Princess Yachts appoints distributor for Hong Kong region

UK-based boatbuilder Princess Yachts has appointed Sunazure NextWave Yachting as its distributor for the Hong Kong region.

Starting from 1 September 2024, Sunazure NextWave, trading as Princess Yachts Hong Kong, will be responsible for the sales and service of Princess Yachts in the area. This follows the conclusion of the current distributor agreement with Princess Yachts Greater China.

Simon Colebrooke, sales director at Princess Yachts, says: “Hong Kong has been an important market for Princess for many years now, and we would like to thank Princess Yachts Greater China for their efforts in strengthening our brand and enhancing the customer sales and service experience in the market over the past 10 years.

“We are now looking to build on that success and are confident that we have selected the right partner to help us do that. Sunazure NextWave brings years of experience and knowledge of the local market, along with our core values of delivering an exceptional customer experience from enquiry through to ownership.”

Colebrooke says Princess has seen growth in the Asia Pacific market in recent years, particularly for larger yachts in the range. He adds that Sunazure NextWave has established a well-regarded sales and service operation that aligns with Princess Yachts’ existing network in the region.

The news of the appointment comes after Princess Yachts began consulting with its workforce and representatives about redundancies in May, with up to 90 employees at risk of losing their jobs. The company is said to be looking to create a ‘leaner and more agile organisation’ with the employees affected all being office-based support or management. This comes as, like many, Princess was hit with supply issues. Princess sunk to a £30m loss last year, after struggling with a shortage of engines, semiconductors, and teak wood.

Princess Yachts was sold to a US-based private equity firm, KPS Capital Partners, in 2023.

In a statement, Sunazure NextWave expressed its pride in representing Princess Yachts, noting their long-standing admiration for the brand and its product range.

Princess Yachts has begun contacting owners in the region to introduce the new distribution structure and outline plans for ongoing service support.