Swiss luxury group Richemont is preparing to expand its Italian jewelry label Vhernier into Asia, with a new boutique set to open in Hong Kong later this year.

Vhernier will make its Hong Kong debut at The Peninsula , the iconic luxury hotel located in the Tsim Sha Tsui district. A spokesperson for Hongkong & Shanghai Hotels Ltd., which owns the property, confirmed the upcoming opening. According to a source familiar with the matter, the boutique is expected to open in the fourth quarter. The source requested anonymity as the information is not yet public.

The arrival of a high-end foreign brand is seen as a potential boost for Hong Kong’s struggling retail market. According to real estate consultancy Jones Lang LaSalle Inc., vacancy rates in prime shopping centres hit a record 10.5%

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