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“Monaco is one of the city-states of the luxury world”

The global luxury market should represent €1.3 trillion in 2025 with 450 million consumers*. Monaco is
in the race... by Milena Radoman

“The capitals of luxury are Paris, Milan, Madrid, Picasso, respective authors of the libretto and Best Luxury Events
New York and Marrakesh but Monaco is, of the set. It was in Monaco that she met Grand Certain events have established themselves in
course, a city-state in the world of luxury and Duke Dimitri of Russia, who introduced her to this niche sector. For more than 20 years, the
excellence, even more iconic than Singapore the perfumer, Ernest Beaux, with whom she Monaco Yacht Show has been the reference show
or Dubai,” judges Bruno Lavagna, director and would give life to the famous N°5 fragrance. The for superyachts. In 2021, 100 were on display
founder of Be.Exclusive, consultant in luxury historical links between Monaco and the house in the Port Hercule - including 37 new models
geostrategy and author of the book Geopolitics of of Chanel would continue with Karl Lagerfeld and 14 superyachts over 70 metres - for a total
Luxury. “Luxury comes from luxus, which means who made Monaco his haunt, as well as the value of €3.6 billion. Superyacht constructors
to shine and also light - but it means injury too. choice of Charlotte Casiraghi as ambassador and designers, yacht brokers and suppliers meet
It has a disruptive or even transgressive side, it and spokesperson for the fashion house. each year in September; and now the show also
breaks the codes. It’s an art of living, a universe: There are similar strong links between Dior and includes innovative gadgets and nautical toys,
everyone has their own luxury.” the Principality: in the 1950s, Christian Dior luxury brands, high-end cars and motorcycles,
Monégasque luxury logically started with the created a long skirt ensemble named The Monte- as well as helicopters and private jets.
creation of Monte-Carlo, this “jewel designed to Carlo; and just as she inspired the Hermès Kelly It’s the same story for Top Marques, described
receive European high society”, and is now an handbag, Princess Grace was the muse of Dior. as “the most exclusive car show in the world”
integral part of the country’s soft power. There is She even agreed in 1967 to be the godmother of by the New York Times. Since its creation
now luxury in the hotel industry, in gastronomy, the new children’s collection, Baby Dior. Today, in 2004, it has attracted the biggest names
sport, the environment, humanitarian work and the Parisian house is part of Bernard Arnault’s in the automotive industry, as well as niche
culture. “Monaco unquestionably represents the group, LVMH, which became a shareholder in the manufacturers (Bugatti, Ferrari, Lamborghini, Rolls
highest concentration of luxury brands per square SBM in 2015. “The group was already present in Royce, Bentley, McLaren, Aston Martin, Maserati,
metre! Each has its bastion, its setting around Monaco, paying the rents of their shops to the Pininfarina etc). “The goal of Top Marques is to
the place du Casino. Being in the Golden Square SBM, so investing was a no-brainer!” says Bruno present the most extraordinary supercars and
is an absolute Holy Grail,” says the consultant. Lavagna with a smile. hypercars of today and tomorrow,” organiser
Inaugurated in 2018, the One Monte-Carlo real The fashion world is not the only one associated Salim Zeghdar is renowned for repeating. Flying
estate complex alone brings together 24 luxury with Monaco. In 1969, Jack Heuer launched the machines included! During the last edition, the
boutiques: Prada, Chanel, Louis Vuitton, Cartier, Monaco watch, the first waterproof square case Aston Martin DB5 was present, one of James
Balenciaga, Alexander McQueen…It completes the and the first self-winding mechanical chronograph. Bond’s favourite cars, equipped with amazing
offer of the Métropole Shopping Centre, opened Worn by Steve McQueen who plays a driver at the accessories: reversible license plate, smoke
in 1988 and positioned as Monaco’s top luxury wheel of his Porsche 917 in the film Le Mans, this screen, champagne fridge – surely the very
shopping centre. In this 10,000-m² complex, timepiece would become a cult item. height of luxury.
dominated by Carrara marble, there are 80 brands,
some of which are high-end such as Philip Plein,
Gucci Kids and APM Monaco amongst others. LA FRANCE DOMINE LE MARCHÉ DU LUXE / FRANCE DOMINATES THE LUXURY MARKET
Marques de luxe les plus valorisées en 2019 (en milliards de dollars US)
Historical links with Chanel and Dior Most Valuable luxury brands in 2019 (USD Billion)
Historically, major brands associated their 47,2
names with the Principality very early on, Chanel
being an emblematic example. The designer, FRANCE 37
Gabrielle Chanel, opened a boutique in Monte- FRANCE 30,1
Carlo, within the Hôtel Hermitage in 1913. A
ministerial decree then authorised her to operate 25,3
“a fashion business, selling fashion supplies, SUISSE 8,4
veils, boas, coats, furs, knitwear, trinkets, lace,
lingerie, blouses, petticoats, umbrellas, bags, FR. 6
fans, cushions...”. At the beginning of the Roaring 4,7
Twenties, Coco Chanel was a regular at the Hôtel FR. 4,6
de Paris, participating in Monégasque cultural life
by designing the costumes for Diaghilev’s ballet, FR. 3,6
Le Train Bleu, alongside Jean Cocteau and Pablo IT. 3,5
* Source: Statista Géopolitique du Luxe, Understanding the World
in 40 Sheets by Bruno Lavagna, Editions Eyrolles 2021

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