Orient Express, a joint venture between French hotelier Accor and Louis Vuitton owner LVMH, has launched its first giant yacht to attract a new class of billionaire. The yacht will target the ultra-rich, adding to a portfolio of luxury hotels and a yet-to-launch historic art deco train.
Luxury Experiences on the Rise
Spending on high-end experiences is set to grow by 9-11% this year, far outpacing the 1-4% growth forecast for personal luxury goods, according to a Bain study. This trend is boosted by a tech boom in the United States and elsewhere, leading to a larger number of ultra-high net worth individuals using private jets, yachts, and attending mega-events like Formula One racing.
Accor’s Chief Executive Sebastien Bazin stated that when people become very rich, money loses its meaning, and recognition becomes the new currency. The only thing that has meaning is recognition, and having become someone. The yacht’s suites start at around €25,000 for a four-day cruise, and the vessel heavily features LVMH brands, including a Guerlain beauty salon and bottles of Hennessy cognac.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
