.