Richemont is expanding its Italian jewelry label Vhernier into Asia, with a new boutique set to open in Hong Kong in Q4. Vhernier will debut at The Peninsula hotel in Tsim Sha Tsui district. The arrival comes as Hong Kong’s retail market struggles, with prime shopping center vacancy rates hitting a record 10.5% in the H1 2025 and rents projected to decline up to 10% in 2025. Jewelry and watch sales in the city fell 6% in the first half despite 12% growth in visitor arrivals. However, luxury jewelry remains resilient, with branded jewelry sales expected to grow approximately 6% annually. Richemont acquired Vhernier last year to strengthen its jewelry portfolio. Founded in 1984 in Valenza, Italy, Vhernier is known for sculptural, handmade pieces blending modern design with traditional craftsmanship.