Hermès exits joint venture with Wally
By IBI Magazine
French high-fashion house Hermès is exiting its joint venture partnership with Monaco-based boatbuilder Wally Yachts, saying it is not experienced enough to complete the project, according to a Reuters newswire report.
The two companies recently unveiled a full-size model of its first creation, the 58m x 38m (190ft x 125ft) WHY superyacht, at the Monte Carlo Yacht Show in September. The yacht was also displayed at last week's Abu Dhabi show.
"We are currently in the phase of carrying out the project, which is technically complex and which requires on-the-spot decisions," Hermès CEO Patrick Thomas told Reuters.
"It seemed a good idea to us to have only one decision-maker and we naturally decided to hand the reins over to Wally."
Hermès will sell its stake to Wally and will be paid back via commissions on boat sales through to 2020, said Thomas.
Founded by Luca Bassani in 1994, Wally offers a range of high-end sail and motoryachts that are built at its WallyEurope facility in Fano, Italy.
Hermès is a French high-fashion house specialising in leather, lifestyle accessories, perfume and other luxury goods. Although the company also works on helicopter design in partnership with the European Aeronautic, Defence and Space Company (EADS), it does not have comparable ship design experience, said Thomas.
(5 March 2010)
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