The pair will open large flagship stores in the coming weeks. Bvlgari, the world's third-largest jewellery company behind Cartier and Tiffany & Co, will open its store after more than a decade's presence in the city.
The Armani Group's three-level flagship store will house Giorgio Armani, Emporio Armani and Armani Jeans, marking the first time the group is housing all its brands under one roof.
The opening of the shop follows the establishment of a mega Milan store, Via Manzoni, housing its brands in one building. The Hong Kong shop will include the Giorgio Armani Cosmetics line, flower shop, furniture, books and an Emporio Armani Caffe, and will be rendered in the designer's signature beige stonework. The store will also feature the Giorgio Armani Collection.
Bvlgari's store will span 3,500 square feet and will house jewellery, watches, accessories and Bvlgari fragrances. Bvlgari chief executive officer, Francesco Trapani, said: "After four stores and more than 10 years, we feel a flagship store is a natural progression for the brand in the market."
The opening of Bvlgari's store follows an earlier decision to buy back its local franchises. The company acquired a 51 per cent share of the company managing the four Bvlgari stores in Hong Kong, as well as 51 per cent of Dickson Concepts, the company responsible for its local distribution.
"The direct involvement of Bvlgari will furthermore guarantee immediate and effective control of the operations in these areas, said Trapani.
Armani is reportedly planning a launch programme, including a fashion show and a slew of celebrity parties.
The designer also has its eye on China, with an Armani Collezione store planned for Shenzhen. Other locations are in the pipeline for the Armani label.