BIG NAMES from the high-end product suppliers joined Hong Kong’s first Leaders of Luxury Summit in an event making the most of the city’s high number of billionaires with an appetite for treating themselves lavishly.
Organised by Robb Report Hong Kong, the city’s tourism board said the event gathered “luxury industry titans” to discuss an agenda based on the theme “Redefine Luxury Through a Global Lens” at the Regent Hong Kong.
Hong Kong Tourism Board (HKTB) pointed to the latest “2024 Billionaire Census” report from industry analysts Altrata showing the city as having world’s second highest number of billionaires.
The Knight Frank Wealth Report 2024 also reported that Hong Kong would have 22.4 per cent more ultra-high-net-worth individuals by 2028, the second highest growth rate globally. A Forbes ranking of the cities with most billionaires places Hong Kong second behind New York followed by Moscow and Mumbai.
Hong Kong has been implementing policies to attract family wealth offices and is famed for its luxury product outlets with high levels of demand and production coming from mainland China.
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“As the main growth engine of the global luxury market, Asia-Pacific – including the mainland – presents immense opportunities,” HKTB chairman Pang Yiu-kai told the opening of the opening of the November 26-28 summit.
“China alone is projected to account for 25 per cent of worldwide luxury sales by 2025. For luxury brands, Hong Kong serves not only as the ideal springboard into this rapidly expanding market, offering a platform to connect with discerning consumers across the region, it is also a powerful magnet attracting all those discerning consumers and high-net-worth individuals who live the luxury lifestyle.”
Frank-Steffen Walliser, CEO of Bentley: “Hong Kong has long been recognised for its strong market. The city often sets trends and embraces new technologies, making it an ideal market for exploring the brand’s potential. This trip is a good combination of attending the conference and meeting with our local customers and retailers. The real highlight of this trip is to hand over four bespoke Bentayga EWB Azure models to the world-famous Peninsula Hotel – a very special occasion.”
Alberto Galassi, CEO of the Ferretti Group: “Hong Kong always played an important role for Ferretti. We’ve been the first in the industry, opening in early 2000, and 10 years of growth since we listed in Hong Kong 2022, and we are the only company in the world dual list in Hong Kong and in Milan Stock Exchange, and we have expanded our office in Landmark. The city’s stunning architecture, impressive skyline, beautiful sea, and high-quality hotels, and its people, all contributes to Hong Kong’s status as global luxury hub, not just for yachts but for all aspects of life. With more infrastructure, Hong Kong has a huge potential to develop yacht tourism because the city is unique like nowhere else.”
Amy Yang, vice president marketing, APAC and IMEA of VistaJet: “2024 marks the 20th year of VistaJet and for the past two decades Hong Kong has always been a first-rate international aviation hub. Hong Kong’s strategic location as the gateway to the mainland bridges East and West, providing huge opportunities for business and tourism, and the government’s commitment to enhancing the infrastructure and expanding private jet terminals guarantee the city a central role in the world of luxury.”
Tak Man, CEO and publisher of Robb Report Hong Kong: “We are thrilled to host this inaugural Leaders of Luxury Summit in Hong Kong. Hong Kong is a perfect place with strong connectivity, visa-free policy and excellent hospitality. We are in discussion to bring even more mega events to Hong Kong.”
Main picture… VistaJet’s Amy Yang with the Robb Report Best Private Aviation Company award flanked by Tak Man, left, and HKTB executive director Dane Cheng
