K11 MUSEA’s Brand Upgrade Drives 1.25x Increase in Tourist Spending During Labour Day Golden Week International Luxury Brand Sales Rise Nearly Twofold YoY, While Multiple Retail Categories Record Double Digit Growth
New World Development Company Limited (“New World Development” or the “Group”; Hong Kong Stock Code: 00017) announced that during this year’s Labour Day “Golden Week,” K11 MUSEA, the Group’s international cultural‑retail landmark, successfully drove higher customer spending and delivered solid sales growth. It was supported by K11 MUSEA’s ongoing brand upgrade programme. The Group’s data show that during the first four days of the Labour Day “Golden Week,” tourist spending at K11 MUSEA increased 1.25 times year‑on‑year, with the largest single purchase nearing HK$2 million. Among different retail categories, international luxury brands continued to lead performance, with sales surging nearly twofold year‑on‑year, while watches and jewellery rose by nearly 90%. Meanwhile, beauty and sports categories, together with newly opened restaurants, also recorded double‑digit year‑on‑year growth, demonstrating the increasing effectiveness of K11 MUSEA’s brand upgrade programme.
Ms. Huang Shaomei, Echo, Executive Director and Chief Executive Officer of New World Development, said, “As the core retail component of Victoria Dockside, the Group’s international integrated landmark, K11 MUSEA benefits from its prime location in Tsim Sha Tsui, a unique cultural‑retail positioning and its brand upgrade programme to successfully bring together a high‑end customer base of both tourists and local residents during the Labour Day ‘Golden Week,’ driving sales growth. This demonstrates that K11 MUSEA’s positioning and market strategy remain highly attractive to shoppers, visitors and leading brands alike. Looking ahead, we will continue to strengthen K11 MUSEA through brand upgrades and collaborations, further consolidating its status as a retail landmark that brings together luxury retail, fashion and premium experiences.”
Luxury Brands Complete Upgrade Ahead of “Golden Week”; New Stores See Member Sales Grow Over 50% YoY
K11 MUSEA plans to complete the first phase of its brand upgrade programme within this year. Ahead of the Labour Day “Golden Week,” many international luxury brands completed relocations and upgrades and reopened with refreshed concepts, including Balenciaga’s first duplex boutique in Hong Kong, Delvaux’s new flagship store, and Tory Burch’s largest boutique in Hong Kong, effectively stimulating overall visitor spending.
Group data show that, over the first four days of the Labour Day “Golden Week,” tourist spending at K11 MUSEA increased by 1.25 times year‑on‑year. Spending by Black Card members, representing the high‑end consumer segment, rose by nearly 100% year‑on‑year, with the largest single purchase nearing HK$2 million. Sales at international luxury brands surged nearly twofold year‑on‑year, while watches and jewellery rose by nearly 90% year-on-year. In addition, most stores that newly opened or reopened ahead of the “Golden Week” recorded growth of over 50% over the first four days of the holiday period.
Building a Premium Lifestyle Destination; Beauty, Sportswear and Newly Opened Restaurants Deliver Double‑Digit Year‑on‑Year Growth
Beyond international luxury brands, K11 MUSEA’s brand upgrade programme also encompasses the Greater China debut of a number of globally-renowned fashion brands, further reinforcing K11 MUSEA’s positioning as a premium lifestyle destination. Several brands also opened ahead of the Labour Day “Golden Week,” including renowned fragrance brand SHIRO and a pop‑up store by Korean lingerie and fashion brand Verish. Meanwhile, Dior Beauty has completed its store expansion, while athleisure brand lululemon and Swiss sports brand On have earlier completed store expansions, upgrades or new openings at the mall.As a result, during the “Golden Week period,” sales in the beauty and sportswear categories recorded sales growth of 23% and nearly 100%, respectively. In addition, newly opened restaurants also recorded solid performance during the Labour Day Golden Week, with turnover rising by over 50% year‑on‑year.
As an international cultural‑retail landmark, K11 MUSEA launched its art, design and music programme “MUSE STUDIO” from March to May, including “Jazzing Cinema,” held on 1-2 May, offering visitors at K11 MUSEA an even more diverse range of experiences. During this year’s Labour Day “Golden Week,” spending at the mall’s family-friendly facilities and cinema rose by a combined 30% year‑on‑year, reflecting sustained growth in demand for leisure and entertainment.
K11 MUSEA delivered strong performances during both the Chinese New Year “Golden Week” and the Labour Day “Golden Week” in the first half of the year. With the first phase of the brand upgrade programme expected to be completed by year-end, more top‑tier international luxury brands are set to open at K11 MUSEA. The Group believes that K11’s retail business will continue to see steady and sustained growth.