Italian luxury brand Moncler has opened a new store in Hong Kong, amid a spate of luxury store closures at the close of 2016 in the once-flourishing luxury retail city.
The latest Moncler addition is located in the city’s Pacific Place shopping mall. It takes the down jacket label’s official store count to six in Hong Kong, after five successful store launches in surrounding shopping malls and at Hong Kong’s airport.
Hong Kong, and Asia in general, remains a prime target for Moncler. In the first nine months of 2016, the Italian firm confirmed the result of the first six months of 2016, “with double-digit growth and positive performances in all of its geographical areas,” most notably, Asia.
Sales in the region surged by 27% (+25% at constant exchange rates), reaching €216.1 million. Growth was especially strong in China, “thanks to the strength of the brand” and in South Korea, where the label has opened several stores too, something it looks to emulate in Hong Kong.
The Moncler store rollout follows a year of retail stagnation for Hong Kong in 2016. Toward the end of last year, a slew of luxury stores closed down their flagships in Hong Kong.
Prada, Ralph Lauren, Forever 21, Abercrombie & Fitch, Coach and Tag Heuer were the latest, confirming that Hong Kong – once a key marketplace for luxury goods and fashion — has indeed slowed down in the last two years.