Numerous nautical companies in turmoil
The year 2019 has been marked by the disappearance of some historic brands in the yachting industry and difficulties for several players in the boating industry. From the liquidation of the Ocqueteau shipyard in Oléron to that of the sailboat builder Espace Vag in Concarneau, via the receivership of Fora Marine in La Rochelle, the turmoil has impacted a significant part of the industry, in both motor and sail, mainly in medium-sized yards. The phenomenon is not limited to France. We can cite the protection procedure for Discovery yachts in the United Kingdom or the difficulty of the Ferretti group to open its capital in Italy. Other shipyards are more discreet about their economic difficulties, but remain in critical situations.
A message that worries boaters
If the disappearance of a company has for 1st effect the loss of jobs and the end of an industrial adventure often passionate, it is not without consequences for the whole nautical sector. Some boaters, already committed by deposits to the shipyards in liquidation, lose money at the same time as confidence in the sector. "The problem with the aftermath of this news is that customers end up thinking that we are all in trouble. They don't trust us anymore and don't dare to order the boats. It is important to present what we do to perpetuate our yards" says Serge Calvez, manager of the sailboat manufacturer Marée Haute.
A necessary consolidation of the nautical sector
Some, however, see the phenomenon as a consolidation process among the many boat builders. "Some wanted to increase their turnover at all costs, by selling at too low a price. But this can't work forever, especially when the market slows down," says the sales representative of one shipyard, complaining of a form of unfair competition that is harmful to the entire sector.
Finding the right financial support and the right pace of growth
The economic balance for yacht builders remains delicate. While we have seen the difficulty for major players such as Bavaria in 2018 or even the Italian leader Ferretti, which had to postpone its IPO in 2019, medium-sized shipyards are among the most fragile. The choice of solid investors and reasoned growth is essential. "We made the choice three years ago to restructure and partner with an industrial group to avoid finding ourselves in the same situation," explains Serge Calvez. "We also prefer to extend a boat model over 3, 4 or 5 years rather than priming the pump with marketing and a new boat that is not yet reliable. This avoids phenomenal investments, every year."
Between the useful decrease in competition and the image of fragility of the sector, the small and medium-sized nautical companies have not emerged unscathed from the turbulence encountered by their colleagues.
