The Plaza 66 shopping center built by Hang Lung is located in Nanjing Xi Lu, named as one of “China’s 10 Most Famous Shopping Streets” by the China Shopping Streets Committee. Image Credit: Hang Lung Properties
French luxury conglomerate LVMH Moët Hennessy Louis Vuitton is partnering with Chinese developer and manager Hang Lung Properties in a three-year sustainability and climate pact on retail real estate in Hong Kong and mainland China.
The collaboration will initially cover 26 LVMH brands occupying more than 90 retail spaces in a total leasable area of 27,000 square meters in Hang Lung’s portfolio of shopping malls and commercial properties in seven mainland Chinese cities.
“The design of our stores, like that of our products, is inspired by LVMH’s core values of creativity, innovation and excellence,” said Antoine Arnault, LVMH’s Director of Image and Environment, in a statement from Paris. “This, of course, means ensuring the environmental performance of our more than 5,550 stores around the world.
“Therefore, we are delighted with the unprecedented scope of this agreement with Hang Lung Properties,” he said. “Our collaboration will allow us to expand our environmental commitments, especially in regards to climate.”
The initiative offers a new insight into the relationship between owners and retail brands on sensitive consumer issues such as sustainability, especially in a non-Western market.
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China is the largest revenue generator for LVMH among all global markets, as it is with its competitors Kering, Hermès, Chanel and Richemont. LVMH brands such as Louis Vuitton, Dior, Bulgari and Tiffany have a significant retail presence in malls across China.
Based in Hong Kong, Hanging lung properties develops and manages retail, commercial, residential, and hotel real estate in its hometown, as well as in the nine mainland cities of Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan, and Hangzhou.
The Chinese company positions its luxury retail real estate under the “66” brand.
LVMH, whose 56 brands make it the world’s largest luxury conglomerate, will work with Hang Lung in five key areas: climate resilience, resource management, events, progress and wellness reviews, sustainable transactions and sustainable communication.
Both organizations will work with employees and suppliers in this sustainability effort.
The first major event under the partnership is a Real Estate and Climate Forum on November 24-25. The forum’s agenda and speakers will focus on generating ideas for action in 12 areas, including energy efficiency, circularity and social impact.
THE ASSOCIATION will be renewable after it expires at the end of 2025.
“Although Hang Lung already has ambitious ESG goals and targets, partnering with LVMH takes our sustainability agenda to the next level, demonstrating how owners and tenants can creatively work together for the greater good,” said Adriel Chan, Vice President and Director of Hang Lung Properties. chairman of the sustainability steering committee, in a statement.
“We are confident that the partnership will have a positive impact in support of China’s goals of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060,” he said.
“I have always maintained that one of the best things about sustainability is that it is a positive-sum game. To this point, Hang Lung and LVMH have made it explicit in our agreement that we encourage each other to work with other tenants and other owners to further the sustainability agenda, so we welcome the proliferation of such agreements in the future. “.
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