The new Prestige M7 - photo © Prestige Yachts
Dear Recipient Name
In a way, I had been waiting since November of 2022. At that time, we looked at the (then new) Prestige M48, and the shortly forthcoming, and larger sibling M8, as well as highlighting that there was to be third instalment in Prestige's M-Line trilogy, a little bit further along in the future. Well, we're there, which of course is now, here.
Yes, this was a significant moment in the history of the powercat. Late to the party, or bang on time? (Part I), and Late to the party, or bang on time? (Part II) could be described as the pre-party drinks, and party itself. So rather than talk about Part III, the arrival of the new M7 kind of heralds the commencement of the after-party. The one that takes us through to dawn, and chill vibes, bean bags, the slower pace of cocktails, and the placing of the sunnies over the eyes.
So, if the M48 was the beginning of the GenIII powercat, then the changes in the market landscape since that time are a vindication of sorts. Competitors have come in to the 'narrow' beam, tall freeboard, motor yacht-esque space of the generation that was as much defined by a low 20-knot sprint pace, almost as much as anything else. With the M7, Prestige ensures they remain at the forefront of this ever-expanding sector.
Prestige Brand Director, Jean-François Lair (JF), commented on it all by saying, "It's great to have competition, because that means that firstly there is a market, and secondly, there is a market growing. To some extent we are still alone, without a direct competitor, but that is definitely about to change."
One of the defining aspects of the new powercat was the higher bridge deck, which meant it could go into bigger seas more comfortably. Not being as wide as a sailing cat derivative, where on the really big ones you feel like you almost need the island bench down the middle to break it up, the Prestige M line works proportionally, and the main saloon is not so big that you just literally don't know where to go.
Central access to the main deck Master Stateroom, and guests off to each side is distinctly harmonious. Sort of like some über-luxurious nest for a very lucky species of creature, and in that you might say you have very essence of the project in the first place. It's a hub, with integrated components or satellites that provide space and separation without overt distancing.
Making a bold step with the M48 was one thing, but going straight out to what is essentially 66 feet with the M8 as the next model certainly involved a few deep breaths being held in. "It was a big stress, because as you can imagine there was a large investment with such a boat," said JF. The significant and consistent uptake in the last 12 months, especially, has settled their collective heart rates quite distinctly.
Of course, a cat at that length is far more superyacht than anything else, and there was a collective journey for both Prestige and its clients to literally catch up to with the placing of the new mark. "It has been a super exciting and interesting this journey with the M8, because most of the clientele have had boats before, and they know exactly what they want. We are refining and enhancing all the time to meet their expectations."
Now the new M7 is a 58-footer. The M8 is nowhere near 80 feet, but might have the Gross Tonnage of a hundred-footer, so M10 would be more appropriate. M7 is frankly nowhere near 70 feet either, but the M7 probably has the volume of a 70-footer, so maybe it is on the money, meaning the M48 should have been called M6.
A couple of things come out of this. Why compare yourself to something you're distinctly trying not to be? Then, why make it hard for clients to get their minds around it, when it's not set, it's not rigid, and it's not immediately obvious?
JF would be the first to admit the nomenclature of the boat has to be explained. "The 7 is not standing for the size of the boat, but for the volume of a 70' monohull. When clients jump onboard, this is the immediate comparison they are making."
There is a family resemblance across the board, mainly courtesy of the window lines in the topsides, with the M48 and M8 sharing a closer tie. The M7 is decidedly bolder, more forthright, and with a little more posture about it. You would have to think that we are seeing styling cues for future developments, as the model cycle rolls on as inexorably as it does.
As to what all that means? Well, if Prestige is all about the Art of Living, then expect a certain 'Wow' factor to deliver the nod of the head when it comes to not just the creative use of the space, but possibly even more importantly the way that message actually penetrates your skin and goes on to warm your heart. Slow down when you step aboard and let the other senses have a chance to explain more than simply what the eyes behold. "Prestige's DNA is all about having a lot of light. We want owners to feel that they are aboard one of our vessels, with fit and finish a key component of that," added JF.
From a commercial point of view, the success of Prestige's M-Line, in light of their dominance in the flybridge market, is critical to the overall plan. With the M-Line, you do not have the luxury of sharing componentry with any sailing product. The ROI is measured against your own performance. That's it.
"What is very exciting for me is that we are not number one in powercats. We can still grow a lot in this market. This is why there is a lot of investment in product development with the M-Line, and renewing the F-Line. That potential for growth to a discerning, but financially capable market, combined with the Group having been around for 140 years, means we take a view of what is happening next year, in five years' time, or even ten! Being a family company changes the dynamic of shareholder pressure, quite a lot. We see it more as a chance to accelerate, and that of course translates to competitive advantage."
In a lot of ways, it all serves to highlight that Prestige does occupy a unique space in the segment. Not just from a style or manufacturing process standpoint, but also the relative speed issue. At the time of launching of the M48, there was a lot of discussion about whether the mark had been missed by not attaining 28, 30, or even 32 knots.
"In the end, we had more questions from our dealers about this, than we did from clients. A lot of it came down to making time to allow for the pros and cons to sink in. The M-Line buyers do not want to cruise at 29 knots. It is more like 13 or 14 knots."
"As the process has gone on, the question has become much more about autonomy than the maximum velocity. Going farther affords the opportunity to see more. Range is king, not where's the next bowser. Being able to stay at anchor, not going into a marina, is far more appealing, even here in the Mediterranean. The fun is not in the marina any more, it is time with family and friends in a safe, peaceful and convivial environment. And the cat is more stable at anchor, as well.
"So, the larger, and multiple open spaces a cat delivers provides for the all-important connections and time together. In the current geo-political landscape, this sort of thing resonates soundly."
Sales of the M7 have already occurred, and it would seem that with the M8 being so big, and for many it requires crew, the M7 may appeal to those needing volume, but also the distinct privacy only an owner/operator vessel can deliver. How people do their boating, especially when multi-generational, is very different nowadays.
JF added, "It may have taken some time for clients all over the globe to see what we are offering, and why, but they are definitely seeing what we are up to as meeting their needs to please grandparents, parents, and children all at the same time with spaces from the foredeck to the bridge, generous quiet cabins to spacious swim platforms. All whilst being able to deliver the precious alone time, as well."
Prestige is now many, many tens into the M48 (screamed past 50 a while ago), and well on the way to 20 with the M8, and a few M7s into the programme, as well. If you thought a luxurious, stylish, penthouse style vessel that was very much NOT down the 'block of flats' approach that is so common with powercats would be right up the alley of the 'new-to-boating' demographic, then think again. The whole premise fits, after all.
"So we don't see new people to boating. What we see is we see is new people to Prestige. They wouldn't have gone for a monohull by Prestige, but they are keen to go for a cat by Prestige. We have also seen a lot of people down-sizing. They've had an 80, or 90-footer, they want to have the same quality, and the some volume inside as they have had before, but with a smaller boat. Many have had to manage crew, and now they don't want to do that any more. They are happy to have a deckhand or a captain to help them, but they don't want to have a big crew."
Like powercats themselves, the clientele has moved on. It is no longer about being seen, which is kind of good, for berthing a cat at salubrious locales can get expensive rather quickly.
"It is about having a 'family island', if you like. Today the competitor to one of our vessels is very much a villa, except we can change the view, all the time. Holiday time is special, and we work precisely on delivering that. One of our best selling points at the moment with the M7, is the cockpit, the aft platform, and to have such an open access to the sea," said JF.
"To make sure we continue to advance, we have hired new talent, all of them from very significant brands, to ensure we boost our abilities to not only meet, but exceed the expectations of our clients. Real estate is likely to go up in value, whereas a nautical asset does not. Obviously, there are other benefits with a boat, and we need to make these entirely valuable."
As for bigger or smaller, well Prestige DNA does allow for it. "We have some projects on the drawing board for bigger boats, but we will never go above 90 or 100 feet. Going smaller? Why not? The limit will be what we can offer to the client for the right price. For now, we do need to consolidate the position already gained, but yes there are many possibilities, and the uptake so far provides for this by virtue of critical mass."
Being number one is important to Prestige, and that is overall, not by segment. It goes a long way to explaining that during difficult times it is not about withdrawal, but advancement. The brand is more recognised than ever before, and this helps, and their dealers are growing along with them, too.
Soon, JF and the team will have to think about the next generation of powercat, but now they have a very clear mandate from clients, and a genuine appreciation for their requirements. Going smaller or larger is all part of that, and looking into the crystal ball for a clear image of around three to four years' time is the new order when it comes to the cycle of change.
"When I was with Lagoon, I was looking at a big model called Lagoon 450. It has been built over 12 years and some 1,084 units. This will never happen again. Client's want new models, and it is very much a new world. Prestige M-Line is different to other cats and if you have segments, you have a market, by definition. This is good, and it is growing. La Grande-Motte had no powercats a while ago, and soon, they will be to predominant item. I said this very thing to the organisers not that long ago."
Being aboard an M-Line craft from Prestige does deliver on the original premise. Some of that you will see instantaneously, and other elements will take a moment or two to just imbue themselves into your way of being, much like the deliberate pace of the market's acceptance of these powercats. It reminds one of an aircraft taking off. The turbines spool up, the plane trundles down the runway at first, then accelerates, and the next thing you know the wheels are up, and you're off to parts unknown.
One thing is for sure, each of the 'parties' has a distinct offering, all very much in line with the modern world. You feel the excitement for the future from Prestige themselves. The location is right. The music is right. The light is right. Let the good times roll.
Should you have not had the joy of being on an M-Line, then do yourself a favour and step on board for an immersive experience literally quite like no other. Yes. It is that good. You'll see....
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Finally. Please look after yourselves.
John Curnow
Global Editor, Powerboat.World
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