The future of the Monaco Yacht Show could be in doubt now that members of both the Superyacht Builders Association (SYBAss) and the Large Yacht Brokers Association (LYBRA) have withdrawn their support for this year’s show. In a private letter seen by the press, both SYBAss and LYBRA have reached a joint and clearly defined decision that not to participate in MYS 2020, even if it goes ahead in September as is currently planned by Informa the shows owners and organisers.
SYBAss represents 21 of the world’s largest and most productive superyacht building brands and collectively accounts for 60% of all yachts over 40 metres constructed in countries from Australia to the United States. LYBRA, is an association of the 8 largest international yacht brokerage houses.
Doubts over the safety
Both associations have expressed doubts over the safety of the show, suggesting the ability and or willingness for clients to attend within the context of the global pandemic would not make the show viable in September.
Their letter reads: “With the non-participation of LYBRA and SYBAss members likely resulting in a deterioration of exhibiting yachts, major industry companies no longer being present at the show, and the potential negative perception of the superyacht industry by the general public, we request that Informa take stock of the situation and consider cancelling the show.”
The letter opens by saying: “Throughout our industry, there has been much speculation as to whether the Monaco Yacht Show can take place this year. Lockdown arrangements across the globe currently vary and travel restrictions are extensive. It is clear that the necessity for social distancing will continue for the foreseeable future, but beyond that, the detail of the varying government-led restrictions in the coming months is unknown.”
General discontent
The letter further outlines a general discontent detailing how the show has been run in recent years, saying “Our industry faces a new environment going forward. We simply cannot be investing such significant sums at this time into an event that looks likely to provide us with even less of an ROI than recent years and with an organiser that has consistently refused to listen to the voices of its most important players – the exhibitors.”
The letter suggests to MYS that now is the time for all parties to: “Sit around the table and work out what we should be doing in the future.”