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How Did The Owner and Builder Of The Newly-Completed 450-foot-Long Superyacht Flying Fox Keep It A Secret For So Long?

The short answer for such a massive superyact is, they didn’t really. But that doesn’t mean the experienced owner—who worked with the red-hot superyacht exterior designer Espen Oeino, interior designer Mark Berryman and the highly experienced, megayacht builders at Lürssen in Germany—couldn’t at least try. So, the 450-foot-long, 67-foot-wide yacht was built in the relative secrecy of Lürssen’s enormous manufacturing facility. And the yacht that took several years, and $100’s of millions to build (and probably more than a few non-disclosure agreements) was always referred to by its code name: Project Shu.

But then again, it was extremely hard to keep a yacht that’s much longer than a football field a secret when it finally emerged from the builders covered facility earlier this spring. And even harder once her sea trials on the Baltic began earlier this summer.

And as you can see in the few photos that have finally emerged (it’s now called by its real name—Flying Fox) Espen Oeino has designed an elegant yacht exterior that that looks sleek in spite of her massive over-all volume.

The balance and proportion of the exterior allows for generous deck space that offer a range of options for owners and guests to enjoy. Numerous terraces and platforms open out over the water to provide fantastic access the water. While every other exterior element, from sun decks and open entertainment areas to more shaded and intimate spaces, has been designed to provide the highest level of luxury.

For example, all superyachts have swimming pools, but Flying Fox is special in that its enormous swimming pool that runs from side to side on the main deck. The exterior also is equipped two helicopter landing pads, one on the bridge deck and another on the sun deck aft, that makes it possible to for owners and guests to use multiple helicopters.

Meanwhile, advance reports about the interior (no photos of the interior have been published yet) say interior designer Mark Berryman’s has interior has a calm and spacious feel featuring soft neutral tones and tactile finishes.

And as you can see from what the builder and project manager of this massive yacht said when the yacht was launched earlier this spring, they kept the “secret” going for as long as they could.

“Project SHU represents a major milestone for Imperial.” says Julia Stewart, Director at Imperial Yachts who brought their vast experience and knowledge to their supervision of the massive build project. “Being involved in impressive superyacht projects like these show our capacity and experience in superyacht and megayacht management, with regular deliveries of 80m+ projects supervised and operated by our team since 2015. Our strong and very dynamic links with Lürssen, Espen Oeino and Mark Berryman helped to achieve one of the most impressive vessel of the next decade”

Shipyard Managing Partner Peter Lürssen proudly states: “SHU fulfills the requests of a very experienced owner in an exceptional way. The owner’s input within all aspects of the yacht’s design was clear, strong and exacting. Building SHU was a significant challenge and we are very proud of this achievement. She represents another remarkable milestone in our history.”

But the secret is out now, and tuned for much more from Lürssen and Espen Oeino. The German yard, and Norwegian designer have been very, very busy.

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During my previous life as an editor at several American yachting magazines, I was lucky enough to sail thousands of offshore miles on a wide variety of boats. My job as yachting scribe has brought me on adventures from the Arctic Circle to the equator, and to nearly every tropical destination in between. I’ve dodged high-speed hydrofoils on the brown waters off St. Petersburg, Russia, anchored in impossibly blue water off uninhabited islands in the Seychelles, Scandinavia, the BVI, and the Bahamas, and even flown aboard a Jayhawk helicopter with the US Coast Guard on training missions. These days, when I’m not travelling or writing about the magic that happens at confluence of superyachts, offshore adventure, luxury travel, and technology, I sail my ultra-simple, ultra-fast dinghy, ride my gorgeous and gloriously-expensive carbon fiber bike, and push our little one in a baby stroller all over New England.

Source: How Did The Owner and Builder Of The Newly-Completed 450-foot-Long Superyacht Flying Fox Keep It A Secret For So Long?

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OxyContin’s Sackler Family Will Get Millions From A Ski Resort Operator’s Sale

Vail Resorts, a publicly traded operator of ski resorts, announced on Monday it would acquire Peak Resorts for $11 per share, all cash, which is more than double its $5.10 per share closing price, one day prior to the announcement. Peak Resorts operates 17 ski resorts, mostly in the Northeast and Midwest, including Alpine Valley in Ohio and Hunter Mountain in upstate New York.

One major beneficiary of the acquisition: the Sacklers, the family behind Purdue Pharma, the manufacturer of pain drug OxyContin. According to Peak Resorts’ latest annual proxy from October 2018, its largest shareholder is CAP 1 LLC, a company wholly owned by Sackler brothers Richard and Jonathan.

The Sacklers’ nearly 40% ownership stake, which includes preferred stock and stock warrants, is worth about  $87 million based on the transaction. Some of the shares are owned by the charitable Sackler Foundation. The Sacklers became investors in Peak Resorts as early as August 2015.

Richard is the former chairman and president of Purdue Pharma. His brother, Jonathan, is a former board member. Nearly every state has filed lawsuits against Purdue Pharma and its owners, including eight Sackler family members, alleging the company caused a nationwide public health crisis around opioid addiction and opioid overdose deaths. One lawsuit alleges that Purdue Pharma had brought in more than $35 billion in revenues since 1995.

The Sacklers, worth an estimated $13 billion based largely on the value of Purdue Pharma, built their fortune primarily through sales of OxyContin, a highly addictive painkiller that has been called by the medical establishment one of the root causes for the nationwide opioid addiction epidemic.

Purdue Pharma owns the patent for OxyContin, and is the only manufacturer of the drug. According to Symphony Health Solutions, a healthcare and pharmaceutical data analytics company, roughly 80% of Purdue Pharma’s sales come from OxyContin. Due to the widespread rise in use of prescription and nonprescription opioids, the U.S. Department of Health and Human Services declared the opioid crisis a public health emergency in 2017.

The family used to be known for being generous benefactors of museums and universities worldwide, but their moniker has lost its luster. The Metropolitan Museum of Art in New York City announced in May it would turn down money from the Sackler family, though it will still carry the family name in the Sackler Wing. In July, the Louvre Museum in Paris reportedly removed the Sackler name from its Sackler Wing of Oriental Antiquities.

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Angel Au-Yeung has been a reporter on staff at Forbes Magazine since 2017. She covers the world’s wealthiest entrepreneurs and tracks how they use their money and power.

Source: OxyContin’s Sackler Family Will Get Millions From A Ski Resort Operator’s Sale

French Billionaires Pledge $680 Million to Restore Notre Dame

(Update 10.16 a.m., ET) – France’s leading billionaires and companies have rallied to pledge $670 million (€600 million) to restore Paris’ Notre Dame Cathedral following a devastating fire on Monday evening.

Francois-Henri Pinault, chairman of Kering (the parent company of Gucci), and his billionaire father, Francois Pinault, announced on Tuesday they would donate $113 million (€100 million) via their family investment company, Artemis. The Arnault family, owners of luxury goods group LVMH, also pledged $226 million (€200 million) after French President Emmanuel Macron called for donations to rebuild the French national icon.

“The Arnault family and the LVMH Group, in solidarity with this national tragedy, are committed to assist with the reconstruction of this extraordinary cathedral, symbol of France, its heritage and its unity,” the family said in a statement.

François-Henri Pinault, chief executive of Kering Group, and his wife Salma Hayek. FilmMagic

“This tragedy is striking all the French people, and beyond that, all those attached to spiritual values,” Francois-Henri Pinault said in a statement. “Faced with this tragedy, everyone wishes to give life back to this jewel of our heritage as soon as possible.”

The Arnault family, which Forbes estimates is worth $91.7 billion, also offered the design and architectural resources of the LVMH group to the restoration of Notre Dame.

The Bettencourt Meyers family, which owns one third of the L’Oréal cosmetics empire, announced it would donate $226 million (€200 million) via its Bettencourt Schueller Foundation. Francoise Bettencourt Meyers, sits on the L’Oréal board and is the world’s richest woman.

French charity Fondation du Patrimoine has launched an international appeal to raise funds for the UNESCO World Heritage site that was partially destroyed in Monday’s fire. Patrick Pouyanné, chief executive of Total, tweeted the French oil giant would contribute $113 million (€100 million) to the fund.

Billionaire Henry Kravis, cofounder of private equity group KKR, and his wife, Marie-Josée Kravis, also announced on Tuesday that they planned to donate $10 million towards the rebuilding.

Paris Mayor Anne Hidalgo thanked firefighters for their work saving the cathedral’s famous bell towers and announced plans for a “major international conference of donors” to raise funds for the rebuilding work. Hidalgo also said Paris already had $90 million (€80 million fund) for the restoration of the city’s churches

The fire that ripped through an area of the 800-year-old cathedral that was already under reconstruction was extinguished in the early hours of Tuesday morning.

I joined Forbes as the European News Editor and will be working with the London newsroom to define our coverage of emerging businesses and leaders across the UK and Euro…

Source: French Billionaires Pledge $680 Million to Restore Notre Dame

Investor Kathy Xu Rockets To 2019 Midas List Top Ten As Power Of Chinese Startups Grows

Kathy Xu, founding partner of Capital Today, debuted in the Midas List top ten.

Kathy Xu, founding partner of Capital Today, made a bold Midas List debut. Photo courtesy of Capital Today

Capital Today founding partner Kathy Xu laughs when she talks about her career-making early investment in Chinese e-commerce company JD.com, which began with a late-night meeting with founder Richard Qiangdong in 2006:

“We met at 10 p.m. and we talked until 2 a.m.!” she tells Forbes. “I gave him five times the amount of money that he asked for — I was so worried that otherwise he’d meet with other investors.”

Capital Today managed to become the startup’s sole Series A investor and Xu’s check — $18 million USD — paid off royally as JD swelled into an ecommerce giant, with Xu working closely with Qiangdong along the way, advising him on key hires and company branding. Two years after JD went public in 2015, her firm cashed out returns of $2.9 billion.

A couple years and a handful of new deals later, Xu is making her bold debut on the Forbes 2019 Midas List, ranking in the top 10 venture capitalists in the world in her first year of inclusion (her work has previously been highlighted on Forbes China’s list of top 25 women venture capitalists in China).

This year’s list features 21 investors who are either of Chinese nationality or work for a firm based in China, the largest number ever on the list and a tribute to the growing power of China’s startup and venture capital ecosystems.

Xu says that Capital Today, which manages approximately $2.5 billion, focuses all its energy on companies based in and serving China and has zero interest in looking outside the country.

“It’s a big enough market, the economy is doing well, the entrepreneurship is great, and we’re starting to see real innovation booming for the first time,” she says. “It’s a lucrative market to focus on.”

Xu says that her team disciplines itself to only five or six deals a year in business-to-consumer companies and spends a lot of time with founders that it invests in.

“There’s more and more money here now, so building a connection with the entrepreneur and spending a lot of time with them is more important than ever,” she says, citing proximity as an advantage over out-of-country investors who only make occasional business trips.

Beyond JD.com, other Capital Today portfolio highlights include Chinese gaming company NetEase, discount e-commerce site Meituan-Dianping, classified listings site Ganji.com (which merged with 58.com in 2015), Yifeng Pharmacy, which went public in 2015, and hot snack company Three Squirrels Snack Food.

Other Chinese investors who made this year’s Midas list are Sequoia China partner Neil Shen, who topped the rankings for the second year running, Qiming Venture Partners’ managing partner J.P. Gan, No. 5, and Hans Tung from GGV Capital, No. 7.

See the full list of Chinese investors here.

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I’m a San Francisco-based staff writer for Forbes reporting on Google and the rest of the Alphabet universe, as well as artificial intelligence more broadly. Previously

Source: Investor Kathy Xu Rockets To 2019 Midas List Top Ten As Power Of Chinese Startups Grows

How To Boss It Like With Claire Davenport – Kitty Knowles

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There are a handful of business leaders and industry figures who are changing the world.

We’ve previously asked CEOs, founders and thought leaders like Alex Klein (the cofounder of Kano), Clare Gilmartin (CEO at Trainline), and Justin Rosenstein (cofounder of Asana), how they get so much done in an impossibly short amount of time.

Today we find out “How To Boss It Like” Claire Davenport, CEO at HelloFresh UK, the meal-kit company based in Berlin.

Davenport cut her teeth working in banking at Goldman Sachs and JPMorganChase, before going on to work for digital leaders like Skype, FutureLearn and VoucherCodes.

Today, when she’s not heading up HelloFresh’s British division, she’s sharing her knowledge at pivotal events like this week’s Etail Europe.

What time do you get up, and what part of your morning routine sets you up for the day?

Most mornings I get up at 7 a.m. and have breakfast with my two daughters before cycling down the canal from my house to Oxford train station. I pick a quiet carriage so I can catch up on emails and news and prepare for the day on my commute into London.

Two mornings a week I have breakfast blocked for mentoring or networking. Doing everything I can to level the playing field for people from different backgrounds—to realize their full potential in their career or with their startup—is very important to me. I try to help with introductions or advice or just giving a confidence boost where needed.

Saturdays and Sundays I run on Port Meadow in Oxford with my running buddy, Alison. We run 4-5 miles to stay fit and catch up on the week.

What smartphone do you have?

iPhone 7 with 128 GB capacity (lots of photos and videos). Normal black with a HelloFresh cover.

What apps or methods do you use to be more productive?

I have tried various productivity apps over time but find having a system I stick to with my emails and trusted Moleskine notebook works best for me.

Sometimes I like to be offline or away from my phone. Okay, that’s not true.

But sometimes I happen to be offline (train or tube or once I have gone to bed or when I am trying to set a good example for my daughters) and I still have ideas and thoughts I need to get down, so a paper notebook is essential.

How many people, outside of family, do you meet in a day?

Every day is slightly different. On any given day, there are normally around 100-200 people working at our Shoreditch office or around 200 at our distribution center in Oxfordshire.

Both workspaces are sociable places, and I sit in a different seat most days so that I can really understand what all the teams are up to. I like the variety of sitting in our customer-care area and listening and speaking to customers on the phone one day to spending time with our marketing team the following day.

We keep meetings short at HelloFresh so I have in-depth conversations with 20 people a day roughly. I regularly meet customers as we like to host events at our office to learn more about their experience with HelloFresh.

A couple of evenings a week, I like to meet up with friends or people in my network.

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What book have you read, either recently or in the past, that has inspired you?

The Emotionally Intelligent Manager by David Caruso and Peter Salovey is a book I return again and again. It really changed my thinking on EQ and people management. I’ve bought copies for our offices because I think it’s a book everyone can benefit from.

I also like Act Like A Leader, Think Like A Leader by Herminia Ibarra, which is great for people thinking about their leadership style and is lovely and practical.

What advice would you give for people who are eager to get into your industry?

Go for it. It’s better to take an opportunity and get the experience it gives you rather than procrastinating and losing time. You can always pivot when you see what you enjoy about the opportunity.

When do you work until? Are you still sending emails in the night? Or do you have a wind-down routine?

Most evenings when I don’t have events, we eat a HelloFresh meal together as a family around 8 p.m.

My husband or daughters often start cooking while I am commuting home—I am guilty of emailing or reading news or Facebooking until late, but then I listen to audiobooks to wind down before I fall asleep.

I have a history of waking up with an idea at 3:30 a.m. and, at one time, I had quite a reputation for the 4 a.m. email among my colleagues.

After a while, I learned how scary it is for my team to receive a 4 a.m. email from me, and now I just save it as a draft and, if it still seems as important in the morning (about 10% of the time), I send it then instead.

If you could ask your idol one question, who would it be, and what would you ask?

I’d ask Barack Obama for his best piece of advice on leadership and his awesome public speaking.

What do you think your industry will look like in 10 years? 

I think more and more people will rely on meal kits in the future as it’s just such a convenient way to cook and enjoy nutritious food. Personalized nutrition will become a bigger trend as consumers are able to access data and food that meets their specific needs. And delivery will continue to develop, and we’re likely to see more and more automation in this area.

I believe my grandchildren will be bemused by the idea of owning a car or going to a supermarket to shop for a week’s meals in advance!

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