Limited Brands Inc., the owner of popular lingerie chain, Victoria's Secret, is all set to make its debut in Hong Kong with two new planned stores in the region in end 2013.
Limited Brands said that it will open two stores; each measuring around 130 square meters at the famous New Town Plaza and the International Finance Center located in the Central Business District of Hong Kong, reports Chain Store Age.
The measure comes as demand for branded apparels and accessories has risen exponentially in Hong Kong. Moreover, the improving economy and increased business value is fuelling many famous international companies to set up bases in the region. Major fashion names like Gap and Abercrombie & Fitch Inc. have opened a number of stores in the past 18 months alone, reports Businessweek.
Victoria's Secret is a well established brand in America. It has expanded aggressively in the country over the years. However, it is a little cautious about taking business offshore, reports Inside Retail. It opened its first store in mainland China in 2012 at the Venetian Macao Resort Hotel.
"We're very aware that China will be the biggest market on the planet at some point. We just don't feel pressured by the time to go and do that immediately. We've got so many building blocks to put in place," Martin waters, President of International Business operations of Limited Brands Inc., said to Bloomberg.
Retail sales in Hong Kong rose 9.8 percent in 2012. The Causeway Bay, which covers parts of Eastern Districts and Wan Chai in the region, is reportedly the most expensive shopping district of the world.
While plans for offshore expansions are being contemplated, Victoria's Secrets has just launched a perfume, "Fabulous," which is inspired by youthful femininity and extreme glamour. It also launched its brand new nail polish collection in January.