LVMH - Louis Vuitton - the world's leading luxury products group is set to expand into the yacht business.
The company is in talks to acquire the services of Royal van Lent, a Dutch designer and builder of luxury custom mega-yachts, currently sold under the Feadship brand. The company currently specialises in yachts over 50 meters which sell for an average of $44 million each.
The news comes just days after luxury group Hermes announced their joint venture with the Monaco-based yacht maker Wally on what will doubtlessly be a new line of sleek and modern luxury yachts with Hermes appointments.
Luxist comments: "Both of these announcements send a strong message that these brands believe the ultra high end of the luxury market is safe and sound in any economy."
Via: Reuters, Luxist