Latest news with #Sanlorenzo
Time of India
21-05-2025
- Business
- Time of India
A Covid boom propelled the luxury yacht industry, but higher taxes hit demand for more affordable boats
Despite economic headwinds in Britain, the luxury yacht market remains buoyant, with wealthy buyers undeterred by higher taxes and tariffs. While larger yacht makers like Princess and Sanlorenzo report strong sales, demand for smaller, more affordable boats has softened. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ( Originally published on May 21, 2025 ) Britons are feeling the pinch from higher taxes, weak economic growth and now US tariffs adding to the uncertainty. But one industry's customers appear to be sailing through relatively unscathed: luxury yacht buyers."Large yachts are still selling strongly," Joe Hill, sales director of motor yachts at British maker Princess, said at last week's British Motor Yacht Show at Swanwick Marina on England's south coast. Pointing to a model costing 4.3 million ($5.7 million) before value-added tax, he said: "If you have that as disposable income you're probably riding over the peaks and troughs of the economy anyway."Wealthy buyers are still splashing the cash on high-end yachts decked out with their own trim and other personalised features, contributing to an industry worth an estimated 1.4 billion. But less wealthy consumers aren't immune to the slowdown. They've been reining in spending, with a drop in demand for smaller and slightly more affordable yachts "There are still plenty of people spending money at the top end, but at the lower end it's quieter," said Dave Cockwell, founder of Cockwells, a Cornwall-based boutique builder that makes classic-style boats with upgraded technology. There were "more inquiries than ever" for bigger boats, but smaller ones struggled to attract buyers, he sales boomed during the Covid-19 pandemic as wealthy people sought ways to spend their money, with overseas travel limited and restrictions tight. Since then, sales have larger yachtmakers continue to enjoy strong demand. Sanlorenzo SpA, an Italian manufacturer listed in Milan, reported an 11% increase in net revenue for new yachts to ₹930 million last year, powered by its superyacht yacht show in Swanwick - which featured 45 boatmakers - pulled out all the stops to reel in the roughly 1,500 potential buyers. A lobster stall served hungry customers, while those ready to make an offer could step into luxurious lounges put on by the major yacht companies with free food and show also talked up how buying a yacht is free of stamp duty. That's become a bigger selling point after the Labour government last year raised the surcharge on second-home purchases to 5% from 3%.Sanlorenzo, which makes boats starting at 6.5 million, lured wealthy buyers with its two luxury vessels on display. The SX76 sleeps eight guests and two crew with a large saloon, dining room and full-size kitchen as well as extensive outdoor space, while its SL96A was custom-built for a client with a dark wood interior and several modern art boatmakers had less luck securing deals for their smaller vessels. People at that end of the market, who are potentially testing their financial limits, might buy a boat on finance, said Princess's Hill, and high interest rates might make them hold off purchasing for and cheaper boats - like Princess' V40 which starts at 700,000 - have seen weaker sales over the last few years, Hill said. The Plymouth-based company, which employs around 2,400 people, makes boats ranging from 40 feet to 95 feet a similar story for Rib-X, which makes speedy craft that can be used for sports, and tenders, which are smaller boats used as lifeboats or support vessels for large yachts. Sales of its smaller vessels have slumped around 40% in the past year, estimates Ross Collingwood, chief executive officer of Rib-X owner Vortec Group.
Forbes
21-04-2025
- Business
- Forbes
In Yacht Shows, Is Palm Beach The New Monaco? That Depends.
Let's be clear. The Monaco Yacht Show has always been in a class by itself. It is a nonesuch destination reigning as the undisputed leader in all things luxury. In light of this question posed ahead of the Palm Beach International Boat Show, or PBIBS, is Palm Beach the New Monaco? The recent environment suggests the center may be shifting, with wealth and power finding Palm Beach an appealing alternative. So, a month after all the boat horns sounded to signal the show closure in Palm Beach, how did it measure up to Monaco? It depends on who one asks and what objectives are considered. The 43rd edition of the Palm Beach International Boat Show, PBIBS, officially took place from March 21-24, spanning five days, up from the usual three, for the first time. The show featured more than 200 superyachts over 80 feet, 45 of which exceeded 150 feet. In all, there were 1,000 boats on display, with 80 debut yachts. The 33rd edition of the Monaco Yacht Show, presented from September 25-28, 2024, featured 117 superyachts on display, 81 of which were debuts. An additional 53 sat at anchor in the bay. At the time of writing of this article, Informa claimed more than 60,000 attendees at the Palm Beach show this year, exceeding 2024's tally of 55,000 visitors. Attendance at the Monaco Yacht Show in 2024 was 29,197. Both shows indicate qualified attendees serious about a charter or yacht purchase. The Palm Beach show was compact and easy to navigate. By contrast, Monaco's expanse around the port seemed more spread out. Palm Beach? It was just easy. Clearly mapped. Easily navigated. Well maintained. And parking? Generally easier than other shows. Traffic, however, still tries one's patience, but is not as lengthy a delay as some of the shows. This year, Palm Beach featured innovations and reveals that proved big news. Like Sanlorenzo's announcement that it doubled its revenue in the past five years while acquiring sailing giant Nautor Swan, with a new 137-foot alloy Swan sailing yacht in the works alongside acquisition of Simpson Marine. And like the Benetti's 280-foot Espen Øino and Zuretti Project Life built on spec with a 2025 build start and 2030 delivery. And like Baglietto's world premiere of Daybreak, a 170-foot spatial magician for its size, with impressive 'Made in Italy' luxury details. Denison Yachting announced partnerships with Northern Jet, set to dovetail with an automotive group, perhaps Holman Motors, for a seamless, full-service experience for charter clients. Feadship emphasized continued advances in sustainable luxury on board superyachts, advancing the efficiency and use of electric drives, biofuels, and hydrogen propulsion, along with highly sustainable interior materials, providing insight, solutions, and options across the marine industry. Tankoa's 52-meter S520 unveiling, and Sunreef's new Las Olas office Ft. Lauderdale just brush the surface of yachting sector news. Comparing the locations of the two shows, which is best? Monaco's extraordinary architecture and lush environments with impressive histories are legendary. There are 16 Michelin Star dining establishments in Monaco, with the three-star Le Louis XV - Alain Ducasse à l'Hôtel de Paris leading the pack. Palm Beach is no architectural slouch, however, with its array of mansions on Palm Beach's exclusive island, surrounded by expansive, impeccably tended landscapes and artistic displays. The unique Flagler style can be seen throughout the region. On the dining scene, Palm Beach in its first year review by the Michelin Guide earned one star for Konro, in a field of nine total nods from the judges. Monaco is graced with many hotel choices, all with exclusive rates pushing $3000 per night with a four night minimum, but with every possible luxurious amenity a prospective yacht buyer could dream up. Palm Beach lists eight luxury hotels, one of which includes a boutique hotel within the iconic Breakers, offering 21 rooms and suites within the confines of the main hotel, which harks back to 1896. Both Monaco and Palm Beach understand what their guests seek in terms of posh digs and attentive service, and guests will want for nothing. Shopping is often a criterion for those seeking superyachts, so it stands to reason that it is a consideration in comparison. Monaco has haute shops in spades, with globally acclaimed designers and exclusive boutiques tucked into every niche. From Metropole and Fontvieille to Marché de la Condamine, it is a challenge to name an important designer without a presence or to find a luxury item not available here. Palm Beach, Florida, USA at Worth Ave. getty Palm Beach, however, has its own designer enclaves dotting Worth Avenue and in The Royal Poinciana Plaza. Kassatly's, Worth Avenue's oldest shop dating back to the 1920s, carries fine linens, luxurious sleepwear, and a cache of cashmere, situated among additional boutiques that rival in their niches. Boats may be the focus here, but other pursuits contribute to making both trips exciting. Monaco's cultural and entertainment menu is diverse, ranging from gaming at the Casino de Monte-Carlo, dancing at Nikki Beach or Jimmy'z, peeking at the Place du Palais, a bit of whale watching, a menagerie of museums, and a little jazz and a Condamine Champagne Cocktail at Le Bar Américain. Palm Beach is a little more casual but offers an eclectic menu. Options include brunch and a sporting match at the National Polo Center, golf at The Ocean Course at The Breakers or Niklaus Bear's Club, a show at Kravis Center, or jumping and equitation events at the Wellington International Equestrian Center. Both locations have lovely beaches. Palm Beach has lovely blue water along the Atlantic coast. Informa states that PBIBS has historically delivered a more than $1.05 billion economic impact to the Palm Beach region. MIAPBC Executive Director Alyssa Freeman stated, 'This year's record-breaking success has driven unprecedented revenue for local businesses, while also generating crucial funding for local nonprofits that strengthen the boating industry.' What hangs in the balance are the actual sales numbers attributed to the show, along with other more subjective stats like which show has the best array of yachts, or which offers the greatest value for exhibitors or buyers, not to mention which is more enjoyable or easier to navigate. The question remains, and the debate is far from over. As both shows continue to refine and improve, both are worth the journey. The 2025 Monaco Yacht Show is scheduled for September 24-27. The Palm Beach International Boat Show will be held March 25-29, 2026. See you there!
