Sportswear giant On Holding is planning to open its first store in Hong Kong, as the Swiss sneaker maker looks to the shopping hub to bolster revenues across Greater China.
SEE ALSO: Hong Kong retail sales growth slows in January as tourism numbers drop
According to a Bloomberg report, the Roger Federer-backed company has located a 3,000-square-foot store at H Queen’s, a building owned by Henderson Land Development Co. in Hong Kong’s Central business district.
Rent is said to be around HKD 600,000 (USD 76,700) per month for the store, according to the report, though an exact store opening date is yet to be revealed.
Hong Kong, once a burgeoning hotspot for travel tourism, has seen a slower-than-expected recovery to pre-pandemic visitor numbers and retail sales levels post-Covid.
In January, Hong Kong retail sales growth slowed to just 0.9 percent, as tourist arrival numbers declined during the month, according the Hong Kong government, a soft increase in sales compared with a 7.8 percent growth in December, 15.9 percent surge in November and a 5.8 percent rise in October; leading to a 16 percent increase in retail sales in Hong Kong in 2023.
In its most recent trading update, On reported a 46.6 percent uptick in annual sales to CHF 1.79 billion (USD 2.02 billion), with sales in Asia Pacific surging 75.9 percent to CHF 141.1 million