CYVN Holdings Acquires McLaren Automotive in £1.2 Billion Deal

Welcome to the 67th edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

In Case You Missed it

1. MoMA Partners with Richard Mille

2. John Galliano Is Leaving Maison Margiela

3. Vera Wang is Selling… After 35 Years

4. Notre Dame Reopens in Collaboration with Dior

Markets

On this week’s agenda:

1. CYVN Holdings Acquires McLaren Automotive in £1.2 Billion Deal

2. Chanel Appoints Matthieu Blazy as New Artistic Director

3. New One&Only Resorts President Unveiled

CYVN Holdings Acquires McLaren Automotive in £1.2 Billion Deal

McLaren Automotive, the renowned British supercar manufacturer, has been acquired by CYVN Holdings, an investment firm owned by the Abu Dhabi government, for approximately £1.2 billion.

This transaction signifies a significant shift in ownership from Bahrain's Mumtalakat Holding Company, which had been a major stakeholder since 2007 and assumed full control in March 2024.

Under the terms of the agreement, CYVN Holdings will take over McLaren's automotive division and acquire a non-controlling stake in McLaren's racing business. Mumtalakat will retain control of the motorsport division, preserving McLaren's legacy in elite racing.

This acquisition follows a challenging financial period for McLaren. In 2023, the company reported record losses of £924 million, a substantial increase from £349 million in 2022. The financial strain, exacerbated by the COVID-19 pandemic, led to measures such as the sale and leaseback of its Woking headquarters and the sale of parts of its heritage car collection.

CYVN Holdings, known for investments in advanced mobility and technology sectors, aims to leverage its expertise to propel McLaren into a new era of innovation, particularly in the development of electric vehicles. Jassem Mohammed Bu Ataba Al Zaabi, Chairman of CYVN Holdings, stated that the partnership seeks to "redefine high-performance mobility and set a new benchmark for excellence."

Shaikh Salman bin Khalifa Al Khalifa, Chairman of Mumtalakat, expressed confidence in CYVN's ability to build upon McLaren's strong legacy, emphasizing that Mumtalakat will continue to play a strategic role in the company's future growth.

This strategic acquisition is expected to provide McLaren with the necessary resources to address rising costs and supply chain challenges and to accelerate its transition towards electrification, ensuring its continued prominence in the high-performance automotive industry.

Chanel Appoints Matthieu Blazy as New Artistic Director

Chanel, the esteemed French luxury fashion house, has appointed Matthieu Blazy, 40, as its new artistic director, marking the first significant designer change in four decades. Blazy, who resigned from his role as creative director at Bottega Veneta, is set to join Chanel in early 2025 and will present his inaugural collection for the brand in the latter half of the year.

This leadership transition follows the departure of Virginie Viard in June 2024. Viard, who had been with Chanel for over three decades and succeeded Karl Lagerfeld after his passing in 2019, was initially seen as a choice that would ensure continuity. However, her tenure faced criticism for lacking innovation and authority.

Blazy's appointment comes amid a competitive selection process, with other rumored candidates including Simon Porte Jacquemus, Hedi Slimane, John Galliano, and Daniel Roseberry. Chanel's president of fashion, Bruno Pavlovsky, noted that Blazy's "audacious" and "powerful" approach, along with his dedication to craftsmanship, made him stand out. Pavlovsky highlighted Blazy's success at Bottega Veneta, stating, "The way he did such an exceptional job of reenergizing the product at Bottega Veneta, over a very short period of time, demonstrates that this is truly his signature."

Blazy's career includes significant roles at Raf Simons, Maison Margiela, Céline under Phoebe Philo, and Calvin Klein. At Bottega Veneta, he was recognized for his innovative designs and emphasis on craftsmanship, contributing to the brand's resilience in the luxury market.

Expressing his enthusiasm, Blazy stated, "I am thrilled and honored to join the wonderful house of Chanel. I look forward to meeting all the teams and writing this new chapter together."

As Blazy prepares to take the creative helm at Chanel, the fashion industry anticipates how his vision will influence the brand's future collections and its position in the luxury market.

New One&Only Resorts President Unveiled

Kerzner International has unveiled a new brand management structure featuring significant leadership appointments to drive its continued global growth. This reorganization establishes three dedicated verticals, each reporting directly to CEO Philippe Zuber.

Mark Kirby will take on the role of President of One&Only, effective January 6, 2025. Kirby brings over 25 years of hospitality leadership experience, having most recently served as Chief Operating Officer and Head of Hospitality at Emaar Hospitality Group. During his tenure, he oversaw more than 30 hotels, residences, and leisure clubs across the U.A.E., G.C.C., and international markets. His achievements include the successful development of flagship properties under Armani Hotels & Resorts, Address Hotels + Resorts, Palace Hotels + Resorts, and Vida Hotels & Resorts. At One&Only, Kirby will focus on overseeing the brand’s global portfolio and accelerating its expansion into established and emerging markets.

Mattheos Georgiou has been promoted to Senior Vice President of SIRO and Rare Finds. Since joining Kerzner as Global Vice President of Operations, Georgiou has enhanced operational standards and developed talent, promoting resort managers to general managers under his leadership. He will now guide both SIRO and Rare Finds as they grow internationally while preserving their distinct brand identities.

Paul Baker, who joined Kerzner in August 2024, has been appointed to lead the Atlantis brand. Baker brings nearly two decades of international experience in hospitality and entertainment, with previous roles across key markets such as Las Vegas, Malaysia, and Macau. His expertise in managing teams in diverse and complex operational environments positions him to drive the growth of Atlantis.

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