Hermes Backs Out Of Wally Yacht Partnership

We’re sorry to be the ones to break it to you, but the world may not be graced with the WHY yacht seen above. WHY stands for “Wally Hermes Yachts,” a partnership formed in 2008 between the Monaco design firm called Wally which designs different things including seven different powerboats that are all incredibly angular and odd-looking. Hermes, of course, is the Paris-based design and marketing firm which proffers expensive watches, jewelry, hand bags, accessories and such to the world’s carriage trade. We asked ourselves, WHY, indeed? Hadn’t they heard there is a Great Recession on? Well, last week, just after the project was displayed at the Abu Dhabi Boat Show, it became unrivaled. Goodness knows why.

When it was announced last September, it sounded to a lot of people like a design and fashion dream made in heaven. But who needs a 188’ x 123’ (58 m x 38 m) moveable island? (FYI--Those are solar cells on the hard top. Very chic green.)

WHY Press Release, Sept. 22, 2009---

Ancona, Italy. September 22, 2009. WHY, Wally Hermès Yachts, today unveils a revolutionary approach to cruising in motor yachts with the presentation of a full size model of its first born, an innovative 58 metre-long 38 metre-wide yacht, in Ancona’s shipyard.

When it was announced last September, it sounded to a lot of people like a design and fashion dream made in heaven. But who needs a 188’ x 123’ (58 m x 38 m) moveable island? (FYI--Those are solar cells on the hard top. Very chic green.)

WHY is the result of the joint-venture signed in June 2008 between Hermès and Wally, to develop a new type of motor yacht redefining the art of living on the sea. The iconic Parisian house and the iconic Monaco yacht brand formed an equal partnership whereby each company is fully involved in all aspects of the conception and design of each project. Pierre-Alexis Dumas, Artistic Director of Hermès says : “When we met, in autumn 2007, Luca Bassani Antivari, President of Wally had thought about asking Hermès to accessorise the interior of one of his boats. I was impressed by the daring of his projects. My instinct was to get on board with him and go and seek out new territories in yacht design, but I had no interest in speed.”

Luca Bassani Antivari explains: “What I’ve always liked about Hermès, aside from its intrinsic quality, is its audacity and radicalism; its desire to go beyond trends, to make no compromises and to maintain the authenticity of the house. Wally shares the same values, ‘Hermès-on-Land’, ‘Wally-on-Sea’: inevitably our paths had to cross.”

The yacht has an area of 3400 square meters, with seating for 12 passengers and 20 crew.

From the WHY Website Explaining the Enterprise---

With an area of 200 sq. meters and completely covers the third deck. (This is the bedroom) The sea view is great, and there is a private terrace 25 meters long.

From IBI Trade Magazine, March 5, 2010---

Hermès exits joint venture with Wally

French high-fashion house Hermès is exiting its joint venture partnership with Monaco-based boatbuilder Wally Yachts, saying it is not experienced enough to complete the project, according to a Reuters newswire report.

The two companies recently unveiled a full-size model of its first creation, the 58m x 38m (190ft x 125ft) WHY superyacht, at the Monte Carlo Yacht Show in September. The yacht was also displayed at last week's Abu Dhabi show.

The yacht has the shape of a horseshoe and has a roof so everything is bathed in a sea of light.

"We are currently in the phase of carrying out the project, which is technically complex and which requires on-the-spot decisions," Hermès CEO Patrick Thomas told Reuters.

"It seemed a good idea to us to have only one decision-maker and we naturally decided to hand the reins over to Wally."

Hermès will sell its stake to Wally and will be paid back via commissions on boat sales through to 2020, said Thomas.

On the lower deck are the common premises, such as lounge, piano bar and dining area.

Founded by Luca Bassani in 1994, Wally offers a range of high-end sail and motoryachts that are built at its WallyEurope facility in Fano, Italy.

Hermès is a French high-fashion house specialising in leather, lifestyle accessories, perfume and other luxury goods. Although the company also works on helicopter design in partnership with the European Aeronautic, Defence and Space Company (EADS), it does not have comparable ship design experience, said Thomas.