Princess Yachts International partners with China Haidian in Hong Kong

by Princess Yachts International on 16 Apr 2010 China Haidian Holdings Limited officially announce yesterday (15 April) its new partnership with Princess Yachts International plc through its wholly-owned subsidiary, Chart Victory Limited, who are appointed the sole distributor for Princess Yachts in Hong Kong.

Established in Plymouth in 1965, Princess Yachts is one of the leading British luxury yacht builders with a global distribution network. It owns and operates vertically integrated manufactories with a total area of over 1,000,000 square feet. In May 2008, Princess Yachts was acquired by L Capital 2 FCPR, an investment group sponsored by Group Arnault and LVMH, the international luxury brands group.

Princess Yachts Hong Kong will work directly with Princess Yachts International’s manufacturing, marketing and sales facilities in the UK, and utilise the strong marketing expertise of China Haidian to strengthen the brand’s presence in Hong Kong.

Princess Yachts has recently released the first product shots of its new M Class yachts, 32M and 40M, the company’s first ever vessels of over 100 feet in length. Both models are to be built at the yacht builder’s newly established seaside facilities near Plymouth, the headquarters of the brand’s operations in the UK. Production of the first 32M is well underway with a completion expected by the end of 2010.

Mr. Hon Kwok Lung, Chairman of China Haidian, sees a huge room for Princess Yachts to develop in Hong Kong, and is thus very encouraged by the ship builder’s business plans for the market. 'Princess Yachts has long been admired in Hong Kong. Their reputation for quality and performance is second to none. Furthermore, the company's investment in new products and plans for 100-foot class yachts are truly impressive,' said he. 'We believe that the cooperation not only provides an opportunity for our company to work with a well-known international brand, but also generates revenue from a business segment which is enjoying a robust growth in Hong Kong. On the other hand, our strong marketing expertise will help Princess Yachts enhance its presence here.'

Chris Gates, Managing Director at Princess Yachts, said, 'This is a significant move for the brand. Hong Kong is an important market for us, and a key growth area in the region. As we are tapping the territory of larger crafts, to join hands with a partner like China Haidian in such an important market is particularly critical to us. We are delighted to have partnered with China Haidian.'

'Princess Yachts will benefit from China Haidian’s phenomenal marketing experience in fast-growing Asian markets, financial strength, as well as its sound business credentials and reputation in Hong Kong. We look forward to a strong business relationship in the years ahead,' Gates added.

It was an exceptionally cold, grey and rainy day in Hong Kong, but as the principals lined up for a photo in front of the artwork of a Princess 85M - hey presto! right on cue and entirely unarranged - a Princess 85M made her way up Hong Kong the harbour. That has to be a good omen, right?