WWD reports that Hermes has pulled out of its joint venture with Monaco yacht-maker Wally. Wally will still go forward with the project, which is to build an extra-wide, eco-friendly yacht. The cost of building the cutting-edge yacht is quite high. WWD reports:
The ultraluxurious vessel is being proposed in two sizes: the first, at 58 meters (190 feet) long and 38 meters (125 feet) wide, will cost an estimated 100 million euros, or $134.1 million at current exchange rates, to purchase, while the second, at 37 meters (121 feet) long and 24 meters (79 feet) wide, will cost around 40 million euros, or $53.6 million. Wally has contacted a U.S. shipyard to obtain an original price quote in U.S. dollars.
The company said it had received several inquiries for the yacht, but would not be confirming any orders until it has completed meetings with shipyards capable of accommodating the unusually wide structure.
The name of the hybrid yacht will now be changed from Wally Hermes Yacht to Wally Hybrid Yacht, or WHY for short. Hermes will still get a cut of sales through 2020, presumably to help Hermes recoup some of its initial investment in the project.
