The Italian lingerie maker is opposing the store-consolidation trend to expand in China, trusting that the Chinese demand for its products, such as their HKD10,000 bras made with 24k gold thread, will continue to increase. Last Thursday they opened a flagship store on Russell Street across from Hong Kong’s Times Square, an area which once held the world’s most expensive retail space, but has seen a line of store closures lately. This is the retailer’s fourth store in Hong Kong. They are planning to open another three to five stores in Greater China in the following year or so. They are planning to bring its total store count from 215 to 230 globally in a year. They have also seen 30% annual sales growth in its stores, with faster growth in China at 25% to 40%. The lingerie maker is also in the process of reviving its products to include resortwear.
H&M is another brand that bets on continued consumer interest in Hong Kong and China. The retailer opened a new flagship in Causeway Bay on the same day as Le Perla.