Hermes relocating to Prince’s Building amid talk it plans to sell flagship store for HK$1.5 billion
International luxury brand bought shop at The Galleria for HK$190 million 14 years ago
International luxury brand Hermes will relocate to Prince’s Building, in Central, a move suggesting it plans to sell its flagship store at The Galleria at 9 Queen’s Road Central amid sluggish sales of luxury goods.
Hermes Asia Pacific told the South China Morning Post on Wednesday it had “just signed a contract with Hongkong Land for relocation of the brand’s flagship store in Prince’s Building”.
“It is a significant investment which proves Hermes’ confidence in the local retail market,” it said.
Although Hermes did not reveal more details, industry insiders say it may replace three existing Prince’s Building tenants – Alfred Dunhill, Ralph Lauren and Brooks Brothers – which occupy a total of more than 10,000 sq ft.
Hermes is likely to open the new store at Prince’s Building next year or in 2018, with the existing tenants’ leases due to expire over the course of next two years.
Prince’s Building’s ground floor also accommodates other world-famous fashion and specialty stores, including Cartier, Chanel and Van Cleef & Arpels.