The Prestige Brand Moves Toward It's Name
French builder’s F5.7 premieres at Cannes Yachting Festival and announces its new M7 multihull.
When we saw the new Prestige M8 two years ago at the Cannes Yachting Festival, we were impressed by the interior and obvious upgrades in quality all over the boat — and it had a price tag to match. At the time, we wondered if this was an aberration because it certainly did not follow what seemed to be pretty rigid guidelines of the Prestige brand — i.e. keep the build simple, avoid unnecessary cost and keep them affordable. The reason the brand was so popular was because it offered large yachts at 30% less than most boats in class, if not more.
The large unit sales that Prestige has racked up year after year were largely because the brand was the low-price supplier, and the company's dealer network was constantly growing. New people getting into boating didn't know where the old moss-backed boating veterans had the brand pegged on the status pecking order — and bought them. Even status-conscious lifelong boaters found the allure of large motoryachts at a remarkable discount hard to resist — and they bought them, too. In the beginning, competitive boat salespeople had all manner of reasons why the brand was not as good as advertised, but that negative sales strategy waned as years went by., and sales soared.
The boats were attractively styled — without affectation; they floated, and owners could option them out with all of the latest gimcracks desired. So what was not to like? In time, competitors went out of business, went even more upscale or chose different design directions.
Then along came Covid
The combination of unfathomable Covid-induced demand and supply-chain issues, pushed up boat prices 30% in two years, and the concept of a low-priced boat was an oxymoron even more so than usual. Inflation raised all boats, and their prices, including those of Prestige. The million-dollar mark, which was a number all builders tried to stay below at certain points in their history, now was replaced by the number 2, 3 or even 4, depending on the size of the boat.
Because prices rose so fast for all boats no matter what tier their price point, consumers lost track of what certain size, type and brand boats "should" cost. A nickel Coke was now 25 cents, almost overnight. Get used to it.
At some point, Prestige management decided to start a new chapter in the life of the brand. It consciously decided to start baking in more quality. And, this is the big story with Prestige. What we saw two years ago at Cannes in the Ma was just the first manifestation of the "new" Prestige. Now, all of their new boats are going upmarket in their construction, materials, fixtures and most all things visible.
A Coming Out Party at Cannes 2024
Prestige reasserted its commitment to continuously evolve to meet customer expectations, presenting two new yacht models.
Devoting significant display space to new models, Prestige aimed to demonstrate its commitment to constantly enriching its ranges — the F-Line, S-Line, X-Line and M-Line — through continuous innovation.
The spotlight was on the Prestige F5.7 world premiere, continuing the development of the new generation of the F-line on the heels of the international success of the F4.9, launched just one year ago. This new 57ft flybridge motoryacht, a segment in which Prestige is the market leader, features even more spacious shared living areas, enhanced comfort, and greater privacy. Perhaps most important of all, her build details are higher in quality.
Prestige’s internationally-acclaimed M48 and M8 power catamarans have reached Asia-Pacific as well as the North and South American regions, offering a new multihull concept to a broad range of customers and promoting a new yachting experience, the Prestige Art de Vivre, which invites savoring the remarkable quality of life on board, in connection with the sea.
The Prestige M48, whose world premiere in 2022 marked the French builder’s entry into the multihull motoryacht sector. In 2023 it was followed by the M8, the boat that put the industry on notice.
Moreover, Prestige announced the consolidation and enlargement of the M-Line range, with the in-build Prestige M7, which will be positioned in between the M48 and M8. This new model will offer significant layout innovations and a refined design and also confirms Prestige’s focus on the multihull motoryacht segment.
Lastly, at the Cannes show, Prestige presented a multitude of diverse customer services.
“We have decided to consolidate all our services under one name and logo, called Prestige Unlimited, gathering all the various services provided to our customers before, during, and after their purchase of a Prestige yacht,” explained Erwin Bamps, Prestige Vice President. “As a brand, we want to enhance and extend the level of our services to be able to always meet and exceed our customers’ needs.”
More details about the Prestige M7, and other yachts to come in 2025, will be revealed at the Boot Dusseldorf Boat Show in January.