MasterCard Luxury Week Hong Kong is back for a third year and "has never been more relevant" as the territory feels the pressure to keep its title as the luxury hub of Asia.In this year's China luxury forecast by Albatross and Ruder Finn, Hong Kong is still the preferred luxury brand shopping destination (43.2%) among respondents as their favourite destination to buy luxury items.
However, research showed Shanghai (33.3%) is fast catching up to usurp Hong Kong's luxury crown among respondents from second tier Mainland China cities.
Simon Lock (pictured far right), senior VP & MD for IMG Fashion & Models Asia Pacific, said, "It's essential that the luxury brand community in Hong Kong come together as one to create this event that generates a great reason for consumers around the region to come to Hong Kong shopping".
He explained that fashion events are often focused on an exclusive group of industry insiders but MasterCard Luxury Week Hong Kong creates a direct connection between leading luxury brands and their consumers.
Lock said given the uncertainty related to the global economic climate, luxury retailing has been impacted in the past 12 months but it is slowly gathering momentum.
He said MasterCard Luxury Week is an important asset to the industry and hopes that the event would encourage sales when it kicks off on August 24.
This year, Shanghai Tang will officially open luxury week, which will coincide with the launch of the brand's flagship store on heritage 1881 at Tsim Sha Tsui.
Other brands include Escada, La Perla, Kate Spade, Emanuel Ungaro, Dorian Ho, Derek Lan, Tod's, Betsey Johnson and Thakoon.
Natalie Lockwood, group head, regional marketing for MasterCard Worldwide Asia Pacific, Middle East & Africa, said consumers in Asia continue to evolve in their appreciation of luxury and in these times the focus is especially on quality pieces and experiences.
She added that the event is a celebration of the quality work by major international and local brands aimed at MasterCard holders.
Apart MasterCard, other event sponsors include DHL, Taubman, Quintessentially, Samsung, Godiva, Shu Uemura, Toni& GUy, Absolut Vodka and Pierre Jouet.
