The widening gulf between the haves and the have-yachts has prompted LVMH, the world's biggest luxury goods group, headed by Bernard Arnault, to enter an exclusive agreement to buy Royal van Lent, the Dutch builder of Feadship customised motoryachts, which measure 50m or more.

Last week, Hermès, the privately owned luxury goods company, said it had formed a joint venture with Wally, the Monaco-based yachtmaker, "to conceive and develop innovative projects".