What: Adrian Cheng shifts focus from New World Development to Almad Group, targeting digital assets and expanding K11 by AC internationally.

Why it is important: The globalisation of K11 and Cheng’s strategic pivot highlight how leadership changes and asset restructuring are reshaping the region’s retail landscape.

Adrian Cheng, former CEO of New World Development and a prominent figure in Hong Kong’s business community, has launched Almad Group, a new venture focused on digital assets and transformative industries such as entertainment, sports, media, healthcare, and cultural tourism. This move follows his departure from New World Development, which has faced significant financial challenges, including a record loss and ongoing asset divestments. Cheng’s strategy centers on globalising the K11 by AC brand, with particular emphasis on expanding its Anime IP business in mainland China and the Middle East. His vision is to build future-oriented businesses that address the evolving needs of the next generation. The shift from traditional property development to digital and cultural sectors reflects both Cheng’s personal ambitions and broader trends in Asian retail, where experiential and cross-border models are gaining traction. This transition also marks a significant moment in the succession and transformation of one of Hong Kong’s most influential family business empires.

IADS Notes: Adrian Cheng’s launch of Almad Group and the globalisation of the K11 by AC brand reflect a period of significant transformation for both the Cheng family and the Asian retail sector. In December 2024, The Mall Group’s partnership with K11 MUSEA expanded cross-border privileges and digital engagement for customers, as reported by the Bangkok Post. K11’s cultural commerce model achieved a 120 percent increase in sales above pre-pandemic levels, highlighted by Inside Retail in January 2025. Meanwhile, New World Development’s financial restructuring and asset divestments, including negotiations to sell K11 Art Mall for HK$9 billion, were detailed by Inside Retail in January 2025. Adrian Cheng’s resignation in September 2024 and the company’s renewed focus on debt management in November 2024, covered by Inside Retail and the South China Morning Post respectively, further underscore the impact of leadership changes and strategic pivots in response to market volatility.