STORES | Staff Reporter, China

K11's sales soar in second half of 2020

K11 Art Mall in Wuhan successfully launched on 12 December 2020.

The K11 Group, a cultural retail concept lifestyle brand, announced a 45% increase in sales YoY for the second half of 2020.

The company's Hong Kong mall's reported a 56% increase in sales in H2 2020 compared with the same period in 2019, with Gold Card membership surged by 358% and K11 MUSEA increased by 156%.

In mainland China, sales in the four cities where K11 operates increased 35% YoY in H2 2020.

“With the opening of Wuhan K11 Art Mall II and AVENUE 11, K11 achieved a 50% year-on-year sales growth in mainland China in the first three weeks of December 2020,” K11 said.

The Shanghai K11 reported a 22% YoY increase in December, a record high for sales during that month. Sales at Shanghai K11 in the H2 2020 also increased by 37% YoY and saw a steep growth of 80%, compared with H1 2020.

Other K11 malls that reported an increase in H2 2020 are Shenyang K11 (51% YoY) and Guangzhou K11 (65% compared with H1 2020).

“We encountered a very unusual year in 2020 and we are glad to see the strong growth of the unique K11 cultural retail business model. Faced with unprecedented challenges and a new business environment, we successfully turned challenges into opportunities and achieved significant business growth in the face of adversity,” said K11 Group founder Adrian Cheng.

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