Is luxury now moving to the cruising world?

Pinault has literally set sail. Ten years ago, as reported by Business of Fashion, the family behind Kering privately acquired — through their investment company Groupe Artémis — the French luxury cruise line Le Ponant. However, in recent days, news has emerged that Kering has decided to expand its empire beyond the fashion system, acquiring a majority stake in the Singapore-based boutique cruise line Aqua Expeditions. While the acquisition’s assets are not particularly large in terms of quantity, this move once again highlights the luxury giants' interest in the world of hospitality and travel. LVMH, among others, has heavily invested in luxury resorts and experiential hospitality in recent years, even reviving the historic Orient Express and announcing the debut of the world's largest sailing ship in 2026. \n\nHowever, Kering's strategy is not an isolated case. Beyond LVMH, luxury hospitality groups such as Ritz-Carlton, Four Seasons, and Aman are also focusing on small-scale cruises, designed as floating extensions of their exclusive experiences. In this scenario, Pinault's move becomes clearer: if the core business of luxury struggles to maintain dominance in the fashion sector, alternative paths are sought. After years of uncontrolled growth, the fashion industry is now experiencing a period of uncertainty. Kering's financial data confirms this: Gucci, its flagship brand, recorded a 24% drop in sales in Q4 of 2024, highlighting the need for diversification.

Aqua Expeditions, Kering’s latest investment, represents a carefully placed piece in this puzzle. The company owns only five ships, all with a capacity of fewer than 40 passengers, and offers exclusive cruises to destinations such as Indonesia’s Raja Ampat archipelago and the Peruvian Amazon. Prices match this positioning: the Aqua Mare suite, a 16-passenger superyacht sailing through the Galapagos, costs about $30,000 per person for seven nights. The Pinault family’s goal is not only to strengthen its presence in the boutique cruise sector but also to expand into high-end experiential tourism. Hervé Gastinel, CEO of Ponant since 2021, told Bloomberg that the group intends to double its revenue by 2028 and is exploring new acquisitions. The plan includes the construction of the first zero-impact ship by 2030, a 594-foot prototype powered by wind, solar energy, and fossil-fuel-free batteries. The real challenge, however, is that European shipyards are already struggling to keep up with the growing demand from other luxury brands.

Meanwhile, Kering’s strategy appears to signal the group’s intent to reduce its dependence on a single luxury segment. The past year’s crisis — with Gucci at the forefront — has highlighted the risks of relying on one or two flagship brands for the survival of the entire conglomerate. This is why, at the beginning of the year, Kering sold several outlets worldwide to reduce its debt and rethink its growth strategy. This is precisely where luxury hospitality and travel intersect with a new target audience willing to spend significantly more on experiences rather than products. The concept of "experience" leads to a clientele willing to invest in packages that include private flights, pre-and post-cruise stays, and ultra-personalized itineraries. The discussion is no longer just about "fashion" in a strict sense, but about 360-degree lifestyle, where the top 1% of consumers merge with a new generation of experience-seeking travelers looking for tailor-made adventures.