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Ashton Kutcher and Mila Kunis List Their Home for $14 Million

Hollywood power couple Mila Kunis and Ashton Kutcher are looking to shake things up in LA’s high-end real estate market, which has lately been mired in the doldrums—a byproduct of coronavirus chaos. The actors-turned-successful investors are asking $14 million for their Coldwater Canyon home, the duo’s primary residence and the first marital property they ever purchased. Tucked into the mountains above Beverly Hills, the house is sited in a neighborhood known as Beverly Hills Post Office (BHPO), and within a guard-gated community known as Hidden Valley.

But it’s not particularly surprising that the Kunis-Kutchers have chosen to unload their longtime main home; the pair are midway through construction on a titanic modern compound elsewhere in the BHPO area. That place, many years in the making, rather makes their current for-sale home look like a comparative hovel. And while they await completion of their dream megamansion, they won’t be homeless—they’re quarantining in a $10 million oceanfront getaway up north, in the beautiful town of Carpinteria, Calif.

Back in BHPO, the stately residence—described in the listing as a “timeless traditional”—was built in 1999 and features an attractive facade with a mix of stone and cedar siding. Kutcher and Kunis purchased the two-story, 7,351 square-foot abode in 2014 for about $10.2 million, Dirt previously reported. Previously, the house had been owned by former Viacom CEO Tom Freston.

Cocoa brown hardwood floors envelop the entire three-story home, which offers five bedrooms and a total of 5.5 baths. The main level has well-scaled public rooms, including a living room with fireplace and hand-crafted moldings, a step-up formal dining room and a gigantic, all-white cook’s kitchen with a mix of vintage and modern appliances, a breakfast nook with built-in banquette and an adjacent family room with another fireplace.

Upstairs are the home’s four family bedrooms, all of them with ensuite baths and closets. And downstairs—in the partially subterranean lower level—is a guest/staff bedroom, along with a full array of luxe recreational amenities: a temperature-controlled wine room with space for hundreds of bottles, a gym and sauna. Multiple sets of French doors allow easy access to fresh mountain air.

Outside, the lushly-landscaped yard spans just over a half-acre, with rolling lawns and mature weeping willows, plus a stone terrace with an outdoor kitchen and bar. Set into the patio is a lagoon-style swimming pool that’s partially shaded by a towering hedge, and is outfitted with a grotto and raised spa.

Whoever buys the Kunis-Kutcher abode will find themselves practically choked by celebrity—Hidden Valley is perhaps LA’s most star-studded gated enclave of them all, and nearly every home in the community is owned by someone with deep Hollywood ties. Folks within easy sugar-borrowing distance include Adele, Jennifer Lawrence, Katy Perry, Nicole Kidman and Keith Urban, Cameron Diaz and Benji Madden, Nicole Richie and Joel Madden, Nick and Joanna Swisher, Penelope Cruz, Zoe Saldana and Ziggy Marley, just to name a few.

May 30, 2020No comments
When Can we Travel? Everything You Need to Know

When will Coronavirus Travel Restrictions be Lifted?

Each country’s approach to travel is changing on a case-by-case basis. Generally, domestic and international travel bans are being lifted once the number of coronavirus cases have plateaued or begin to decline. Below, we list the countries that are now planning to ease lockdown measures.

Italy has announced that its borders will reopen to European countries on June 3, with travelers able to move freely to and from Italy with no quarantine requirement upon arrival. Bars, restaurants, non-essential shops, and museums in Italy already reopened on May 18.

Sicily remains closed for now like the rest of Italy but has announced that it will subsidize international and domestic travel to the region in order to encourage tourism once lockdown has lifted.

From June 1The Maldives will begin to open its borders for international travel.

The US, Canada, and South America remain largely closed to tourists. However, Florida Keys and some areas of Mexico, including tourism hotspot Cancun, have announced plans to reopen as of June 1.

The government of Turkey has announced plans to have domestic tourism reopened by the end of May and international tourism before the end of June, but face masks will be mandatory in public areas.

From July 1, visitors to Spain will no longer have to undergo a 14-day quarantine upon arrival. The tourism minister for the Canary Islands has announced that the islands plan to reopen to domestic visitors by August 1 and international visitors in October.

France has announced that borders between Switzerland and Germany will be reopened from June 15. At least until July, travelers will need to provide a health certificate confirming that they do not have coronavirus, or be subjected to 14 days of self-isolation upon entry.

At the earliest, Greece will open its borders to international tourists on July 1. Currently, any arrivals into the country must self-isolate for 14 days upon arrival, and face masks are mandatory in shops and on public transport.

Many Caribbean and South Pacific islands remain under lockdown, but The US Virgin islands plan to reopen borders for tourists on June 1, when visitors can begin to make hotel and restaurant reservations again.

Much of Asia remains closed, and tourist hotspot Bali has suggested that it may only reopen to international travelers in October.

In the United Kingdom, those who enjoy their outdoor sports can resume golf and fishing activities in Scotland from May 28England has announced that its pubs and restaurants will reopen from July 4 while Ireland is only scheduled to reopen eateries from August 10.

 

St Lucia has announced that its tourism industry will begin to cautiously reopen as of June 4. However, rigorous protocols, including social distancing, sanitisation, and health screening measures, will be in place throughout travelers’ journeys to the island.

After reopening various hotels on May 11Croatia has also announced plans to reopen borders to travelers from European countries.

The Icelandic government has announced that it plans to start opening borders to international travelers from June 15, albeit with strict safety measures in place.

Visitors from 31 different European countries will be able to travel to Germany as of June 15.

Which Countries are Open for Travel?

Saint Vincent and the Grenadines never officially shut its borders to tourists, but all new arrivals are required to undertake a 14-day quarantine upon entry.

Sweden is another country that never went into full lockdown, so hotels, shops, bars, restaurants, and some museums are open but gatherings of over 50 are still prohibited. For now, borders are only open to nationals from the UK and EU.

Although England is open to essential travel from abroad, arrivals into the country are required to undergo a 14-day quarantine upon entry. If visitors cannot provide an address of where they plan to isolate, they will have to stay in accommodation arranged by the government.

The borders of South Korea are now open too, but all new arrivals are required to undergo quarantine for 14 days.

On May 15, the governments of EstoniaLatvia and Lithuania announced that they have reopened their borders to each other – so only tourists of these Baltic countries are welcome to visit for now.

Although closed to the majority of travelers until June 15, Iceland is allowing those from Schengen countries to arrive in the country.

On May 20Cambodia announced that it has reopened borders to tourists from the US, France, Iran, Italy, Germany, and Spain albeit with stringent conditions: all visitors will need a test proving they are COVID-19 free within three days of their arrival in the country, plus they will need to prove that they have $50,000 worth of health insurance coverage and on top of this will still need to quarantine for 14 days upon the arrival.

As of May 25, those with a permanent residence in either Denmark, Finland, Iceland, Norway, or Germany have been allowed to re-enter Denmark on certain conditions.

When Can We Fly Again?

Most countries are operating on limited flight schedules for necessary travel only, and will begin to increase flights in accordance with their border restriction protocols. Countries who have officially announced their plans for international flights are listed below.

The Maldives government has announced that airports welcoming international visitors will open in phases from July 1, with specific health and safety guidelines in place. From June 1, private jets carrying tourists can already begin to land in the country.

Greece will resume operating direct flights from international airports, including from the UK, as of June 1. Travel to Evia and Crete from mainland Greece is already permitted.

In Italy, one airport per region is open with some flights operating, however, Rome Ciampino and terminal one at Rome Fiumicino airport are closed.

As of June 4St Lucia will allow commercial flights only from the US to land at Hewanorra International Airport. Visitors will, however, be required to present proof of a negative COVID-19 test within 48 hours of boarding their flight and will be asked to wear masks, undergo health and temperature checks and practice social-distancing during their stay.

What are Travel Bubbles?

Countries with low numbers of reported coronavirus cases are now working together to create so-called ‘travel bubbles’ or ‘travel corridors’ with one another. This means that people who live within the bubble will be allowed to cross borders without the need to go into quarantine upon arrival.

Latvia, Estonia and Lithuania created the first European travel bubble when they opened borders to each other on May 15, followed by Australia and New Zealand who have now agreed on creating a trans-Tasman travel bubble when flights recommence between the two countries. Various news outlets have reported that China is also considering opening a travel bubble with Hong Kong, Taiwan and South Korea, while Israel has been discussing a potential travel bubble with Greece and Cyprus.

When Will Hotels Reopen?

Various hotels and restaurants in Croatia reopened on May 11 with social-distancing measures in place and Turkey has announced that hotels and restaurants will be reopened from May 27.

St Lucia is preparing approximately 1,500 hotel rooms in various resorts to welcome visitors from June 4.

 

via@Boat International

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May 30, 2020No comments,
New Build Stories: Inside the Design and Build of Life Saga

In this episode of New Build Stories, BOAT chats with Gian Marco Campanino, art director of The Italian Sea Group, and interior designer Mark Berryman on the 65 metre Admiral superyacht Life Saga

The owner of Life Saga “doesn’t go indoors unless the weather is diabolical,” says the yacht’s captain. So the creation of the boat was focused very much on maximising outdoor lifestyle.

 

The main deck – known as the “sea deck” – is an open-air, casual space, featuring an indoor/outdoor aft deck that takes up the majority of the level, leading in to a covered deck area with flexible seating and a bar, plus retractable glass partitions that open up the space on three sides.

“The boundaries between indoor and outdoor are really very thin,” says Gian Marco Campanino. There are more spectacular, open spaces up on the sundeck and down on the beach club (open on three sides) as well as an upper deck dining spot that can be opened to the elements.

Mark Berryman’s neutral tones, soft textures and faintly Asian decor flow between inside and out, emphasising the yacht’s laid-back raison d’être.

 

via@Vertual Boat Show

May 27, 2020No comments
Best Countries To Invest In 2020

As 2020 unfolds, every business mind is boggled by one question “Where to Invest?”. As an investor, you should care a lot about economical and political stability when choosing where to invest your money in.

The current COVID-19 pandemic has caused great worry for many investors. And they are right to be The Congressional Research Service claims that the pandemic could trim down global economic growth by 2%. Even JP Morgan predicted that there is a 60% chance that a recession will occur in 2020. And thus, the answer to “Where to invest?” has never been more uncertain.

The truth is that not every country will be affected if a global recession occurs. Some countries are very fortified to withstand an economic crash. They have a lot of internal growth drivers with minimal affiliation with global markets. They will be the least affected. The best countries to invest in 2020 are these fortified countries.

According to the World Bank Group, four unique factors motivate an individual or a business entity to invest in a country. These are the country’s natural resources, markets, efficiency, and strategic assets (like its technologies and brands).

Using this four categorical determinants, we have compiled The 2020 Best Countries to Invest In ranking based on a broad list of ten equally weighted attributes: corruption index, tax environment, economical stability, entrepreneurial freedom, innovativeness, skilled labor force and technological expertise, infrastructure, investor protection, red tape, and quality of life.

Here’s the ranking of the 10 best countries to invest in 2020.

 

1.  Croatia

Croatia is currently No.1 on the list of the best countries to invest in. The country’s growth is amazing because just last year, it was ranked 25 positions lower. The European country’s stable economy, coupled with her entrepreneurial and innovative population, has made foreign investors very optimistic about her progressive business environment. In the first quarter of 2019, Croatia had a whooping foreign direct investment of more than $389 million!

2.  Thailand

Thailand occupies the second position on the 2020 Best Countries to Invest In ranking. The country has capitalized greatly on the trade tension between the US and China. Many investors have gotten fed up with the whole drama. They have now turned their attention towards Thailand. You should too. In the first nine months of 2019, the country received a 69% increase in the total value of Foreign Direct Investment applications, as compared to 2018. 65% of these applications were led by the automotive, electronics and electrical, and digital sectors. The growth of the Thai market and her momentum indicators have remained steady and strong. Forbes listed the country as the 8th best-emerging market of 2020.

3.  The United Kingdom

The U.K. is economically stable and has a skilled labor force and technological expertise. According to the U.N., it is the sixth country that attracts the most inflow of foreign direct investment. In the first seven months of 2019, the U.S. and Asian tech firms invested $3.7 billion in tech companies in the country, thus surpassing the $2.9 billion invested in the previous year. Despite Brexit, the U.K remains the fifth largest economy in the world and has an industrialized and competitive market.

4.  Indonesia

With about 650 listed equities and a market cap exceeding $500 billion, Indonesia boasts of one of the largest Asian stock markets. Her 260 million inhabitants promise is a very strong consumer market. The Indonesian consumer market is largely undiscovered, hence its huge potentials. This country should be your number one option if you are into manufacturing or consumer products. The robust economy and heavy investment in transportation and infrastructure make this Southeastern Asian country worthy of your investment. The only downside is that non-citizens are limited to only leasehold properties.

5.  India

According to the U.N, India was one of the top 10 countries with the highest inflow of foreign direct investment. India has been in the top 5 of the best countries to invest in since 2019. The Asian giant has invested so much in research and development and, and she is among the top countries having a comparatively skilled workforce.

6.  Italy

Italy is one of the top countries attracting investors in 2020. It has been on the list since 2002. This level of economical stability, its robust manufacturing sector, and the country’s stable political environment make it a good choice to invest in.

7.  Australia

Australia boasts of more than 25 years of continued economic growth. It is the 9th country with the most FDI attraction in 2020. Intact, she has been in the top 10 for ten years now. The country remains a very stable investment destination.

8.  Vietnam

Like Thailand, Vietnam has capitalized on the trade tension between China and the United States. Since the past years, the Chinese southern neighbor has gradually risen to become a formidable manufacturing hub. This growth became even more evident when multinational corporations like Samsung began relocating are from China into Vietnam.

 

We think you should consider this too. The availability of numerous seaports, coupled with the cheap cost of production and tariff breaks, makes Vietnam very business-friendly. Vietnam’s economy is very stable. The country has never had a single recession I’m the last 20 years! But, like Thailand, non-foreigners can only own property in Vietnam on a leasehold agreement. If you want to learn more about real estate for investors, move to Asia has different guides to advise you through.

 

via@London Post

May 19, 2020No comments,
With Dubai Expo Postponed, Home Buyers to Benefit from Another Year of Price Declines

Home values, where overbuilding has caused a yearslong price slump, were already down 30% from their last peak in 2014

The pandemic and the resulting postponement of Dubai’s long-awaited World Expo, which was supposed to commence in October, ensures the city’s yearslong price slump will persist for at least another year.

“Last year, we said values would go down 7% to 10%” in 2020, said Haidar Tuaima, head of real estate research at appraisal firm ValuStrat. “Now 7% is very much on the optimistic side.”

The organization that oversees the world’s fair, the Paris-based Bureau International des Expositions, announced last week that its members passed an executive proposal to move Expo 2020 Dubai back a year. It will now run from Oct. 1, 2021 to March 31, 2022.

The decision comes amid the global Covid-19 pandemic, which has made large gatherings dangerous breeding grounds, devastated the travel and tourism industries and shuttered retail businesses—upon all of which the world expo depends.

Dubai has been planning for the mega event since it was chosen as the host city in 2014, beefing up infrastructure with an elaborate exhibition site, plus a multitude of new residential developments; more shopping centers and an expansion of its public transit system. Analysts expected it could bring in roughly 25 million visitors to the city, a boon for the local economy, including the real estate market.

It’s really too early to predict the extent of the economic fallout from the current crisis. Dubai went into total lockdown from mid-March through most of April, allowing residents to leave their homes only with an official permit, even to buy groceries.

Average sales prices in the city’s luxury communities are already down 20% to 30% from their last peak in 2014. But with the pandemic and now the postponement of Dubai’s heralded expo, market analysts broadly agree that home values, at the very least, will flatline in the coming year. Others, like Mr. Tuaima, say average sales price could fall by as much as 11% to 12% by the end of 2020.

Either way, the coming months present an opportunity for buyers with a long-term view—expats who’ve made a home there, local Emiratis, frequent visitors or investors seeking rental income; they stand to benefit from another year of discounts before Dubai Expo 2021 and diminishing supply potentially spur home values to rise again.

“We can very much say we’re at the bottom, or very close to it,” Mr. Tuaima said. After all, if even 2% to 3% of the millions of expo visitors in 2021 decide to open a business, move to the city or otherwise buy property, “that would be a huge amount of people and would play a huge role in absorbing supply.

 

via@MensionGlobal

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May 16, 2020No comments, ,
Tour T.J. and Lauren Oshie’s Polished Virginia Manse

The charmed residence that T.J. Oshie—forward for hockey’s Capitals in Washington, D.C.—has scored with spouse Lauren Oshie was destined to be photographed: The gorgeous duo has close to 500,000 Instagram followers between them. The home that the Oshies share with their three children (and two dogs) features fashionable choices that promise to influence, such as bronze fixtures and lush plants in cream-colored rooms. To realize this, the Oshies hired Marie Flanigan Interiors’ Marie Flanigan. T.J. says: “Lauren would always show me Marie’s Instagram and the things that she loved. I’m not extremely interested in home design and things like that, but she really did a fantastic job. It was a dream come true for Lauren to be able to design her home.”

The five-bedroom manse in McLean, Virginia, is traditional and French-influenced. The gardens contribute to the sense of romance, featuring climbing roses and hedges. In the back, multisectioned seating—perfect for entertaining T.J.’s NHL team and their families—has been created from teakwood chairs from RH. The Oshies have considered a putting green, but T.J. says, “It’s an ongoing debate, a work in progress.”

Inside, furnishings honor the home’s bones but with a careful eye to feeling fresh and modern. “The house is provincial, sort of French countryside,” says Flanigan. “But on the inside, we wanted to keep a modern aesthetic—almost organic modern.” (Lauren’s design references included the 1 Hotels brand.) The decorative scheme is largely monochrome, and texture has been introduced largely through the fabrics, which range from leathers to linens. “Doing an all-white interior is harder than one might think, because you need to add that depth and texture and layering,” notes Flanigan. “Velvet can show a saturated tone like no other fabric.” The collection of Oushak rugs throughout the house, all sourced in Houston, ground the rooms. So, too, do the linen curtains from Pindler.

From the beginning of the process, Lauren relied on Instagram for design inspiration. That was where she discovered Flanigan—and it was where she sourced the brand that designed the cabinets in the kitchen (O’Brien Harris, based in Chicago). “As you know, Instagram is such a great tool for interior design. I find a lot of my inspiration through Instagram,” Lauren says. “I knew that I wanted everything to be very neutral and light, and I love adding texture and layering texture to add interest rather than adding a lot of color.”

So, is there room for T.J.’s sports memorabilia in this polished home? The Oshies have chosen to house these items in the basement den, which is decorated with framed jerseys and a recliner from RH. “I really wanted a reclining chair, which was something that my grandparents always had,” says T.J. “I think Lauren did a great job of selecting one.” Reflecting on the overall project, Kelsey Grant—Marie Flanigan Interiors’ creative director, who managed this collaboration—says: “Above all, [the Oshies] wanted to create a relaxing environment that would be enjoyed comfortably with their friends, families, and teammates.” Goal!

 

via@ArchitecturalDidest

May 16, 2020No comments
Kylie Jenner Buys Vacant 5-Acre Lot in Hidden Hills
Miley Cyrus previously owned the property between 2015 and 2018

via@Architectural Digest

May 6, 2020No comments
Stefano Ricci at Home in Tuscany

In the world of fashion, it can be difficult to find a quiet moment. For Italian luxury menswear designer Stefano Ricci, his sprawling estate in the Tuscan hills of Mugello provides a welcome escape.

At Poggio ai Segugi, built on land once owned by the Medici family, Ricci finds the inspiration for many of his designs. His bespoke suits and shirts have been worn by the likes of Nelson Mandela, opera singer Andrea Bocelli, and Hollywood star Tom Cruise.

“In my line of work—luxury menswear—it’s the details that make the difference,” Ricci says. “The skilled craftsmanship, the absolute quality, the workmanship only expert hands can achieve, yielding little masterpieces no machine can ever produce.”

Nature features significantly in his work—the 1,650 acres of virtually unspoiled countryside surrounding his estate is teeming with wild animals, including different breeds of deer, Tuscan wild boars, and falcons. Ricci says it’s like a paradise where he can unwind and concentrate on new projects.

That explains why Ricci’s eponymous brand’s eagle logo can be found on everything from handmade silk shirts, which start at US$1,400, to crocodile belts at US$2,800. Ricci’s two-piece suits start at US$6,000.

Ricci, who turns 70 this year, painstakingly renovated the house over four years and spent weeks searching for local building materials. “I’m proud to have had several pietra serena quarries reopened; it’s the same stone the Medici family used to build palaces and squares in Florence,” Ricci says.

The estate has become a family retreat where he spends time with his grandchildren, Stefano, 7, and Aurora, 4. Although the hideaway provides much needed solitude, it is still less than an hour away from the sartorial splendor that Florence offers.

“I wanted a place that would allow me to cut myself off from the world whilst remaining less than an hour’s drive from the company,” Ricci says.

The house’s eight bedroom suites are adorned with cloths woven by Florentine artisans at L’Antico Setificio Fiorentino, one of the oldest silk workshops in Europe, whose looms date to the 18th century. A warping—or weaving—machine designed by Leonardo da Vinci creates threads used to make silk fabrics, tassels, and trimmings.

The workshop, which Ricci bought from the Emilio Pucci family in 2010, still produces Renaissance-style fabrics, including the Damaschi collection, composed of single-color damask fabrics with stylized or floral designs created in a shiny and low-luster finish. This fabric was first made in Florence on mechanical looms from before the early 1800s and is sold for between €280 and €1,300 per meter. In 2016, Ricci presented Pope Francis with a silk damask chasuble—the outermost liturgical vestment worn by clergy—that was woven at the mill.

Ricci’s own property, with its starkly modern and opulent decor, couldn’t be more different in style from the old-world romance of the workshop. At the center of the main house is the Great Hall, featuring a 7.5-meter crystal table and china from his porcelain homeware collection, all of which are made in Italy.

The estate’s cavernous basement houses 15 classic and vintage cars. He has a soft spot for Aston Martins—especially in British racing green, calling the classic car “an expression of things that are handmade, of style and elegance.” Ricci has five prized Aston Martins and a Lancia in the garage, protected behind glass. One stands out as his personal favorite: a 1933 Aston Martin Le Mans.

Ricci prefers to hit the track in his 1953 Lancia Aurelia Series III. The Ricci family has previously sponsored historic events, such as the Mille Miglia race in Italy, founded in 1927, a motorsport endurance race with 400 classic cars competing across 1,000 miles from Brescia to Rome and back. His wife, Claudia, has also participated, in a Jaguar XK140.

Ricci is also the organizer of the 10-year-old Stefano Ricci Heritage Trophy concours, held in Florence.

Despite their increasing in value, he hasn’t sold any of the cars in his collection. Except for one: Ricci started his business by selling the Porsche 914/6 that his father gave him when he was 21.

That company—launched from his kitchen table—has evolved into a business empire with more than 68 boutiques around the world, from London to Milan and Shanghai to Cambodia.

Many Ricci suits are made from limited-edition fabrics and the company provides customers with a master tailor who regularly flies around the world for fittings. “Nowadays, contemporary designers often come out of the finest schools and define styles without actually knowing how to sew,” Ricci says.

The business generated €148 million in sales in 2018, up from €144 million in 2017. Ricci was one of the first luxury brands to move into China in 1993. There are 14 boutiques in the country, including a 22,000-square-foot mansion in Shanghai with a private club available for high-spending clients.

This year will also see Ricci open more boutiques in Seoul and Taipei. But when he wants to retreat from the noise of his growing empire, he can always return to his home in the Tuscan hills, where the “silence is only broken by the sounds of nature.”

 

via@Barrons

Photograph by Paolo Prendin

April 30, 2020No comments
Kanye West Is Now Officially a Billionaire

When last we checked in with Kanye West, the mercurial hip-hop superstar-turned-footwear magnate, I was tiptoeing through a parking lot crop circle composed of hundreds of pairs of his Yeezy sneakers. “I’m not a numbers guy,” he explained ten months ago. “To ask me to somehow translate this to numbers is to ask your grandmother exactly what the recipe of the cake was.”

There’s only one number that West cares about. A billion, as in dollars. And he cares a lot.

When we featured West on the cover of Forbes last summer, delving into his incredible success with Yeezy, he seemed pleased at first. His world-famous wife, Kim Kardashian West, even tweeted her congratulations, to the positive affirmations of 32,300 of their closest Twitter friends. But without sufficient documentation on his unusual stake, versus just his word and industry guesstimates, we didn’t call him a billionaire. And that grated on him. As the year wore on, he protested publicly. (“I showed them a $890 million receipt, and they still didn’t say ‘billionaire,’” he told an industry panel, about something that no one at Forbes remembers.) In private, he was more biting. (A “disrespectful article,” he texted this week, that was “purposely snubbing me.”)

When our annual billionaires list appeared earlier this month, again with West absent—still no documentation, and now a pandemic to boot—West again reacted with hurt and venom. “You know what you’re doing,” he texted. “You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.” At one point, he texted that Forbes was “part of a group of media” that was trying to suppress his self-made narrative because of his race. That sister-in-law Kylie Jenner did make the list also clearly stuck in his craw.

Then, yesterday, a breakthrough: West directed his team to provide what we feel is an authentic numeric look into Kanye, Inc.

Three things became clear from this exercise. First, it reinforces why we put him on the cover in the first place—West, in just a few years, has created a brand that’s challenging Nike’s Air Jordan for sneaker world supremacy. It’s one of the great retail stories of the century.

Second, it reinforced that West, who claims both in words and in this paperwork that he’s worth more than $3 billion, is as overly boastful as his political idol, President Donald Trump. Not a numbers guy? We agree.

Finally—and perhaps most critically to West—it does confirm, based on our estimates, that his stake in Yeezy indeed makes him a billionaire. A bit over $1 billion, actually.

In the process, we can now share more details about Yeezy than ever before revealed—as well as some insight into what drives this extremely creative, extremely enigmatic ten-digit artist.

Yeezy is a complicated asset. West owns 100% of it. But it’s functionally tied—at least for five-plus years based on the documents we saw—to Adidas, which produces, markets and distributes the shoes. There’s also a separate apparel division that we don’t believe makes money. Last year, our sources projected the shoes would finish 2019 with revenue north of $1.5 billion (Adidas would not comment then, or now). Per recent conversations and internal documents, we believe the final revenue number ended up closer to $1.3 billion.

Our sources told us last year that West’s agreement calls for him to receive a royalty around 15% of Yeezy revenue from Adidas. Upon closer inspection, it appears some expenses are carved out of that slice, bringing his actual cut closer to 11%. At that rate, he would have received royalties of over $140 million from Yeezy sales last year.

West’s aggressive $3 billion self-appraisal is clearly based on the idea that the business is infinitely portable. It’s not. Taking Yeezy away from Adidas seems almost prohibitively cumbersome, if not contractually impossible. A safer way to value it: as a royalty stream, like music publishing or film residuals. Multiples, based data from services like Royalty Exchange and reports of large private transactions, can range from as low as three for something faddish like Cardi B’s “Bodak Yellow” to 17 for an evergreen asset like the Eddie Murphy film Trading Places.

A handful of experts surveyed felt West’s interest would fetch a multiple somewhere in the middle of that range, were it ever made available to outside investors. The convenience of the Adidas setup trumps publishing catalogs, where owners must actively collect payments from a complex web of sources—or outsource that labor to someone else in exchange for an administration fee. “His place in the capital stack is a preferred place to be,” says Royalty Exchange chief Matt Smith, who pegged the multiple at between 10 and 12.

Conservatively—as we typically are with such figures—a 10x multiple, applied to West’s Yeezy cut of $140 million, makes his stake worth about $1.4 billion. But it’s a private, highly illiquid $1.4 billion; our rule-of-thumb for private assets like that is to lop off at least 10%. That’s $1.26 billion.

via@Forbes

April 27, 2020No comments,
Leading Yachts of the World Accelerates Global Expansion with New Office and Key Hires in Monaco

Leading Yachts of the World (LYW), the ground-breaking travel technology brand, has accelerated its global expansion strategy with the opening of a new office in Monaco.

 

The Mediterranean principality, which is famed for its glittering harbor and high-end clientele, becomes the company’s sixth global location, along with Singapore, Bangkok, Phuket, Hong Kong, and Palma de Mallorca. The new office will enable LYW to disrupt the yachting, travel and hospitality industries in Europe. With its fully automated digital ecosystem, supported by proprietary technology from AVA Software, LYW will connect yacht charter companies with premium travel suppliers, luxury hospitality players and high net worth individuals across the region.

The launch of the Monaco office coincides with the appointment of senior executives to oversee the European market. Roberto Bottini has become Director of European Sales, while Marco Meneghini, LYW’s co-founding partner and Group Financial Director, will drive the company’s growth in this important market.

A luxury travel expert with more than 30 years of experience, Roberto Bottini spent several years with Hilton before working for five-star hotels in Cannes and Paris. He intuitively understands the Monaco market, having spent more than a decade in senior managerial roles at some of the country’s most prestigious properties, including Hotel Metropole, Monegasque Palace, and Fairmont Hotel. He also spent a decade managing an exclusive boutique hotel on the Côte d’Azur, where he honed his ability to meet and exceed the expectations of premium guests.

Marco Meneghini has spent a lifetime immersed in Monaco’s yachting culture. He oversaw the restructuring of Nautor’s Swan global subsidiaries during its acquisition by Leonardo Ferragamo and helped to create the first app for its charter business. Marco has developed successful sales and marketing strategies for several stakeholders and used his financial acumen to set up investment platforms and consultancy projects for individuals, companies, and start-ups. Living and working in Monaco, Marco has an extensive personal and professional network in the yachting and real estate sectors.

“Monaco is the yachting industry’s most high-profile market. Its iconic attractions and well-heeled clientele create outstanding opportunities for the travel and hospitality industries. We are delighted to welcome Roberto to LYW; his proven ability to generate new business and drive results will play a vital role in the growth of our operations. Combined with Marco’s extensive network and knowhow, we expect to achieve a rapid ramp-up in Europe,” said Anthony Brisacq, CEO, Leading Yachts of the World and AVA Software.

Following the company’s debut in the Asia Pacific, the LYW platform is now being rolled out in multiple European destinations including Monaco, the French Riviera, Corsica and Sardinia, the Balearic Islands, Greece, and Croatia, with more international destinations set to follow.

 

via@Global Travel Media

April 18, 2020No comments, ,