Hong Kong wants to become the new mecca of luxury tourism. And it has a weapon: billionaire influencers
22-11-23
The Cheng family, one of the richest in Asia, is involved in promoting Hong Kong by becoming luxury influencers.
There was a time when Hong Kong was Asia's biggest luxury shopping center. The strict containment measures put in place during the pandemic caused its interest to plummet and the local economy suffered.
The local government has initiated a package of measures to promote Hong Kong's trade, but instead of turning to the usual local influencers, it has enlisted the help of one of Asia's richest families to lure back the luxury trade.
Hong Kong on a tightrope. Strict sanitary controls stemming from the zero-tolerance COVID-19 policy stifled the local economy. According to data published by Bloomberg, by 2023 only 37% of tourist visits had recovered from pre-pandemic levels, compared to a 57% recovery in the neighboring canton of Macau.
The Cheng: millionaires and now, influencers. The Cheng family is one of the richest sagas in Southeast Asia. The patriarch of the clan, Henry Cheng, has an estimated fortune of $21.6 billion according to Bloomberg.
The origin of his fortune is diverse, but his largest percentage comes from a lucrative chain of Chow Tai jewelry stores that goes back a couple of generations in the Cheng family, and the real estate business with the Rosewood Hotel Group as a flagship in the hotel sector and New World Development for large shopping malls. Henry Cheng shares leadership with his son Adrian and daughter Sonia, who hold senior positions in both branches of the family business.
Benidorm for millionaires. For some months now, the Hong Kong government has been involving hoteliers, owners of large shopping malls and leisure entrepreneurs in promoting the area as an attractive and quality tourist destination, offering free flights, free drinks and night markets.
The Cheng family has been at the forefront, personally encouraging the return of tourists (preferably wealthy ones), in order to boost sales in their shopping centers and hotels. One of the measures: organizing Pharrell Williams' first fashion show as a designer for Louis Vuitton in Hong Kong.
Bernard Arnauld needs to sell in Asia. Bernard Arnauld's fortune has suffered some setbacks in recent months on account of a downward forecast in sales of the luxury goods brands under the umbrella of his holding company LVMH. As a result, the French luxury tycoon could not resist the call of the Cheng family to support his campaign in Hong Kong.
To attract the Asian public to his luxury products, the French businessman has pulled an ace out of his sleeve, exclusively presenting the new men's collection of singer Pharrell Williams, now turned designer for the Louis Vuitton brand.
The new walk of fame in Hong Kong needs celebrities. The parade, as it can not be otherwise, will be held in one of the urban developments of New World Development directed by Adrian Cheng.
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