New World Development (HKG:0017) has reached an agreement with Louis Vuitton to open a "megastore" at its K11 Musea mall in Hong Kong, Bloomberg reported Wednesday, citing people familiar with the matter.
The store is expected to open by the end of 2026 following extensive renovations and will be among Louis Vuitton's largest locations in Asia, according to the report. The lease will reportedly include a turnover-based rent component.
The deal comes as New World seeks bank support for an $11 billion loan refinancing by the end of June, Bloomberg wrote.
Separately, Louis Vuitton operates a store at the nearby Peninsula Hotel owned by Hongkong and Shanghai Hotels (HKG:0045), and is in talks to renew its lease there, the report added.
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