Luxury brands coming to Malaysia: YTL MD

Luxury brands are coming to Malaysia to invest following the government's announcement on the abolition of import duty on about 300 luxury items with effect from January next year, YTL Corp Bhd managing director Tan Sri Dr Francis Yeo said.

He said watch makers and artisans are already capitalising on this duty-free status as they are greatly impressed by the new potential of Malaysia as a luxury shopping haven.

"This year, more watch brands have made their new home at Starhill Gallery.

"We now house the world's first stand-alone Hermes Horloger boutique, a French icon," he said at the fifth annual luxury watch and jewellery showcase 'A Journey Through Time' at Starhill Gallery today.

Many watch tenants have either expanded their retail space or are in the process of doing so, he said, adding in the last four years, the showcase, Asia's largest luxury watch retail event, has raked in more than RM10 million in total sales. -- Bernama