Princess Yachts plans boat sales centres across mainland China
Princess Yachts International, the high profile British boat builder, is pushing further into the lucrative Asian market by extending its distribution network and strengthening business partnerships in the region. The Princess reputation for design, engineering and outstanding manufacturing ability has earned the company global appeal and established it as a truly international brand.
At the London Boat show this year Chris Gates, managing director of Princess Yachts told CNBC: "The country on everyone's lips is China. We want to be part of that."
It's estimated that luxury yacht sales in China will grow 13 percent from 2012 to 2017, according to a report by TechSci Research. The number of Chinese with wealth of more than $500 million is expected to increase from 1,500 at the end of 2013 to 2,300 by 2017, according to Ledbury Research. So it's no surprise that the world's second largest market is an attractive place for yacht builders like Princess to base themselves and delight new audiences.
Big plans for China
Princess has just announced that its representative for South China and Hong Kong will now take overall responsibility for the People's Republic of China. Known as Princess Yachts Greater China Limited (PYGC), this newly formed operation amalgamates Princess' existing Distributor for Hong Kong, Macau and Southern China, a subsidiary of Chow Tai Fook Enterprises Limited, the flagship investment holding company.
A newly formed joint venture with local investors will allow Princess to expand its reach across China with plans already underway to create a network of sales and service centres in key locations across mainland China.
Central Hong Kong base
PYGC will continue to operate from the existing offices in Central Hong Kong. Through its previous work in the south, PYGC has already established a strong record for sales and service and this new move will further improve Princess' reach throughout the region, having already sold and delivered a number of new Princess craft up to and including the company's 98 Motor Yacht and 105-foot 32Metre.
Video: Hainan Rendezvous 2014 - Princess Yachts South China
About Princess Yachts
Plymouth-based Princess Yachts epitomises the best of British manufacture - cutting-edge technology combined with traditional craftsmanship. The Princess range consists of sophisticated motor yachts, classic flybridge craft, dynamic V CLASS sporting yachts, the ground-breaking S CLASS sportbridge yachts and the M CLASS - the ultimate Princess.
Princess Yachts International was acquired in 2008 by L Capital 2 FCPR, an investment group sponsored by LVMH (Moët Hennessy Louis Vuitton) and Groupe Arnault. The LVMH group includes over 60 international luxury brands including Louis Vuitton, Christian Dior, Fendi, De Beers, Moet Chandon, Veuve Clicquot, and Krug. Other Marine interests include Superyacht builder Feadship.
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