It is not yet clear whether lease agreements have been formally inked, but WAtoday understands the two luxury brands could be operating from the new premises within the next year.
Centuria and Cox Architecture were both approached for comment.
The new stores would be wedged between international hotelier Mantra and German fashion house Hugo Boss, which relocated to Murray Street in 2021.
They would also sit adjacent to Raine Square, which has been home to luxury brands Tiffany & Co., Louis Vuitton and Chanel since they left King Street over the course of the past three years.
At the time, at least two of the three global fashion brands were rumoured to have been “poached” from the upmarket strip, with their lease agreements paid out and fit-out incentives offered to seal the deal.
Chanel moved to the heritage-listed Wentworth building at Raine Square in 2021, with the fit-out alone costing upwards of $14 million.
There are currently at least eight ground-floor vacancies along the 350-metre King Street strip, which was once regarded Perth’s premier fashion destination.
It is understood Gucci, one of the last remaining international luxury retailers left on the strip, is also eyeing a tenancy in Raine Square.
But Raine Square’s leasing agents Charter Hall were unable to confirm the speculation.
The move comes as new data reveals luxury sales in Australia could reach $5 billion in the next five years, with analysts Ibis World predicting sales revenue will grow 5.4 per cent annually to 2027.
At the meeting, Zempilas revealed the total local spend in the city for the month of January was 19 per cent higher than the corresponding levels of the previous year.
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