Wally and Hermès terminate partnership

by Media Services on 6 Mar 2010 Fresh from exhibiting its concept at Abu Dhabi Yacht Show, French brand Hermès is exiting its joint venture partnership with Monaco-based boatbuilder Wally Yachts, with the explanation that the fashion house is not experienced enough to complete the project.

The two companies recently unveiled a full-size model of its first creation, the EURO900-100m known as 'WHY', the 58m x 38m (190ft x 125ft) WHY superyacht, at the Monte Carlo Yacht Show in September 2009, followed by the Abu Dhabi show last week.

"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 was quoted as saying. "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. The company has dipped a toe in extending the scope of its operations including a helicopter design project in partnership with the European Aeronautic, Defence and Space Company (EADS), but it does not have the ship design experience necessary to undertake the WHY project.

More at http://www.why-yachts.com