Florentia Village, a luxury designed outlet under the Italian real estate entity RDM, delivered exceptional performance during the 2024 Golden Week holiday. Under current market resurgence, Florentia Village marches forward with positive outlooks and recorded robust growth across three key metrics—sales, footfall, and vehicle traffic—reflecting strong consumer confidence in the luxury designed outlet, as well as its influential market presence. These achievements are not only consolidating RDM’s leading position in China’s luxury outlet industry, but also reassuring investors with the promise of future stable, ongoing growth.
Over the Golden Week, the seven Florentia Villages collectively generated 600 million RMB in sales, marking a year-over-year increase of 6.7%. At the same time, they welcomed 1.24 million visitors, showed an increase of 63,000 compared to last year and a 5.4% rise, with footfall and sales growth climbing in tandem. In 2024, vehicle traffic for six mainland Florentia Villages reached over 270,000, mirroring the brand's overall growth. The rise in high-net-worth visitors traveling from more distant regions also highlights Florentia Village’s expanding market influence across China.
Among the standout performers, Chengdu Florentia Village is the one to look for in the future because of its exceptional growth potential. During the Golden Week, the Chengdu Florentia Village's sales surged 39% year-over-year, showing an impressive 65% rise compared to figures in 2022. Footfall and vehicle traffic grew by 39% and 40%, respectively. This is evidenced by four consecutive days (October 1-4) setting new daily footfall records and two days setting new daily sales records. The high level of engagement rates underscores the Chengdu Florentia Village’s focus on both visitor conversion and elevated guest experience. Chongqing Florentia Village saw strong performance, with sales and footfall rising by 11% and 15%. Wuhan Florentia Village, benefiting from the recent opening of RoRo Park, experienced a 29% surge in footfall, leading to significant sales growth. The children’s apparel category in particular witnessed an excellent 31% increase.
Guangzhou-Foshan and Shanghai Florentia Villages reported impressive increases in conversion rates too, at 9% and 15% respectively, with per customer transaction values up 13% and 30% year-on-year, reflecting the success of our precision marketing. Beijing-Tianjin Florentia Village, as one of the flagship shopping stops in the outlet industry, particularly the impressive 52.1% increase in non-comparable store revenue, showcases the success of our strategic brand expansion strategy. With the group's keen insight into the Chinese market, RDM continues to excel at rapidly developing a powerful brand presence.
The strong Golden Week performance is a direct result of Florentia Village's sustained investment and pioneering actions: creating immersive shopping experiences, integrating Italian culture into localization, driving digital transformation, and enhancing customer engagement strategies. Driven by combined efforts from six cities, the month-long Florentia Village Shopping Carnival inspired by Renaissance portraits created in collaboration with an Italian artist was both an Italian cultural and shopping feast. A strategic partnership with online travel giant Ctrip offered consumers 2% cashback, tapping into modern digital consumption habits and seamlessly engaging new visitor segments. Additionally, the newly opened RoRo Park, launched on October 1 at Wuhan Florentia Village, spans over 14,000 square meters, enriching family experiences with children-friendly activities. These efforts laid a solid foundation for Florentia Village’s growing membership base, propelling record footfall and significantly contributing to sales growth during the Golden Week.
As a leader in China’s luxury outlet industry, RDM Group has shown a strong edge in capturing consumer trends and pioneering industry innovation, with promises of exciting prospects for the future. Supported by a series of recently launched strategic initiatives, the Group is poised to deliver substantial, sustained value for investors.
