Airport Authority Hong Kong, the statutory body of the government of Hong Kong, granted contracts to some of the biggest names in the luxury market, including ten newcomers and a number of existing tenants.
The contracts gave the luxury brands premier locations at Hong Kong International Airport.
The brand creating the most excitement is Louis Vuitton which will replace Rolex, according to Moodie Davitt Report. Chanel retained its contracts but will move to the former location intended for Rolex. Louis Vuitton would take the spot left by Chanel.
The new contracts are expected to attract more tourists to Hong Kong which posted a 9 percent increase in travelers in March 2018 compared in the same month in 2017. The territory, which is part of China, also enjoyed more travelers who preferred to stay overnight.
The central area of Hong Kong International Airport will welcome Panerai, Breitling watches, and Chloe which has been gaining popularity across Asian markets.
The central area is already home to high-end brands in the likes of Cartier, Zegna, Prada, Bottega Veneta, Bulgari, Tiffany, Jaeger-LeCoultre, Balenciaga, Valentino, Omega, Piaget, Versace, Chaumet, and IWC, according to Moodie Davitt Report. Tiffany was awarded a much larger space, as well as Bulgari which has been bringing in strong sales for the past year.
The South Fashion Street welcomes newcomers Montblanc and Ferragamo and will remain home to existing brands Loro Piana, Moncler, Christian Dior, Burberry, Miu Miu. Moncler was awarded space double to what it currently has.
Lastly, the North Fashion Street welcomes new additions Rimowa, Roger Viver, YSL, and Alexander McQueen.
Gucci, on the other hand, which occupies 3,000 square feet adds 2,000 square feet more, taking up the previous location occupied by Alfred Dunhill.
Moodie Davitt Report said formal launching of the luxury stores will take place in batches as they are required to begin renovations beginning April 2019. All new shops are expected to open by the end of next year.
Hong Kong welcomed 4.99 million travelers in March according to a report in the South China Morning Post in April which cited data released by Hong Kong's Tourism Board. Of these, three quarters or as many as 3.66 million were travelers from mainland China.
An estimated 2.3 million stayed overnight in Hong Kong in March, an increase of 6.5 percent compared to the same month in 2017. Of these, 1.4 million traveled from the mainland.
While the city is enjoying an increasing number of visitors, Yiu Si-Wing, an official for Hong Kong tourism sector, said overnight travelers could still be improved if only hotels could lower their prices.
