Luxury brands bet on growth as well-heeled tourists flock to Hong Kong events

More than 60 new brands, mostly luxury labels, will move into K11 Musea as part of a revamp to boost the shopping centre’s offerings, but an analyst has warned of a complicated external environment weighing on the retail sector’s prospects.These brands are set to join the Tsim Sha Tsui mall in a tenant overhaul covering about 30 per cent of its retail space, with operators expecting rents for the revamped stores to rise by double digits.New or expanded flagship stores include Audemars Piguet, Balenciaga, Brunello Cucinelli, Delvaux, Loewe, Miu Miu, Prada, Rolex, Saint Laurent and Van Cleef & Arpels.Several retailers have upgraded their shops into larger duplex spaces or expanded their floor area to include private lounges and services for VIP clients.Horace Lam, CEO of K11 Hong Kong, said the expansion reflected confidence among international brands in the city’s tourism recovery and its ability to draw high-quality visitors.“We have seen a trend where visitors are coming not just for shopping but for concerts, exhibitions and other experiences,” Lam said. “These events bring travellers who are willing to spend.”