Swiss watchmaker Audemars Piguet bets on Hong Kong luxury demand, will open a store in New World Tower in Central.

Swiss luxury watchmaker Audemars Piguet will open one of its largest flagship stores in Asia at New World Tower in Central, Hong Kong, betting on resilient demand from the city's growing wealthy population. According to people familiar with the matter, Audemars Piguet will occupy about 13,000 square feet in the building owned by New World Development, at a monthly rent of more than HK$2 million. The people requested anonymity because the matter is not public. Audemars Piguet is taking over the space from Emperor Watch & Jewellery, whose lease expires in February next year. The people said Audemars Piguet will also lease a storefront of about 7,000 square feet at the nearby Hang Yee Building, at a monthly rent of about HK$1 million. They said the space will be turned into an experience store showcasing Audemars Piguet's brand heritage and rare collections.