The renewed growth and the increasing number of billionaires have provoked a boost in the firm from Cannes, which is the world leader in open de luxe boats.
You only have to go for a walk at Monaco, Nice, Antibes or Saint-Tropez harbors to be aware of that: yachts are bigger and bigger, faster and faster, more and more beautiful. Luxury yachting market has been booming for two years. The success can be explained by the renewed cruise, the good state of the Stock Exchange, the increase of the number of billionaires.
Auction on board to decide between two clients
A Cannes firm, introduced into the Second Market in May 1998, can attest the incredible boom of the luxury yachts sale: Rodriguez Group has progressed by 316% since its introduction and by 157% since the beginning of the year 2000. The firm was founded by Gérard Rodriguez and has become world leader in open de luxe boats, and this year the group had to revise up its perspectives. For the 1999-2000 fiscal year (which will end on September 30th), the turnover should reach 600 million francs with a net profit that should reach 45 million francs.
Steve Chokron, financial manager, explains that the shortage on the section 30 to 35 meters long yachts is so much important that on last September, during the water Meeting in Cannes, auctions had to be launched on board of a boat in order to decide between two clients who, each, wanted to buy it. Rodriguez Group will sell 25 big yachts during this year. This is all what its builders can furnish.
But the market is able to absorb 40 to 45 big boats, and a part of the 2001 production has already been purchased. The amount of orders for next year reaches about 300 million francs, which allows to think that 2001 will be even better than 2000. And the increasing number of billionaires leads to predict an enormous growing potential for next years.