Hermes is exiting a luxury yacht joint venture with shipbuilder Wally, saying it is not experienced enough to complete the project according to Reuters.
The two partners had unveiled a full-sized model of their mega yacht, “WHY”, in Monte Carlo in September.
“We are currently in the phase of carrying out the project, which is technically complex and which requires on-the-spot decisions.”
“Although Hermes also works on helicopter design in partnership with EADS, it does not have comparable ship design experience” said Hermes CEO Patrick Thomas on Thursday.
The price of the WHY yacht, which recently went on display at the Abu Dhabi yacht show, ranges between 50 million euros ($68.40 million) to 100 million.
None of the yachts has yet been sold.