Reuters have reported that French luxury brand Hermès, is exiting a luxury yacht joint venture with superyacht builder Wally, with Hermès saying it is not experienced enough to complete the project, its chief executive, Patrick Thomas, told Reuters. Click here to read the full Reuters article.

Reuters reports that Hermès, will sell its stake to Monaco-based Wally and will be paid back via commissions on boat sales through to 2020, Thomas said. Although Hermès also works on helicopter design in partnership with EADS, it does not have comparable ship design experience, he added.

58m motoryacht WHY, which has not been built yet, was designed around space, shade and light. She has a 38m beam, with a displacement of 2400 tonnes and can accommodate 12 guests and 20 crew members. She was recently on display at the Abu Dhabi Yacht Show in February 2010. Synfo.com reported on the unveiling of the new collaboration between Wally and Hermès back in September 2009, click here to read the story.

Wally and Hermès were unavailable to comment to Synfo.com, however please watch this space to find out the developments as they unfold.

    


    

Related Links
Wally - company profile | company website
WHY Yachts - website