Luxury Swiss watchmaker Audemars Piguet is set to open one of its largest Asian flagship stores in a prime Hong Kong tower owned by New World Development (0017), betting on resilient demand from the city’s growing ranks of wealthy residents, Bloomberg reported.
Citing sources, the report states that the brand will occupy a 13,000 square-foot space at New World Tower in Central, paying more than HK$2 million in monthly rent. Audemars Piguet will replace Emperor Watch & Jewellery, whose lease is due to expire in February next year.
According to the report, Audemars Piguet will also take up another store of about 7,000 sq ft in the nearby Henley Building developed by a separate Hong Kong business family, paying around HK$1 million a month. Sources indicated that this location will serve as an “experience store”, designed to showcase the brand’s heritage and its rare, exclusive collections.
