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K11 MUSEA, Hong Kong's Silicon Valley of Culture, outperforms market against retail headwinds with record-breaking sales in December and Lunar New Year sales soaring by more than 55%

2023-02-02 21:28
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HONG KONG, Feb. 2, 2023 /PRNewswire/ -- K11 MUSEA, Hong Kong's Silicon Valley of Culture, is the nexus of creative, cultural and innovative powers. Since its opening in 2019, K11 MUSEA has been a top destination of choice among the public. Despite market headwinds over the past few years, K11 MUSEA continuously bucked the trend with its consistent outstanding performance. In December 2022, the cultural-retail destination achieved its best monthly sales figures to date due to its unique cultural exhibitions and series of marketing activities. Since the start of 2023, overall sales as of 28 January has increased by as much as 35% year-on-year, with a growth of 55% in footfall and an increase of over 55% in Lunar New Year sales. As Hong Kong continues to relax its entry measures for foreign visitors, K11 MUSEA is dedicated to elevating the retail experience with an enticing mix of brands, attractive city-wide consumption rewards as well as large-scale exhibitions and cultural activities. Taking these factors into consideration, further growth in sales and footfall at K11 MUSEA is expected.

Since the start of 2023, K11 MUSEA overall sales as of 28 January has increased by as much as 35% year-on-year, with a growth of 55% in footfall and an increase of over 55% in Lunar New Year sales
Since the start of 2023, K11 MUSEA overall sales as of 28 January has increased by as much as 35% year-on-year, with a growth of 55% in footfall and an increase of over 55% in Lunar New Year sales

Pioneering Cultural Commerce business model attracts visitors and substantial new membership registration

K11 MUSEA is dedicated to promoting its ground-breaking business model of combining culture and commerce since its opening three years ago, pioneering the harmonious blend of art, culture and commerce to create a unique and innovative experience for customers. K11 MUSEA featured several forward-thinking projects in 2022 including Hong Kong's first large-scale NFT art showcase "METAVISION", annual flagship art event Art Karnival, "SOTHEBY'S CURATED AT K11 MUSEA" Autumn Sale, the first large-scale retrospective of Japanese graphic design master in Hong Kong "Kazumasa Nagai: From Now to Eternity", the "The Love of Couture: Artisanship in Fashion Beyond Time" exhibition which was developed by K11 MUSEA in collaboration with London's Victoria and Albert (the "V&A") Museum and co-chaired by internationally acclaimed Production Designer William Chang Suk Ping, and more. In 2022, the total number of participants in K11 MUSEA's cultural activities, including the above exhibitions, relevant docent tours, seminars and workshops surpassed 100,000 people. Among them, more than 70% have gone on to spend in K11 MUSEA's stores after joining the events. Driven by the highly curated art and cultural events, K11 MUSEA successfully converted numerous new customers including premium ones into K11 members. K11 MUSEA's continuous efforts to provide its registered members with event information and featured promotions have been key in incentivising them to become loyal customers.

Enhanced business partners network to capture opportunities amid border reopening 

With the gradual relaxation of tourist entry requirements into Hong Kong, K11 MUSEA has launched city-wide consumption rewards in January. Tourists and local residents can redeem rewards worth as much as HK$2,200 by presenting a valid overseas passport or travel document even before spending. Moreover, K11 MUSEA collaborates with over 10 popular travel platforms such as Ctrip, Fliggy and Dianping to introduce the destination to tourists while offering online booking services. In mid-January, K11 MUSEA was invited to be the first art, culture and commerce landmark in Hong Kong to participate in "Ctrip BOSS Live". The live show attracted more than 6.8 million viewers. The response was overwhelming with gift vouchers and hotel accommodation packages introduced immediately selling out every time they were introduced during the live show.

Elevated art and culture initiatives in tandem with additional new stores

K11 MUSEA is highly embraced by Asian and international brands. In the second half of 2022 alone, close to 50 new stores have been established, some of which are exclusive stores selecting K11 MUSEA as their location for their first foray into the Hong Kong market, they include:

  • Three Michelin-starred chef Umberto Bombana, affectionately known as "The King of White Truffle", opened three new restaurants Tuber, Cannubi and Kilo in Kowloon for the first time.
  • Chanel unveiled its largest shoe boutique in Hong Kong, nearly doubling the original size.
  • Swiss luxury watchmaker Audemars Piguet opened its first AP House in Kowloon at K11 MUSEA.
  • Burberry debuted with new store decorations and launched Victoria Dockside's first outdoor ice-skating rink during Christmas.
  • Versace landed at K11 MUSEA for the first time and launched two K11 MUSEA exclusive handbags.
  • Brands such as Chaumet, Prada and Celine launched "first in Asia" concept pop-up stores.

Furthermore, K11 MUSEA will present the highly anticipated art event City As Studio, China's first major exhibition on graffiti and street art tracing the evolution of a global movement, from 20 March 2023. The exhibition features over 100 works by more than 30 artists, showcasing the breadth and depth of the graffiti and street art scene across generations, styles and geographies. Looking ahead, K11 is confident in stronger growth for both sales and footfall amid an optimistic market outlook, more exciting activities and new tenants.

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About K11 MUSEA

Hong Kong's Silicon Valley of Culture, K11 MUSEA, is the latest cultural-retail destination in Victoria Dockside located on the harbourfront of Tsim Sha Tsui. Inspired by 'A Muse by the Sea', K11 MUSEA is designed to enrich new consumers' daily lives through the power of creativity, culture and innovation. A destination 10 years in the making, K11 MUSEA opened its doors in August 2019 to usher in a new era of cultural-retail which speaks to the growing consumer demand for immersive experiences in art, culture, nature and commerce.

About K11 Group

K11 Group was founded in 2008 by renowned entrepreneur Adrian Cheng. The unique concept brand combines culture and commerce through all of its projects, sustaining an ecosystem that caters to all walks of life with a growing portfolio of brands spanning sectors in Greater China and around the world.

A destination 10 years in the making, the flagship K11 MUSEA is K11 Group's most ambitious "cultural-retail" development and reinvigorates Hong Kong's waterfront with Cheng's vision to create a "Silicon Valley of Culture", to encourage a deeper look at the interconnectivity between creativity, culture and innovation.

11 SKIES is an upcoming mega project that will create a new landmark in Hong Kong's Retail, Dining and Entertainment (RDE) industries, as well as in wealth management and wellness services. Set to be the most comprehensive retail and business hub in the Greater Bay Area, 11 SKIES redefines the traveller and consumer experience across a 3.8 million sq ft gross floor area in SKYCITY, strategically located near Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge.

In addition to its K11 Art Malls, K11 Group operates K11 ATELIER as a network of office buildings for the next-generation workforce, alongside K11 ARTUS's luxury residences for worldly travellers, and K11 Select, which is a "cultural sandbox" for the modern generation, and marked K11 Group's entry into the asset-light management market. To cultivate cultural richness through its operational goals, the group also proudly runs the Hong Kong non-profit K11 Art Foundation to incubate Chinese artists and curators, and the K11 Craft & Guild Foundation to preserve traditional Chinese crafts and bring them into the future. The group also manages and drives K11 KULTURE ACADEMY as an open education platform and K11 Future Taskforce, a consulting and market research institution.

K11 Group is based in Hong Kong SAR with operations in Greater China and investments in Europe and the US. Through K11 Group, Cheng's aim is to enrich the daily lives of next-generation consumers and create a new global identity for Chinese millennials, as well as cultivate opportunities for communities to thrive, connect, work and shop. By 2026, K11 Group will have gained a footprint of 38 projects (GFA 2.80 million sq m) in 10 cities across Greater China.

Source: K11 Group
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