HONG KONG
The latest in luxury air travel
investment
Succession planning, the world’s most valuable brands and Hong Kong’s new auction obsession
INSIDERS
Rolls Royce, Sunseeker, Vertu, Diageo, de Grisogono and Banyan Tree on the meaning of luxury
INSPIRATION
Experiential travel in Thailand, celebrity chefs and ten of the most decadent diamond creations
Photo on top: The Dragon Collection. On opposite page: The Jade Coin Collections. Handcrafted in Tuscany, Italy. Genuine Type A Natural Colour Fei Cui (Jadeite Jade) from Burma and 18K gold on silk cords. Each limited edition piece is unique.
Avaliable at: 31/F, TOWER ONE, TIMES SQUARE, CAUSEWAY BAY, HONG KONG. P: +852 21073604 INFO@SENZANOME.COM Showroom open Monday to Friday 10am to 6pm. Outside regular hours by appointment only.
Ancient Wisdom In Modern Times Ancient wisdom says, if genuine jade is made in the secret gardens of love, it will connect one to “qi�, the universal energy which guides to the true path of fortune, prosperity, peace and happiness.
WWW.SENZANOME.COM
INTERVIEW Jordan Belford
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Contents 12 15 17
Editor’s Letter Contributors Millionaireasia online The latest from millionaire-asia.com
Invitations 19 20
Mine to Mine A private shopping event with the diamond specialists Yes My Wine En primeur wines for investment were the star of the show at the China Club
22 24
ONE Energy Dan Vesco on investment in the US oil industry High Flyers Party Partnering with Standard Chartered for the Enterprise Development Challenge
26 28
Glenmarie Gardens Exploring Malaysia’s newest luxury development PIES Save the date for our biggest property investment exhibition and seminar yet
Insights 31 34
Simply Singapore Where to stay, eat and play on a business trip Superior Shaves The world’s most expensive razor
35 36 38 40 42
Shoe Shine This new service at the Mandarin Oriental will have you looking sharp in 15 minutes The Beautiful Game Table football on another level Heathrow by Invitation A new VIP service for discerning travellers Moving Islands The latest and greatest super yachts Dining Out Three new restaurants for any time of day
Investment 16/f Chao’s Building, 143-145 Bonham Strand, Sheung Wan, Hong Kong Telephone: 3620 3157 Fax: 2522 3068 millionaireasia@infonation-asia.com www.millionaire-asia.com
48 50
The Jet Set New planes and helicopters to buy now Upwardly Mobile Explosive growth is expected in the Asian helicopter market
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Second Wind Why pre-owned jets can be a smart buy
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Hands up Hong Kong The rise and rise of the city’s auction market
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Like Father, Like Son The importance of succession planning
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Insiders 69 76
What is Luxury? The world’s top brands on what luxury means to them Beyond the Sea Erik Fok explains why the Nansha Marina is set to become centre stage for China’s boating scene
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Impact Investing Yvonne Li explains why the rulebook on philanthropy is being rewritten
68 80
Driving Design Aston Martin’s head of design, Marek Reichmann Shaken and Stirred Giancarlo Mancino of Otto e Mezzo on creating the perfect cocktail
PAGE 40
Inspiration 91
Orlebar Brown James Bond’s new swimwear designer
94 104
Seeking the Sun Hitting the high seas for our ten-page fashion shoot The Fame Game Hong Kong’s growing obsession with celebrity chefs
110 112 122
The Driving Seat Road testing the latest Porsche Panamera GTS The Hot Ten This summer’s most dramatic diamond creations Wild Luxury Experiential travel at the Four Seasons Tented Camp
PAGE 112
End Note 128
Last Word Getting reflective with Bob Parsons, founder of Hope for Children
PAGE 94
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HONG KONG
Millionaireasia is a VIP club exclusively for Asia’s business elite. Produced in Hong Kong and China by INFO/NATION
Luxury. The word came up countless times while we were creating this issue. From the latest private jets and the hottest new restaurants in town, to our ten page fashion shoot – luxury was everywhere. I’m not complaining though, I love the word. It slips off the tongue simply and sexily and for me, conjures up images of pristine white beaches, infinity pools, cocktails and cabanas. Of course, holidays and travel are just one interpretation of luxury. For this issue, we spoke to leaders from six of the world’s most respected brands – Rolls Royce, Diageo, Vertu, Sunseeker, de Grisogono and Banyan Tree – to find out how the concept is treated in their industries. I also travelled to Thailand for our travel piece, and found that my own concept of luxury could be swayed, at least temporarily. The Four Seasons Tented Camp in Thailand’s Golden Triangle opened my eyes to a new way of travelling. Connecting with nature and doing good (the camp works with guests to help protect elephants in the wild) is a hugely rewarding way to holiday. I may not have returned with a tan, but I did return with memories I will never forget and a new found love of these gentle giants. The publication of this issue also coincides with the relaunch of our website, which has seen a huge overhaul and is now packed with fresh content, behind-the-scenes video footage and event coverage – check it out on www.millionaire-asia.com!
Dominique Afacan - Editor
Behind the Scenes
Millionaireasia’s fashion team hit the high seas for this issue’s ten-page fashion spread. After weeks of grey skies the crew were lucky enough to have sunshine on the big day. Special thanks to Gordon Hui for lending us his gorgeous Sunseeker, OM – turn to page 94 to check it out!
Managing Director
Roger Searl roger@infonation-asia.com
Membership Services
Carrie Wan carrie@infonation-asia.com
Research Director
Michael Chu michael@infonation-asia.com
Events Director
Sonya Yeung events@infonation-asia.com
Editor-in-Chief
Dominique Afacan dominique@infonation-asia.com
Editor
Gloria Fung gloria@infonation-asia.com
Creative Director
Sam Growdon sam@infonation-asia.com
Junior Designer
Lianja Salgado lianja@infonation-asia.com
ADVERTISING AND SPONSORSHIP sales@infonation-asia.com +852 3620 3157 Partnerships Directors Katie Vajda katie@infonation-asia.com Elizabeth Leung elizabeth@infonation-asia.com Jadie Rees jadie@infonation-asia.com
Millionaireasia Singapore Keralyn Chak +65 9669 6682
Millionaireasia Indonesia Ann Delny +62 816 1128 296
Millionaireasia Malaysia Donald Chan +6011 1512 7240
Millionaireasia India Parineeta Sethi +91 11 4605 5000
Millionaireasia China Eric Tam +86 147 1492 9670
Millionaireasia Japan Ian Tu +81 3 5770 5236
Taj. Forever seductive, forever trusted, forever enchanting. From authentic Indian palaces to landmark city hotels, from dazzling resort properties to pastoral safari lodges, enjoy a thoughtful blend of tradition and modernity in the distinctive and highly personal Taj manner. Fabulous suites, splendid dining, and tranquil Jiva spas await. Discover the Taj difference at over 85 hotels around the world. For re s e r vati on s a n d sp ecia l o f f ers, p l ea se visi t ta j h otel s.c om, ema i l reser va ti on s@ta j h otel s.c om, c all 00.800.4588.1825 t o l l f ree, o r co n t a ct yo ur t ravel c on sul ta n t. I n d i a • N e w Yo r k • B o s t o n • S a n F r a n c i s c o • L o n d o n • D u b a i • C a p e To w n • Z a m b i a • M a r r a k e c h • M a l d i v e s • S r i L a n k a • L a n g k a w i • B h u t a n • S y d n e y
Contributors Ryan Borroff
A specialist in car design, Ryan founded the first magazine dedicated to automotive interiors, Interior Motives, and coauthored academic tome How To Design Cars Like a Pro. On page 68, Ryan speaks to Marek Reichman, the talented head of design at Aston Martin.
Elan Head
Simon Nichol
Editor-in-chief of leading helicopter industry magazines Vertical and Vertical 911, as well as a flight instructor and commercial pilot, Elan was an obvious choice for our feature Upwardly Mobile on page 50.
Photographer Simon Nichol took to the seas this issue for our fashion shoot Seeking the Sun. Clear blue skies and access to a sparkling Sunseeker helped make the shoot a breeze. Get your summer sartorial inspiration on page 94.
Roger Norum
Pavan Shamdasani
Pavan is a graduate of New York University’s journalism programme and has held editor positions at the SCMP, People Magazine and Hong Kong Tatler. In this issue, he discusses the growing popularity of celebrity chefs in Hong Kong for The Fame Game on page 104.
Roger is a writer and photographer who focuses on automobiles, food and cultural travel. For this issue he took time out of packing for a trip to Antarctica to road test the new Porsche Panerama GTS. Read his review on page 110.
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瑞士盈豐銀行 被選為亞洲最佳純私人銀行 WINNING THE BEST PURE PLAY PRIVATE BANK IN ASIA PURELY SHOWS WE UNDERSTAND YOU BEST THE BEST PURE PLAY PRIVATE BANK IN ASIA AS VOTED BY 2011 ASIA MONEY PRIVATE BANKING POLL Ranked No. 1 Overall Best Private Bank in Hong Kong (as voted by HNWIs with US$ 1-5m AUM)
Ranked No. 1 Overall Best Private Bank in Indonesia
(as voted by HNWIs with US$ 1m AUM upwards)
Ranked No. 2 Overall Best Global Private Bank in Asia (as voted by HNWIs with US$ 1-5m AUM)
Ranked No. 2 Overall Best Private Bank in Singapore (as voted by HNWIs with US$ 1-5m AUM)
Ranked No. 3 Overall Best Private Bank in India (as voted by HNWIs with over US$ 25m)
HONG KONG 18th Floor, International Commerce Centre, 1 Austin Road West, Kowloon Tel +852 2298 3000 SINGAPORE 25 North Bridge Road, #07-00 EFG Bank Building Tel +65 6595 4888
INTRODUCTION Millionaireasia online
Millionaireasia online Asia’s most exclusive members’ club gets a digital update
Interviews Event videos & pics Investment The hot 10 Behind the scenes In addition to this magazine, hand-delivered to you every quarter, members can now find fresh content at our relaunched member website www.millionaire-asia.com. With improved navigation and a totally overhauled layout, the site is packed with investment ideas, brand insights and exclusive product inspiration. Visitors will also be able to watch behindthe-scenes clips from our fashion shoots as well as see video footage from our magazine interviews. At the heart of Millionaireasia is our extensive calendar of private events and the website will also be your first stop for checking out coverage of our latest happenings. From exclusive investment opportunities and pre-public property launches through to private showings of rare diamonds, limited edition cars, watches and wine, our events are designed to give you highly memorable experiences and exclusive benefits. All of our events are private and never open to the public or press. We always try to ensure we invite our members to the events they’ll be most passionate about, so please take a moment to complete the form inserted in these pages or fill it out at www.millionaire-asia.com/ clubmember. We hope you enjoy the website, and look forward to seeing you at our next event.
Visit www.millionaire-asia.com 17
Welcome to the premier life速 Enrich your travel experience with BEST WESTERN PREMIER throughout Asia, a collection of distinctive hotels as unique and authentic as the destinations in which they are located. Each place offers a voyage for those who live for discovery. BEST WESTERN PREMIER locations in Asia: China | India |Indonesia | Japan | Malaysia | South Korea | Thailand | Vietnam Visit bestwesternasia.com or call toll free +800 0013 1779
Manila, Philippines
Kuala Lumpur, Malaysia
Yiwu, China
Bangkok, Thailand
Invitations Mine to Mine Atelier, June 6, 7
Everyone knows that diamonds are a girl’s best friend, not to mention an inflation-fighting commodity that can make for a great investment. Roni N, founder of diamond jewellers Mine to Mine gave selected Millionaireasia members a personal introduction to her dazzling new collection at this event, with many guests treating themselves to a piece of handcrafted jewellery.
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INVITATIONS
Yes My Wine
Yes My Wine The China Club, March 22
En primeur wines are an increasingly popular component of investment portfolios, especially in today’s uncertain global markets. Yes My Wine hosted an insightful talk to 20 of our members, who were offered the exclusive opportunity to purchase the most prestigious Bordeaux en primeur labels in quantities as low as a single bottle.
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INVITATIONS
One Energy
ONE Energy Grand Hyatt, June 7
Daniel Vesco, the charismatic head of ONE Energy spoke to 20 hand-picked Millionaireasia members about investing in the US oil industry at this intimate event at the Grand Hyatt. Daniel represents several partners from the US oil and gas industry and discussed a range of investment opportunities open to Millionaireasia members.
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INVITATIONS
Singapore
Enterprise Development Challenge 2012 Singapore, General Aviation Centre, March 1 A new initiative jointly developed by Standard Chartered Private Bank and Millionaireasia, the Enterprise Development Challenge 2012 creates a platform for successful business owners with a passion for helping next generation businesses. Held at the General Aviation Centre at Seletar Aerospace, The High Flyer Party, co-hosted by Standard Chartered Private Bank and Millionaireasia, was a celebration of business and achievement. The evening’s main event was the unveiling of the winners, who were named as Marcus Luer and Kenny Sia. The excited pair received a pair of exclusive Director’s Box tickets to a Liverpool game at Anfield stadium, along with a private tour of the stadium grounds, Liverpool memorabilia, and an exquisite Lalique trophy.
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Various luxury lifestyle partners added glitz and glamour to the evening, including official trophy sponsor, Lalique, Aston Martin’s fleet of stunning motorcars, official home audio Bowers & Wilkins, the sparkling jewellery of Corazon and Fine Columbian Emerald and The Vivant Tree, which decked the hangar with their dramatic furniture pieces. Throughout the evening, guests enjoyed a spread of canapés, premium ice cream, champagne and wines by Rasel Catering, Seventh Heaven Artisanal Desserts and Giorgio Ferrari respectively, while Trisha Vu presented her new business chic collection, specially created with the spirit of entrepreneurship in mind. One of Singapore’s most exciting jazz personalities, Claressa Monteiro, also entertained the crowd.
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INVITATIONS
Malaysia
Glenmarie Gardens Malaysia, March 30
More than 60 guests came to experience ultra luxurious living at this show-bungalow in Glenmarie Gardens. The bungalow is part of the development being undertaken by Glenmarie Properties Sdn Bhd. With only 70 units spread across 26 acres of lush, landscaped gardens, homeowners can expect exclusivity and privacy at these luxurious residences.
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Millionaireasia is proud to announce a new partnership with Alta Services from Geneva, Switzerland, opening the doors to “Once in a Life Time Travel Experiences” and “Bespoke Lifestyle Services” for members worldwide.
Experience the Formula 1 Grand Prix An unforgettable experience at the opening ceremony of the Olympic Games VIP seats at the Roland Garros or the World Cup A unique view into the world of fine arts and luxurious cars
Luxury brand Shopping Wine tasting like never before A retreat in the world’s leading private health facilities for revitalization or medical checkups All this and more, with tailored-made packages in unmatched luxury and elegance.
For more information or to plan your bespoke itinerary contact: travel@infonation-asia.com www.alta-services.com
INVITATIONS
Save the Date
Save the date for the next Property Investment Exhibition & Seminar September 1st & 2nd 2012 PIE+S – Hong Kong’s most exclusive live property event is back, and this time it’s a two day show, kicking off on September 1st at the Grand Hyatt Residences. Delivering the most exciting hand-picked property opportunities from around the world, including luxurious beachfront villas and incredible private islands, this event is set to be the best PIE+S yet. Members will also be able to enjoy lifestyle-led elements including live fashion shows and a rare appearance from famed Chinese calligrapher Ai Xin Jue Luo Dao Jian. To reserve your exclusive place at PIE+S call +852 3620 3157 or email rsvp@infonation-asia.com
Call +852 3620 3157 or email RSVP@infonation-asia.com to reserve your place. 28
Insights
Simply Singapore Where to stay, eat and play on a business trip
T
his sunny island state at the tip of Malaysia has transformed in recent years – shunning its drab reputation and evolving into an energetic empire. The arrival of the huge casino at Marina Bay Sands last year has attracted visitors in their millions and with a successful chemical industry and thriving financial institutions, business is booming. According to Boston Consulting Group – there is a higher proportion of millionaires in Singapore than anywhere else in the world. The co-founder of Facebook Eduardo Saverin (who left after a disagreement but retains a stake in the company) even chose Singapore as his home after renouncing his US citizenship. Time your business trip to coincide with the annual Grand Prix in September – which attracts global attention and big name celebrities to the city.
Mid-week – Four Seasons Minutes from the financial district and steps from Orchard Road, this traditional hotel fitted out with ballrooms, meeting rooms and a penthouse function room is an easy choice for business travellers. Book into an Amdassador Suite if you’re travelling alone. If you’ve bought your other half, try out the Couples Floor where you can enjoy breakfast in bed, candlelit baths and a Love Bucket of 101 romantic ideas. www.fourseasons.com Weekend – Cappella Change the pace and head to Sentosa where Foster and Partners have created this colonial style resort overlooking the South China Sea amid 30 acres of greenery. Book the Constellation Suite to ensure the most meditative of stays. www.capellahotels.com
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INSIGHTS
Singapore
Did you know?
Singapore Airlines was the first commercial airline to fly the world’s biggest passenger plane, the A380
For lunch – Sky on 57 Bring your client to this Franco-Asian restaurant in Marina Bay with a bird’s eye view over the city. The 4-course set lunch menu includes local favourites like Singapore chicken rice along with more international offerings like their delicious king prawns a la plancha. www.marinabaysands.com For dinner – La Luna Rossa This new Japanese-Italian concept restaurant by Masahiro Takeda is sure to impress clients who appreciate interesting and innovative food. Try the porcini risotto with Hokkaido sea scallop followed by the lamb cutlet with shiso leaf. www.laluna-rossa.com
A Decade of Development Highlights of Singapore’s dramatic transformation over the last ten years. • Marina Bay Sands – The casino opened in 2010, and made more than S$17bn in gaming revenue last year. The landmark also features a 2561-room hotel, 14 restaurants, and a rooftop infinity pool the size of a football pitch. • Louis Vuitton Island Maison – This glass and steel floating island opened late last year, dedicated to the French fashion house and its many fans. • The Esplanade – This durian-esqe creation near the mouth of the Singapore River contains a 1,600 concert hall and a 2,000 seat theatre. • Fullerton Bay Hotel – This hip sister property to the famed Fullerton Hotel features a stunning rooftop bar Lantern, looking onto Marina Bay.
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TIME OUT • Marina Bay Sands – Singapore’s US$6 billion casino is a must-see. For an equally effective way to fritter money, explore the shopping mall in the same building. • Botanic Gardens – Take a gentle stroll through this lush rainforest. You’ll be sharing space with families, tai-chi practitioners, joggers and dogs galore. • Singapore Flyer – There’s hardly ever a queue for this observation wheel. Head down as the sun sets and you’ll enjoy softly lit views over the city’s skyscrapers.
In Living Colour Stop by Sheung Wan’s Cat Street Gallery to catch a special exhibition by Lara Merrett, showing until August 5th. The Australianborn artist, known for her large-scale, vivid paintings, has been compared to the romantic painters of the 18th and 19thcenturies. www.thecatstreetgallery.com
HK$ 775,000
Million Dollar Shave The worlds most expensive razer boasts two blades made of white sapphire and a handle made of iridium, a corrosion-resistant platinum metal usually used in space rockets. It comes with free sharpening and cleaning for a decade and can be individually monogrammed. www.zafirro.com
Homme Improvement Zoom up to the 72nd floor of the W hotel for a men’s triple oxygen facial at the Bliss spa. As you gaze over Victoria Harbour, your therapist (ask for Joyce) will guide you through the treatment which involves a fruit acid wash, intense extractions and an oxygen spray to finish. Spa guests can use the steam and sauna facilities too. Get there at 8 to catch the Light Show as you lounge in the vitality pool. www.whotels.com
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INSIGHT INSIGHTS
Feature&Name Notes News
Diary Date
Closed Case
Class 1 World Powerboat Championships Lake Como, Italy – September 21-23
Tumi collaborated with NYC-based designer Dror Benshetrit to design this new collection of transforming luggage, released at the 2012 Salone del Mobile in Milan. This carry-on is a statement in functional versatility and innovation, expanding by 45% when needed using a ‘living hinge.’ So travellers can go on holiday, buy a stack of clothes and then simply expand their suitcase for the return journey. www.tumi.com
HK$ 8,240
Hailed as ‘the world’s most rugged ocean race,’ the Class 1 World Powerboat Championships constitute a series of adrenalin-fuelled races in four international venues – with a 2012 line up including heats in Qatar, Italy, Gabon and Dubai. Boats reach speeds of up to 160mph powered by epic 900hp engines, making this an incredible display of speed and control between driver and throttleman, not to mention an edge-of-the-seat experience for spectators. At this year’s Italy segment, VIP visitors will be able to cool off at Timeless, a luxury exhibition taking place alongside the races at the beautiful Villa Erba. Showcasing some of the world’s most impressive art, jewellery and other luxuries, this is retail therapy at its most glamorous. www.class-1.com
You can be sporting the smartest suit or wearing the most exquisite watch – but it’s your shoes that are often deemed the most important visual clue to your professionalism. Thankfully, the Mandarin Oriental has just launched a shoe shine service, inspired by British shoemaker John Lobb to ensure that yours are always up to scratch. A specially trained butler takes 15 minutes to polish and scrub as you enjoy 15 minutes of relaxation in a wood and buffalo leather chair, by Paris-based architect Rena Dumas.
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INSIGHT
Notes & News
The beautiful game Table football on another level
It’s another two years until the World Cup in Brazil but you can still pay homage to the beautiful game with this luxury table football unit from Dutch based designers Gro. The table features brass players finished in chrome with special lighting to echo the atmosphere of a real game, in a real stadium. www.11thegame.com
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2/F, De Fenwick, 8-12 Fenwick Street, Wanchai, Hong Kong
www.goodrichglobal.com.hk T : (852) 2136 0577 | F : (852) 2136 0572 | E : gallery_hongkong@goodrichglobal.com Mon to Fri: 10am to 7pm | Sat: 10am to 6pm | Sun: 1pm to 6pm Public Holiday: 1pm to 6pm (Closed on New Year´s Day, Lunar New Year, Easter Monday, Christmas Day)
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INSIGHTS
Notes & News
Did you know?
London Heathrow is the world’s busiest airport, handling 60.9 million passengers every year
Heathrow by Invitation A VIP service for discerning travellers
Heathrow by Invitation was previously reserved for the likes of king, queens and heads of state. Now, for a cost of around HK$18K per journey, VIPS can also be greeted at their aircraft, bypass the main terminals and get chauffeur driven to a VIP lounge where customs checks and luggage retrieval will take place. The service can be reserved up to 24 hours in advance via the website. www.heathrowbyinvitation.com.
Flights of Fancy
Branching Out Roger Nilsson and Alain Chiglien opened their Paris gallery in 2001 and have chosen Hong Kong for their third Gallerie NEC. The duo aim to draw fresh attention to contemporary ceramic sculpture. Until August 18th catch Dutch ceramic artist Wouter Dam’s abstract sculpture exhibition. www.galerienec.com
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For a truly unusual piece of furniture invest in a converted airline trolley from Skypak, the creation of German designer Peter Jorge Fischer. Choose from 24-carat gold, Swarovski crystal or any number of intricate mosaics. The trolleys can be customised as bookcases, wine racks or shoe cabinets. Prices start at HK$10K and rise to HK$280k for more luxurious finishes. www.skypak.de
INSIGHTS INSIGHT
xxxxxxxxxxxx Notes & News
Moving Islands New superyachts in a class of their own
HK$ 180m
The bar has been raised in the boating world with the launch of the Adastra superyacht at McConaghy’s China factory. Designed by John Shuttleworth, with interiors by Hong Kong based Jepsen Design, the 42.5 metre trimaran yacht (above) can be remote controlled by iPad and has space for up to 9 guests. Hong Kong based shipping magnate Anto Marden commissioned the yacht. Elsewhere, a collaboration between Hermes and Monaco yacht builders Wally has resulted in WHY, a superyacht of epic proportions. At 58 metres long, the boat (right and below) boasts a 25-metre swimming pool and is able to cross the Atlantic four times without refuelling.
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HK$ 1.2bn
YOUR CHANCE TO OWN THE LARGEST SAILING YACHT IN ASIA CHARTER For
US$140,000 US$180,000 per week
Montigne - A Modern Classic Sailing Yacht This stunning motor-sailor, with hi volume interior and vast deck space, was launched in 2009. Guests are accommodated in 6 luxurious en-suite staterooms, including 4 doubles (3 king and 1queen) and two double / twin cabins. The vessel has a state-of-the art audio / visual system throughout, as well as an extensive watersports toys list. The huge aft deck, with teppanyaki bar, wet bar and lounging area is always a hit with guests. Montigne is currently in the region. For more information: info@infonation-asia.com
Price EURO16,500,000 Type Bullder Year Length (LOA) Beam Max Draft Engine Max Speed Accomodation
Three Masted Schooner Aegean Yacht, Turkey 2009 187ft (57 meteres) 33ft (10 meters) 12ft (3.6 meters) 2 x Caterpillar C12 12 knots 14 guests in 6 cabins 10 crew in 6 cabins
INSIGHTS INSIGHT
xxxxxxxxxxxx Notes & News
Dining Out Three new eateries for any time of the day BRUNCH: THE PRINCIPAL Ensure you have an appetite before brunching at this Wanchai eatery. Their 7-course degustation menu features cheeses, ceviche, tins of fish, frituras of chicken and asparagus – and that’s all before the main course. Wash it down with free-flow Champagne Aubry NV or Brooklyn lager and you’ll not need to eat again all day. Ask for a booth table. www.theprincipal.com.hk
LUNCH: AMMO Restaurateur Tony Cheng from The Drawing Room is behind this new eatery in a former explosives magazine compound at the Asia Society (AMMO stands for Asia, Modern, Museum, Original). It’s always impossibly busy – and with good reason – the Joyce Wang-designed space is unlike anywhere else in the city and the food by Roland Schuller is a hit. www.ammo.com.hk
DINNER: THE BLUE BUTCHER With their Prohibition-themed cocktails (try Maddy’s Apple Pie Moonshine) and New York-style atmosphere, The Blue Butcher is the new cool kid on the Sheung Wan block. Steak is king – they even have a walk-in dry-ageing fridge in the corner of the restaurant – with the 32oz Australian ribeye a steady favourite. Request a private table if you’re seeking privacy, otherwise sit around the communal central bar. www.bluebutcher.com
For her...
For him...
Boodles Raindance earrings, HK$212,000 www.boodles.com
Peaufect Skin 2012 marks the 30th anniversary of Clé de Peau Beauté, the luxury skincare brand favoured by the world’s most beautiful women. To commemorate the milestone, the brand held an exhibition entitled L’Art de Radiance presenting works from 21 international artists selected by celebrity creative director Alvin Goh. Acclaimed light sculptor Makoto Tojiki also created a special art installation Hope and Dream depicting ten doves in flight. See more at www.cledepeau-beaute.com
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Roger Dubuis, Excalibur 42MM Automatic, HK$235,000 www.rogerdubuis.com
A S TO N M A RT I N S P E C I A L I S T S
S A L E S | R E S T O R AT I O N | PA R T S | S E R V I C I N G
Aston Workshop Aisia Ltd
Aston Martin DB4 Series 1
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Investment The world’s most valuable brands
T
he global recession meant that the aggregate value of the world’s most valuable brands only grew by a mere 0.4% but there were still spectaular growth stories in Brandz Top 100, an annual report by Millward Brown. Luxury brands like Rolex and Hermès saw double digit growth, and exciting new brands emerged onto the scene, like the survey’s
Luxury brands like Rolex and Hermès saw double digit growth and exciting new brands emerged first African brand, teleco giant MTN. As usual, technology brands dominated, comprising 30% of the Top 100 total value – with the insurance category experiencing the sharpest decline, in part due to exposure to catasrophes like the tsunami in Japan.
Top 10 most valuable 2012 Apple Inc. IBM Google McDonalds Microsoft Coca Cola Marlboro
The sharpest rise was from luxury and fast food brands
At&T Verizon China Mobile 45
INVESTMENT Luxury brands
Chinese brands are competing more effectively
China Mobil ICBC China Construction Bank Baldu
enjoys an emotional bond with Chinese consumers based on heritage. Moutai is a brand of baijiu, the traditional Chinese alcoholic drink distilled from sorghum and produced in China for at least 2,000 years. Similarly, the Chinese beer Snow distinguished itself in a category where real differentiation is difficult. Although little known outside of China, Snow is one of the world’s most-consumed beers. Several years ago, the brand launched a marketing campaign around the idea of adventure with a campaign called Globe
This year, 13 Chinese brands are included in the BrandZ™ Top 100 Most Valuable Global Brands, more brands than the other BRIC countries combined and a sharp increase since 2006 when only two Chinese brands appeared Trekker. As part of the campaign, selected volunteers have explored exotic locations such as Tibet’s Brahmaputra Canyon. In the summer of 2001, Snow produced one of the largest digital campaigns in China. Global brewer SABMiller produces Snow in a joint venture with a local
Toyota Tencent/QQ Agricultural Bank of China NTT DoCoMo China Life Samsung
company, China Resource Enterprises. The Chinese dairy brand Yili communicates emotionally by emphasizing health and nutrition and employing celebrities to differentiate itself from Mengniu, its chief competitor. In contrast, the detergent brand Blue Moon exemplifies the triumph of functionality and price. It effectively challenges multi-national brands in China, because it works and costs approximately 30 percent less. Building on this reputation, the company is expanding its product line to include sanitizer and other products.
More about the Brandz Top 100 Millward Brown have been monitoring the value of brands for seven years. They use four steps to calculating brand value, peeling away all the financial and other component factors of brand value to get to the core – how much brand alone contributes. The global reseach agency specialises in advertising, marketing communications, media and brand equity research. www.millwardbrown.com
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Images and Words courtesy of Millward Brown
Chinese consumers have become more sophisticated about brands and Chinese brands have improved in quality, leveraged their deep market knowledge and maintained a price advantage, according to the Brandz Top 100. The growing strength of Chinese brands is especially apparent in categories where consumers discern no functional differences between the multi-national and Chinese offerings, and the Chinese brand is cheaper. Some multi-national brands have operated in China for so long they’re well accepted. But longevity is no longer an adequate advantage. Critically, these changes are happening as the focus of brand expansion shifts to China’s interior cities and villages where consumer values – the preference for price and functionality over status appeal – favours Chinese brands. Having improved functionality, Chinese brands face the challenge of improving emotional appeal. Even Chinese financial institutions and other large State Owned Enterprises (SOEs) now take branding more seriously as they compete against each other and expand abroad to markets where they are relatively unknown. This year, 13 Chinese brands are included in the BrandZ™ Top 100 Most Valuable Global Brands, more brands than the other BRIC countries combined and a sharp increase since 2006 when only two Chinese brands appeared. New to the ranking are Sinopec, the oil and gas giant, and Moutai, an alcoholic drink. The beer and spirits category illustrates the ability of Chinese brands to cultivate emotional appeal. Moutai
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THE NEW
Aim high with one of the newest private jets to hit the skies
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he world’s fastest private jet, the new Gulfstream 650 reaches an impressive Mach 0.925, but there are at least three companies racing to develop jets capable of supersonic flight (greater than Mach 1). Nevada-based Aerion Corporation has a model in the pipeline that would fly at top speeds of Mach 1.6, allowing passengers to fly from New York to Tokyo in just over nine hours. An impressive 40 customers have already put a downpayment on the model which will cost around HK$620m and be ready for delivery in 2017. Until then, there are plenty of other tempting new subsonic planes to chose from, including this diverse four.
1 Embraer Legacy 650 The longer-range version of the L600, this plane offers seating for up to 8 passengers and a range of 3,900 nautical miles, enabling popular routes such as LondonNew York or Singapore-Sydney non--stop at up to Mach 0.8. From HK$220m
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Aviation
Special
2 Gulfstream 650 The G650 is the longest range, fastest speed, largest cabin and most advanced cockpit in the Gulfstream fleet. It can travel 7,000 nautical miles at Mach 0.85 but is capable of Mach 0.925, making it the fastest in its class. The aircraft also boasts extra large windows, which allow for plenty of natural light and help to open up the already spacious interior. From HK$465m
3 Bombardier Learjet 70 Cruising at high speeds of Mach 0.81, this light jet soars to 51,000 feet, ensuring the smoothest rides high above the weather. With a range of 2,060 nautical miles, it can get passengers from Shanghai to Brunei or Frankfurt to Cairo non-stop. From HK$90m 4
4 Boeing 747-8 Intercontinental VIP One of the most iconic aircrafts in the world, the new 747-8 has been enhanced to provide a whopping 4,786 square foot VIP cabin, capable of carrying up to 100 passengers. Range is around 8,840 nautical miles, with a normal cruise speed of Mach 0.86. HK$2.5bn
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The gradual opening of China’s low-level airspace is set to make helicopter ownership increasingly attractive
Explosive growth is expected in the Asian helicopter market By Elan Head 50
INVESTMENT
Aviation
Special
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n Fridays during the summer, New York City’s private helicopter operators are flying non-stop, shuttling high net worth individuals from Manhattan to their weekend homes in the Hamptons. For the VIPs in these sleek, twin-engine helicopters, time is at a premium. The cost of owning or chartering a helicopter is easily justified by the time they save in traffic. Private helicopters are a way of life for the exceptionally affluent in New York, Sao Paulo, and many other centres of wealth around the world. With a handful of exceptions, however, Asia has lagged behind in this trend, for reasons that include airspace restrictions and the region’s underdeveloped aviation infrastructure. Yet, while significant
obstacles to private helicopter ownership still exist in many countries — notably China — major helicopter manufacturers appear confident that the market is poised for growth. “Business aviation is expected to be one of the key pillars contributing to the growth of the overall aviation market,” said Eurocopter China CEO Bruno Boulnois at the 2012 Asian Business Aviation Conference and Exhibition (ABACE), which took place in Shanghai in March. “We anticipate that China will need about 1,000 helicopters in the next 10 years, of which 10 percent could be business and private helicopters.” To be sure, airframe manufacturers have been predicting explosive growth in the Asian helicopter market for at least a decade now — and have largely been disappointed. Earlier
this year, Roberto Garavaglia, senior vice president of marketing for the Italian helicopter manufacturer AgustaWestland, admitted, “We were expecting China to open to the commercial market much earlier than we’ve seen.” Recently, however, manufacturers have started to back their predictions with real investments. Eurocopter established its Chinese subsidiary in late 2006 in order to aggressively pursue opportunities in that country and throughout Asia. The Moscow-based conglomerate Russian Helicopters, which has longstanding ties to the Chinese military, is also eyeing the commercial helicopter market in China, and has started construction on a new service center in Qingdao in order to expand its aftermarket services in the region.
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Aviation February, he remarked, “I expect that China will develop its own helicopters in the very foreseeable future.” However, while North America and Europe have sophisticated, accessible airspace systems and plentiful heliports, the regulatory and aviation infrastructure in many Asian countries remains immature. The uncertainty associated with how this infrastructure will develop creates a discouraging level of risk to any helicopter-related investments. Clearly, any expansion of the Asian helicopter industry would yield business opportunities, but there will likely be losers as well as winners. In China, airspace restrictions have historically limited the usefulness of private aircraft, but the gradual opening of the country’s low-level airspace, already in progress, will make helicopter ownership increasingly attractive. That is what Eurocopter is banking on, anyway. Eurocopter claims to already occupy 40 percent of the business aviation market share in China, and recently The United States, Canada and Europe all have exceptionally active commercial helicopter industries, employing the machines in roles ranging from offshore oil and gas transport to tourism, construction, and mining support. These markets provide a compelling model for how the commercial helicopter industry might develop in Asia. Indeed, the USbased industry organisation Helicopter Association International, which sent its president, Matt Zuccaro, to ABACE, stated, “With the eventual opening of low-level airspace in China to civilian aviation, the utility of helicopters in the Chinese economy will increase, from emergency medical services to the diverse mission types we enjoy in the United States and elsewhere around the world.” Eurocopter CEO Lutz Bertling, whose company has collaborated with the Aviation Industry Corporation of China on the design of its new EC175, predicts the rise of a significant manufacturing industry in Asia. At an interview in
Eurocopter has led the trend of partnering with luxury brands to developVIP cabin interiors which it is marketing to Asian customers partnered with Zhong-Ou International Group Co. (ZOECO) to create custom VIP cabin interiors for the Asian market. Eurocopter itself also offers an extensive line of VIP interiors, ranging from the “Stylence” package offered on its singleengine and light twin-engine helicopters, to the ultra-high-end “Phoenix” cabin
Opening spread: Eurocopter 135 by Hermes This spread: 1 & 2. EC 155 Phoenix interior 3 & 4. EC 145 Mercedes-Benz
Special interior that can be fitted into its 12-seat EC155 helicopter. Introduced to customers in China last year, the Phoenix cabin features a burgundy-red interior that is designed to suit the taste and aesthetic preference of Asian customers. This unique cabin concept has been developed in collaboration with Airbus, which is offering a version of the Phoenix cabin interior in its Airbus corporate jets. Eurocopter has also led the trend of helicopter manufacturers partnering with luxury brands to develop distinctive VIP cabin interiors, which it is actively marketing to Asian customers. The company partnered with Hermès to market an upscale version of its fivepassenger EC135, and with MercedesBenz to market its eight-passenger model EC145. AgustaWestland recently announced a similar partnership with Karl Lagerfield, to collaborate on a VIP edition of its 15-passenger AW139. Bell Helicopter also has its eye on Asia, and is marketing its seven-passenger 429 model to corporate and private customers in the region. The 429’s capabilities were dramatically increased this year when Transport Canada, the original certifying agency, approved a 500-pound (226-kilogram) gross weight increase for the aircraft, and certifying agencies in Malaysia, the Philippines, Vietnam and India have already followed suit. Helicopter ownership is a complicated and expensive venture, and it remains to be seen how quickly Asian customers will warm to the concept. For the time being, however, helicopter manufacturers are optimistic — and eager to help. “The business and private aviation segment has great potential in China,” said Eurocopter China’s Boulnois. “There is definitely a demand, and we are ready to provide turnkey solutions for our customers, especially the first-time buyers, so that they can start operating their helicopters without hassle and enjoy safe and efficient flights while we take care of everything else.”
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The so-called new rich are ditching their current aircraft in favour of the very latest models which is pushing the supply of older models
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SECOND WIND Pre-owned jet models, including the Gulfstream V and Bombardier’s Challenger 604, can be a clever buy in today’s market. Words by Javier Espinosa
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t is becoming cheaper and cheaper to buy second-hand business jets, particularly for those Asian millionaires who have cash in hand. In recent years a glut of used aircraft has built up, coinciding with the economic meltdown. The average asking price of a used Challenger 604 has dropped from $16.9 million in 2009 to $9.6 million as of June this year, according to research carried out by OrientSKYs, a jet broker based in Bangkok. This represents a drop of close to 60%. Many models have seen a drop between 40% to 50% compared to the highs of 2008, market watchers say. During the boom years waiting lists for new jets were massive and some potential buyers had to wait up to three years to get their
hands on one. As a consequence demand for second-hand jets soared because buyers didn’t want to wait that long in the queue. Demand was also pushed by a cheap dollar and the emergence of new wealth in Russia thanks to soaring oil prices before the crisis. More recently, though, waiting lists for new planes are shorter following the collapse of the global financial markets in the second part of 2008 and as result there are more people selling aircraft than buying them on a global scale. “The availability of new aircraft is limited and there are long wait times for the class of aircraft [that Asian buyers] desire, so the immediate solution is to buy a near new pre-owned jet.’ explains Marc Yahr of L & L International Ltd, a Miami-based aircraft broker that sells planes to Asian buyers.
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INVESTMENT Private Aviation
The drop in prices has proven beneficial for some. “This is definitely a buyers’ market and models represent very good value for money,” says Trevor Merszei, chief operating officer at OrientSKYs. The trading environment in the second-hand market for jets has shifted significantly since the outset of the financial crisis. One of the reasons why prices for used aircraft have fallen so dramatically, explains Steve Varsano, a
The world has changed and people now fly from Mongolia to Nigeria to Beijing. The world has gotten much more global and so longer range airplanes are in bigger demand veteran business jet broker in London, is the need for high-net worth individuals to travel longer distances. “The world has changed and people now fly from Mongolia to Nigeria to Beijing. The world has gotten much more global and so longer range airplanes are in bigger demand,” he says, meaning those aircraft in the secondary market with less range capacity have grown in number and their price has dropped as a result of the rise in supply. The so-called new rich are ditching their current aircraft in favour of the very latest models which has also pushed the supply of older models. “New wealth is created fast. There are a lot of billionaires that come out of China every two or three weeks. When you become super rich you
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want the best and whether you need a plane to go from London to Los Angeles is not really important. You just have to get the top class available.” Some of the models that present really good deals for buyers include the Gulfstream V and Bombardier’s Challenger 604. According to Steve Varsano, the last Gulfstream V sold before the slump in 2008 sold for about $46 million. It is now trading at about $27 million. “It’s a fantastic plane,” he says. The 10-year old model he has on sale has a capacity of 14 seats and flies 6,000 nautical miles. Similarly, the Challenger 604, says Trevor at OrientSKYs, is “a great aircraft. It is easy to maintain, cheaper to operate than other models. And it has a large cabin.” This model holds between 9 to 19 people with a maximum cruise speed of 541 miles per hour. It flies 4,000 nautical miles. There is a caveat, however. These good bargains are for those with money in their pockets. “It is difficult to get financing for used aircraft, particularly in Asia and the financing terms are not that great,” says Trevor. “These prices are good if you have cash in hand.” And buyers should be careful when they choose a plane not to go with just whichever is the cheapest but with whatever suits their needs. “It is very dangerous to take a one size fit all approach to acquiring a private jet. Every person has their own specific travel needs and budgets,” he says. Still, Trevor argues, Asian buyers can shop around for value opportunities that also meet their needs once they become acquainted with the models available and seek the right advice. But with prices of second-hand planes so low, could this really be the bottom of the market and if so, are we set for a recovery? Some think so. Last year a report released by UBS Investment Research saw improvements in the key indicators of the business jet market, forecasting an early recovery in the sector. Some of the positive signs highlighted in the report included: a spike in flight activity, lower used-aircraft inventories and surveys of operators. Trevor of OrientSKYs also expects the
second-hand market will turn the corner: “If I had a crystal ball, it would be a lot easier to tell you. But we are banking on the fact that they aren’t going to come down much lower”. Not everyone is so optimistic. The most recent business jet monthly report by JPMorgan Equity Research predicted a drop in its global gross domestic product forecast for the second semester of 2012 by 0.5 percentage points, to 2.1percent. The report added: “If it persists, the disappointing economic data should pressure new business jet demand, further postponing a recovery in a market in which 2011 deliveries were still about 40 percent below the 2008 peak.”
FAST FACTS
2018
The year that China is estimated to become the world’s biggest importer of private jets.
DID YOU KNOW? Warren Buffet placed a US$9.6bn order for private jets in June, the biggest order in history, as his company NetJets anticipates increased demand. – Hong Kong’s Business Aviation Centre is one of the region’s busiest with more than 4,000 jets arriving and leaving every year. – Hong Kong Actor Jackie Chan is Embraer’s new brand ambassador, recently taking delivery of a Legacy 650.
SHOWCASING UNMISSABLE INVESTMENTS FROM AROUND THE GLOBE
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DATE: 1st & 2nd September 2012 VENUE: The Residence, Grand Hyatt Hong Kong EXHIBITION: 12:00pm - 6.30pm VIP SEMINAR: 7 - 10pm Join us for drinks and meet the people behind the projects. Reserve your place at PIE+S now. Call +852 3620 3157 or email RSVP@infonation-asia.com
INTERVIEW Jordan Belford
HANDS UP HONG KONG The city’s new thirst for auctions
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INVESTMENT Auctions
Why buyers and sellers are flooding the Hong Kong auction market. Words by Andrew Wood
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ong Kong’s auction market turnover trebled between 2009 and 2010. The Mei Moses Global Art Index – one of the most closely watched worldwide benchmarks of art prices – jumped by 10.2% in 2011 (while some of the leading global stock markets hardly moved, or declined a little). That upward trend has extended into 2012. The index was created by Jianping Mei and Michael Moses: it tracks the sale and resale prices of around 20,000 works of art worldwide. (The average gap between buying and selling an item is 22 years.) The data goes back to 1810 and is dominated by sales in the United States, but in the past few years Mei and Moses have added European and Chinese sales too. The competition in Hong Kong is likely to hot up, which can only be good for buyers and sellers alike. The Hong Kong auction scene is still dominated by the likes of Western companies such as Sothebys, Bonhams and Christies. Many of their customers are mainland Chinese – Beijing keeps out foreign auctioneers, who are restricted to opening representative offices and offering sale previews. That’s something that mainland Chinese auction houses have noticed, and as a result have been eyeing the territory as a place to expand. According to the auction industry’s trade body, the two biggest mainland houses, Beijing Poly and China Guardian, are moving up the rankings: they have already overtaken Bonhams and are closing quickly on Christie’s and Sotheby’s as mainland collectors splash their cash. Hong Kong’s reputation is good:
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Auctions
Smart people do their research. Visit the sale preview. Buy the catalogue and look for the prices that similar items reached at previous sales – Google, and even eBay, can help regulation and the rule of law tend to keep both buyers and sellers honest. Fakes are rare, and buyers find it difficult to renege on paying their auction bills. Plus, there are no import taxes on items for sale here. The result is a big increase in the number – and scope – of sales. In October, for example, Bonhams plans to offer the Paul Braga Collection of Snuff Bottles for sale. Sotheby’s big Autumn sale is also scheduled for October but details won’t be available until late July. Last year’s event spanned six days and raised US$411m – with Sotheby’s total Hong Kong turnover last year topping US$1bn (HK$7.8bn). Three thousand items sold in the autumn auctions, including pieces from one of the world’s biggest private collections of Imperial porcelain, many fine Chinese paintings and 20th-century Chinese oils from English, European and American collections. Luxeford is one of the newer auction houses in Hong Kong. It specialises in jewellery, but also deals in carving and objets d’art. Edmond Chan, its head of jewellery is currently preparing for Luxeford’s debut public auction here, slated for November. Business is good and the economic downturn in Europe and North America has not affected auction sales in East Asia. “People have the money,” Chan says. “They’re looking for higher quality than before. The more expensive items are selling
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better than ordinary items.” Chan and his team are finding items from around the world – a process that will continue until about a month before the sale, when the catalogue will be published. Some of his favourite items already confirmed for the November sale include a Van Kleef & Arpel cultured pearl necklace, and a pink sapphire and diamond ring made by Chanel. He believes they will sell for around US$30,000 each. Chan advises that if you want to bid at an auction – for any items including wine and antiques – you should be prepared in much the same way as you should for any investment or big purchase. “Smart people do their research,” he says. Visit the sale preview. Buy the catalogue and look for the prices that similar items reached at previous sales – Google, and even eBay, can help. Also, set yourself a price limit and stick to it. Don’t fall victim to what economists call the “winner’s curse” people with limited information about the value of an object, or who are driven by the need to win at all costs. Unlike shares, which can be sold in a matter of hours, paintings and other auction items can take a long time to sell; years even. Auctioneers may charge high fees for their services. Fashions change too. Art critics have their darlings, which history may cruelly forget. The investment guru John Train points out in his book The Craft of
Investing that the art establishment can be a poor judge of what has lasting value. Take the artists who won the prestigious Prix de Rome in Paris in the late nineteenth century. He notes they were all highly respected, but nowadays they are not household names. In fact, the judges felt no painter was worthy of the award in 1888 or 1897 “although Degas, Cezanne, Matisse, Monet, Renoir, and Toulouse-Lautrec were all available.” So buy what you like – that way you will always make a return on your investment. And impressing your friends can be priceless, too.
In the Diary The auction season in Hong Kong kicks off as summer ends. Christie’s has two sales of Fine and Rare Wines on September 8, including “Vintage European Treasures” and “Pristine Rarities from the Cellar,” and two more on 23 November. Bonhams is selling wines on 21 November, and if you prefer spirits, is also auctioning rare single malt whiskies. Art dominates the autumn sales. Sotheby’s auctions start in early October. Exact dates have yet to be confirmed, but the sales will include Chinese ceramics, 20th-century Chinese Art, and contemporary Asian art. Christie’s will be selling Asian art over the weekend of 23 and 24 November. Bonhams’ fine Chinese art sale also falls that weekend. The auction houses typically produce detailed catalogues about four weeks before a sale.
ADVERTORIAL
Launching event at the Billionaire Club in Fairmont Monte Carlo Mrs Kamla L Hiranand (second from left), founder and head designer of Kaprice; Priya L Hiranand (far left), founder of Lili K’ Rock and daughter of Mrs Hiranand; Italian businessman Flavio Briatore (far right) and wife Elisabetta Gregoraci
Kaprice’s stylish tour of Cote d’Azur weaves a bevy of excitement and future prospects MONTE CARLO, MONACO, 2012 – The Kaprice team from Hong Kong made a special trip to Europe to showcase its red-carpet-ready collections to a discerning audience. Over three days, Kaprice head designer and owner Mrs Kamla L Hiranand and her daughter Priya L Hiranand participated in a series of high-profile events on Cote d’Azur, mingling with the region’s elite, royal families and top celebrities. Kaprice, a name synonymous with highend trendsetting creations for discerning women, seamlessly fuses together several design influences from across the world in its various fashion lines, handbags and jewellery collections. Showcasing elegance and creativity, the brand creates fashion products with impeccable style and vibrancy. Upon its establishment in Hong Kong in 2008, Kaprice immediately shot into international prominence, spurred by an enduring entrepreneurial vision. In Monaco, the Kaprice brand kicked off its first event on the evening of 25 May at the Billionaire Club in Fairmont Monte Carlo. Kaprice was one of the main sponsors of the evening, together with global brands Pepe Jeans and Dom Perignon. The prestigious Billionaire Girls wowed the audiences when
they made a grand entrance wearing exquisite pieces from the latest Kaprice collections. The success of this event was duplicated for two more nights, on 26 and 27 May, with high profile VIPs all enjoying Kaprice collections beautifully showcased by the Billionaire Girls. Kaprice continued its stylish tour of Cote d’Azur by showcasing in Fashion Week Cannes on 26 May. Held each year at the highly prestigious venue in Super Cannes, Fashion Week Cannes has become synonymous with luxury and high style. This year’s event was attended by VIPs and celebrities, including Joseph Jackson of The Jackson Foundation and members of the band Scorpions. The red-carpet event once again lived up to its illustrious reputation. Kaprice was also invited to showcase on the luxurious Omega Yacht, one of the largest private yachts in the Port of Monaco. The event was held during the world famous Grand Prix on 27 May. With the buzz of the super cars in the background and champagne flowing, guests enjoyed a spectacular day among Royal families, members of the Jackson family, A-list celebrities and the region’s elite. The glitzy affair ended with a
Top Photo: Kaprice team graces Fairmont Monte Carlo Mrs Kamla L Hiranand (centre) and daughter Priya L Hiranand (right) with Kaprice Ambassador Bottom Photo: Opening night at the Billionaire Club in Fairmont Monte Carlo Mrs Kamla L Hiranand (right) with Kaprice Ambassador
vibrant showcase of kaftans and dresses by Kaprice – a collection that’s perfect for the yachting environment! With three days of glamorous showcases, exciting sales and mingling with VIPs and members of local media, Kaprice certainly made a name for itself on Cote d’Azur. We would like to thank you all for the great response and enthusiasm!
INVESTMENT Succession Planning
LIKE FATHER, LIKE SON?
What do Stanley Ho, Li Ka-shing and Lui Che-woo all have in common?
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uccession. The question of who is going to replace them and whether they do a good job is hugely important to these people and their businesses. Stanley Ho, the ninth son of thirteen went into business by himself and consequently built an empire spanning entertainment, tourism, shipping, real estate, banking, and air transport. It is estimated that his enterprises employ almost one fourth of the workforce of Macau. In 2011 his fortune was estimated by Forbes at US$3.1 billion. The tycoon has been married four times, has 17 children and at least 10 grandchildren and greatgrandchildren. So the question arises, who gets to control the business in the event of Stanley’s death?
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INVESTMENT Succesion Planning
In Chinese culture family is all important. Statistics indicate that 36.9 percent of the 762 listed private companies in China’s A-share stock market are family firms. In the event of death without a will in China the estate of the descendent is inherited with spouse, children and parents first, siblings second and grandparents third. A study by Joseph Fan a professor at Chinese University found that in family controlled companies in Hong Kong, Singapore and Taiwan the five year period in which there is a generational change in ownership and control tended to coincide with an average 60 percent market adjusted drop in companies share prices. In late January 2011, a dispute erupted among Ho’s wives and children involving the transfer of ownership of his private holding company. The succession saga played out in the media until early March 2011, when a joint statement released by Mr. Ho and his family said the dispute had been “fully resolved” and an agreement reached. Succession achieved. Li Ka-shing, Asia’s richest man and chairman of Cheung Kong holdings with a fortune estimated by Forbes at US$25.5 billion publically announced his succession plan recently, commenting that his elder son Victor will take over the helm of Cheung Kong and Hutchison Whampoa, and his other son Richard will continue to receive full support in running his own businesses. Li’s announcement is the first time a Hong Kong tycoon has publically announced a clear succession and wealth splitting plan. The move to give details of the plans comes amid a high-profile corruption investigation involving Sun Hung Kai Properties, which has seen its shares plunge 22 percent since the Kwok brothers were arrested on graft charges in March. Lui Che-woo, the 82-year-old founder of developer K. Wah International Holdings and Galaxy Entertainment Group, which runs casinos in Macau, subsequently outlined in May how management of the two companies would pass to his children. Three other Hong Kong firms with extensive property holdings - The Wharf (Holdings), Henderson Land Development and New World Development – also gave details of the roles younger family members would play. Grant Thornton a leading financial advisory firm with a branch in Hong Kong had this to say, “Succession-planning is important not just to the business, but also to the family members – individually and collectively.Siblings and cousins can find it impossible to deal with succession without guidance from the founder
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In Chinese culture family is all important. Statistics indicate that 36.9 percent of the 762 listed private companies in China’s A-share stock market are family firms or external help; some of the family members who have been financially dependent on the business may not be working in it, whereas for others it is already providing employment – and perhaps even their purposeful career. The different aspirational interests (such as financial, emotional and self-actualisation) all need to be taken into account – along with the needs of the business itself and
If high-level employees are about to retire or if there is potential that these positions will become vacant in the next 1-3 years, organisations need to start the planning process and seek help. A succession plan for top level positions generally takes a minimum of 6 months to develop. Succession planning for an entire organisation can take a year or more. It all depends on the size of the business and what type of data is being tracked for each employee in terms of performance evaluation results, skills, experiences, competency analysis and more. Seek out the advice of experienced organisations that focus on succession planning process design and consulting as they are the experts. Typically organisations do not have this expertise unless they have a dedicated development department”.
FOUR STEPS TO SUCCESSION Marshall Goldsmith is recognised as one of the world’s leading executive educators and coaches. The advice below comes from his Harvard Business Review blog.
its ability to provide for all who may have an interest – or who think they should have one!” It is sometimes said that a ‘well-timed health scare’ can be just what is needed to ensure that a founder realises the benefits of tackling the succession issues. “They are never likely to be easy – and can open a Pandora’s Box of longburied family rivalries or jealousies – but I have found that it is never, ever easier if left to chance. Recognising the issue and seeking help, if needed, are the first key steps.” According to the professionals at Insala, a leading global solutions provider of career development, mentoring and career transition, “people don’t consider succession planning, organisations do. Succession planning is not something a successful organisation can ignore because the consequences of not being prepared will have a major impact on its ability to achieve goals and strategic financial targets.” Succession planning needs to be considered as part of the company’s strategic planning process because it deals with projecting future changes and determining how to meet these challenges.
1. Change the name from succession planning to succession development. Plans do not develop anyone — only development experiences develop people. We may have fantastic plans in place to lose weight. We may be very proud of our plans, which include detailed daily goals for diet, alcohol consumption, and exercise. And if our execution were half as impressive as our planning, we would be very svelte. Our focus should be on weight loss, not planning for weight loss. 2. Measure outcomes not processes. This might include goals like the percentage of executive level vacancies that are actually filled with an internal promotion vs. an external hire, giving clues to the effectiveness of current succession planning within an organisation. 3. Keep it simple. We sometimes find companies adding excessively complex assessment criteria to the succession planning process in an effort to improve the quality of the assessment. Some of these criteria are challenging even for behavioral scientists to assess, much less the average line manager. 4. Stay realistic. While development plans and succession charts aren’t promises, they are often communicated as such and can lead to frustration if they aren’t realistic. Bottom line; don’t jerk around high performing leaders with unrealistic development expectations. Only give the promise of succession if there is a realistic chance of it happening.
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Insiders TEN MINUTES WITH...
EDDY LEE
Head Pastry Chef at Zuma With over 20 years of experience working with the likes of Alain Ducasse and Marco PierreWhite, Eddy is now one of the finest dessert chefs in the world. At Zuma, he creates sweet masterpieces which feature in all their restaurants worldwide.
Tim Ho Wan in Mong Kok serves Michelin star dim sum at as little as HK$100 for two. It’s great value, great quality and extremely quick service
What made you decide to become a dessert chef? At school in England I excelled in home economics. I spent two weeks on work experience at the bakery of a well-known UK department store and decided I wanted to work with pastry – it just made my eyes light up seeing all the beautiful cakes. What is your take on Asian desserts compared to Western desserts? Asian and Japanese desserts in particular are all about quality and simplicity. Western desserts have so many elements and the ingredients can be phenomenally expensive. They tend to demand lots of technical skill to execute too. What is your star dessert at zuma? The Special Chocolate is undoubtedly the best seller in Zuma restaurants around the world. Once it was on the menu, it was a huge hit. I felt it was unfair on my other desserts so I took it off the menu! But even then, customers who knew about it continued to order. So it has become a special word-of-mouth secret treat.
New on the menu is Strawberry Season – Japanese strawberries and mandarins with a warm coconut biscuit, iced yuzu cream on Japanese candy ice-cream. Where do you go for indulgent meals when you’re not at Zuma? Tim Ho Wan in Mong Kok serves Michelin star dim sum at as little as HK$100 for two. It’s great value, great quality and extremely quick service. I don’t think you can find Michelin star food at such affordable prices anywhere else in the world. Do you cook at home? I do but I tend to stick to traditional food such as meat and vegetables. Healthy, hearty home-cooked food is what I enjoy making for myself. How do you relax after a night in the kitchen? My days are so hectic I need to make time to relax and zone out. I am a big fan of healthy living so I play sport and go for walks regularly. I also enjoy going out with friends for food or relaxing at home in front of the television Where do you see yourself in ten years? Somewhere out in the ocean paddling a boat! No seriously – working hard so I have the time to travel and enjoy my life, I suppose my ultimate dream is just to be as successful as possible in my chosen field.
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INSIDERS
What is luxury?
What is
UXURY? Millionaireasia talks to six of the world’s leading luxury brands to find out...
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KENNETH LAW Country Head, Banyan Tree The Banyan Tree’s first hotel was in Phuket, Thailand and the brand now has properties across the world including hotels in Mexico, Vietnam and the Maldives. The next two years will see heavy expansion into China. Kenneth’s job is to drive outbound travel from Hong Kong and South China to Angsana and Banyan Tree properties globally. What is the definition of luxury in travel? Our philosophy is based on providing a place for rejuvenation of the body, mind and soul. Also, each property is designed to fit into its natural surroundings, using indigenous materials as far as possible and reflecting the landscape. How does the Asian market differ from elsewhere in travel preferences? There are a myriad of travel preferences but most have a common theme – dining. At least one meal a day has to be familiar. Our chefs work hard to
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deliver that familiarity on a daily basis especially for breakfast where we have added Chinese and Cantonese favourites to our regular menus.
What is your own idea of luxury? To me, quality time with those you love most is priceless. Luxury in our business, however, is mostly about taking home fond memories. Is there a luxury that money can’t buy? Good health. I believe that only you can be in control of your destiny. At 46, I am blessed to be playing soccer on a weekly basis against chaps almost half my age. I also keep a rather routine yoga and walking programme.
Why do people value the Banyan What is the most luxurious holiday Tree above other luxury you’ve ever been on? hotel brands? My favourite so far was 10 days of I think the destination comes exploring various islands of before which hotel or the Maldives. I did a dive resort operates there. off the reefs of Angsana Luxury The Banyan Tree and Ihuru, travelled by in our business Angsana operate seaplane to play beach in very exciting soccer with the locals is mostly destinations. Banyan at Angsana Velavaru, about taking Tree Lijiang, China, and ended the trip home fond is a good example of with a couple of spamemories how we saw potential infused days at the in a destination and InOcean Villas. enhanced it with evocative experiences. There are those And your favourite luxury in who cherish a place so much that they Hong Kong? invest in a second home, such as our The city’s effervescent dining and Banyan Tree Residences located in entertainment scenes offer a myriad of Phuket, Lijiang, Bintan, or Seychelles. luxurious experiences.
Designs for the first Vertu phone began in 1998 but it wasn’t until 2002 that the first model was unveiled to the public in Paris. The brand has since gone on to sell over 300,000 phones with prices starting at around HK$50,000 and rising to more than HK$100,000 for the most exclusive models. As Millionaireasia went to press, private equity firm EQT VI had agreed terms to acquire the brand from Nokia. Perry held positions at Gucci, Prada and Bulgari before becoming CEO of Vertu. What is your personal idea of luxury? To me luxury is all about intrinsic value. It’s not about the price but the value of what has gone into the experience. In many respects time is the ultimate luxury.
The luxury of time is something precious and in a sense money cannot buy time
Why do customers feel the need for luxury in something so functional as a phone? A phone is really the ultimate accessory. It is by your side at all hours of the day. Those who take pride in their belongings and have an appreciation for craftsmanship and design enjoy the experience of owning a Vertu phone. Beyond that, the most significant differentiator which truly makes Vertu stand out is that our concierge service is an integral part of the customer’s handset.
items. Customers are aware that their luxury brands of choice are selling their products online thus making the consumption of luxury easier and more available no matter where the customer is based.
Are luxury goods becoming more commonplace? The definition of luxury is most definitely changing, while the notion of accessibility is also shifting in this modern age which is geared predominantly by technological advancements. E-commerce is the driving force behind this major shift. Bricks and mortar stores are no longer the only medium of selling luxury
What do you consider to be your everyday luxuries? My A Lange & Söhne watch, my handmade Church’s Shoes which are the embodiment of luxurious footwear, my Mont Blanc Meisterstück Le Grand Platinum Pen. Also my Zegna suits. I have a solid-blue super-600 wool three-button suit. In a suit you’re always ‘dressed.’ I seldom wear a tie. I wear only Gucci shirts because they are a
PERRY OOSTING President of Vertu
slim fit. It keeps things simple. It’s probably influenced a bit by Tom Ford, who only wears white shirts. What is your favourite luxury hotel? The L’Andana Hotel in Tuscany. Whenever I need to stay in a hotel in Italy, this is my hotel of choice. It’s small, intimate and very private. One of my joys in life is discovering treasured places to eat and L’Andana never disappoints. The Trattoria Tuscana, set in the grounds of the hotel is overseen by world-famous chef Alain Ducasse and serves up the most delicious traditional Mediterranean dishes using fresh, local produce.
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Italian-born Fawaz Gruosi opened the first de Grisogono boutique in Geneva back in 1993. Three years later he bought black diamonds back from oblivion into the height of fashion with an entire jewellery collection using the rare stone. This alone sealed the success of the brand, which he had started without any commercial strategy. Today, the brand owns 16 boutiques and is a huge hit among the world’s A-listers. What is the most extravagant watch that de Grisogono has ever produced? I strive for creativity and perfection in all my products. But I suppose the Meccanico dG can be considered extravagant. [The world’s first mechanical watch with a dual analogue and mechanical digital display costs around HK$2.3m]. How have customer demands changed over the last decade? There are definitely more brands out there so they have more to choose from. Customers also have easier access to the luxury world. How does the Asian market differ from elsewhere? I am not an expert on this but my feeling is that the Asian market is under transformation right now and people are becoming more sophisticated. I always recall being very impressed by the Hong Kong people – they are very stylish, sometimes even more so than here in Europe. I imagine that people in mainland China are looking into what the Hong Kong people are wearing and buying. What about their taste in watches specifically? On my last trip to Hong Kong, I noticed more women wearing bigger and complicated watches, and men choosing much more stylish watches. Asian women have a smaller frame but this doesn’t mean that their style needs to be small as well. It can be proportionally larger. I see some changes here but let’s wait and see how this evolves. How does Hong Kong’s idea of luxury differ from other cities? I think due to the size of Hong Kong, luxury is related to space, just like in Japan.
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FAWAZ GRUOSI
Founder and owner of de Grisogono Is there a luxury that money can’t buy? Love and good health. What is the most luxurious holiday you’ve ever been on? Just taking a holiday for me is rare and a luxury in itself! And your favourite luxury only I always available in Hong Kong? recall being I enjoy good very impressed by food and the Hong Kong wine in many people – they are places around the world, very stylish especially in Hong Kong. I love meeting old friends there as well.
GORDON HUI
Managing Director of Sunseeker Asia Sunseeker is arguably the preferred yachting brand of the super rich, a regular fixture in James Bond films, famed for their film star appeal, sleek design and luxurious interiors. Gordon Hui was born in Hong Kong, then moved to the UK to study architecture. As a customer of Sunseeker himself, he was approached to represent the brand in Asia, and launched Sunseeker Asia in 2003. What is the most extravagant boat that Sunseeker has ever produced? The Sunseeker 40-metre yacht. It’s ultra spacious and has accommodation for up to 12 guests. There are optionals like automated balconies for the forward master suite and the main deck. We’ve also worked with designers on customising interiors. How have customer demands changed over the last decade? They haven’t really. Of course there is more technical stuff available now. Luxuries like stabilisers we had ten years ago anyway, though we didn’t have balconies back then. How does the Asian market differ from elsewhere in their boat preferences? The Asian market prioritises good
entertaining and dining areas – they prefer round tables whereas the Western market prefers rectangles. And they like brighter lighting. Karaoke machines are popular and satellite TV for financial news. They also request good stabilisers for sea sickness. What is your own idea of luxury? I don’t actually know! Lying in bed watching TV. Or out on the boat sunbathing.
I like to have everything running smoothly. Not being stressed is a huge luxury
What do you consider your everyday luxuries? Nothing material. It’s more about having the luxury of a consistent routine, no surprises. I like to have everything running smoothly. Not being stressed is a huge luxury. What is the most luxurious holiday you’ve ever been on? Chartering boats in Europe. My favourite places are the South of France, Sardinia, Corsica and the Greek islands.
How does Asia’s idea of luxury differ from other cities? Lots of Asians look for material things and forget about other more emotional stuff. What is the most money you have spent on one item? My home in Repulse Bay. And your favourite luxury in Hong Kong? I can’t really say dining as I love very simple food which is always the cheapest! But I do enjoy sailing my boat [The Predator] in Hong Kong.
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Rolls-Royce is the pinnacle of the automotive industry. We pride ourselves on our tradition, our fine craftsmanship and engineering. Every Rolls-Royce is handbuilt in Goodwood and 80% of the cars sold since the company started 108 years ago are still running today. RollsRoyce Bespoke is also the pinnacle of any offered personalisation programs in the automotive field. Our customers do not just choose from a list of options in a catalogue but they start on a blank sheet of paper and determine what they would like to have on their cars. What is your personal idea of luxury? Luxury is the ability to have things the way you like them to be, for example a property that We delight reflects your character. It is in bringing new, the ultimate expression of exclusive designs individuality.
to our customers in Asia
PAUL HARRIS
Regional Director, Asia Pacific for Rolls-Royce Created by car dealer Charles Rolls and engineer Henry Royce, Rolls-Royce broke the mould for craftsmanship back in 1904. Paul Harris has 25 years of experience at the BMW Group (which took over the brand in 1998) and leads the business from his offices in Singapore. What is the most extravagant request that Rolls-Royce has ever received? We get very unique paint requests and even though we say that there are 44,000 types of paints at Rolls-Royce, in reality it is a lot more. Mr. Michael Fux, a customer in America, requested a pearlescent paint colour inspired by a flower he had spotted in California. The
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resulting shade was named Fux Deep Purple and is now kept at Goodwood for his exclusive use. How have customer demands changed over the last decade? Customers are more adventurous and open to try bespoke commissioning. Bespoke is not just limited to the aesthetics of the car. We also allow customers to commission items to complement their lifestyles, such as a Rolls-Royce bespoke picnic set or champagne glassware. What makes Rolls-Royce different from other luxury car brands?
What do you consider your everyday luxuries? I think that in this time and day, people tend to take technology for granted. It is a luxury to be constantly connected to the rest of the world. I can receive emails no matter which country I am in and when I’m travelling, I can always give a call back home to speak to my family or see them via video conferencing. How does Hong Kong’s idea of luxury differ from other cities? Hong Kong has been enjoying the returns of a resilient economy and the people are either well-travelled or they have access to see what’s going on in other parts of the world. It is a mature market comparatively to the growing market in mainland China. Aesthetically and functionally, customers are more open to bold ideas and have no boundaries for imagination.
RUDY PAOLI
Managing Director of Global Reserve Diageo Diageo was created in 1997, though many of its brands have a much longer history. Rudy Paoli heads up Diageo Reserve, the brand’s luxury division, which looks after the likes of Johnnie Walker Blue, Tanqueray gin and Ciroc vodka. What is the definition of luxury in the world of spirits? Luxury spirits are about authenticity, craftsmanship and provenance, which transcend generations, fashion and eras. They surpass others in the same category in terms of the experience they provide, in quality and in taste. What is the most expensive product in the Diageo portfolio? John Walker & Sons, Scotch Whisky Distillers By Appointment to Her Majesty The Queen, created a limited edition of 60 crystal decanters of Diamond Jubilee Blended Scotch Whisky. These editions are being offered for individual sale at £100,000 (HK$1.2m) each. Profits from the sales will be donated to the Queen Elizabeth Scholarship Trust (QEST), to enable traditional craftsmanship to flourish. Have your customer demands changed in recent years? Luxury consumers are increasingly interested in the background of their purchases. A deeper experience and greater knowledge enhances their interaction with brands and builds long-term loyalty.
How does Asia’s idea of luxury differ from the western world’s? The Asian idea of a luxury spirit is one that says something about them, it relates to the person and their status. Luxury consumers also tend to be younger than their global counterparts and so a key motivation is for personal indulgence and to reward themselves for success. Western purchases are made on a more emotional level with a higher value on the creative and aesthetic value of Luxury an object. consumers
Not the most expensive, but the most treasured gift I have bought was a bottle of The John Walker - a gift for my father’s birthday. And your favourite luxury only available in Hong Kong? Enjoying the view of the iconic Hong Kong skyline from Ozone at the RitzCarlton while sharing a perfect serve of Johnnie Walker Blue Label.
are increasingly
Does luxury interested in the in alcohol surpass background of the drink their purchases itself? Yes. There must be an experience attached. From the moment that you are served there is an interaction that occurs between customer and bartender, a give and take of knowledge being imparted where theatre and ritual are created. Diageo Reserve WORLD CLASS invests in the finest bartenders around the world. To date, we have trained 15,000 of the best, educating them in the understanding of fine spirits and inspiring them to push the boundaries of mixology. What is the most money you have spent on one item and what was it?
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INTERVIEW Eric Fok
BEYOND THE SEA
The Nansha Marina in Guangzhou is set to become centre stage for China’s boating scene. Project manager Eric Fok explains why it’s more than just a place to park your mega-yacht. Words by Gloria Fung
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rticulate and engaging, Eric Fok’s passion for his work is clear. The Vice President of the Fok Ying Tung Group, Fok’s latest project clearly provides him with plenty of excitement. The Nansha Marina, a part of the ongoing Nansha development pioneered by his grandfather, the late Dr. Fok Ying Tung, has transformed the landscape of the region, giving new life to the sport of yachting in China. “We see great potential for yachting in China. A lot of international companies and developers are looking for ways to enter
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the Chinese market. I feel it is important we bridge together these business opportunities,” says Fok. Dr. Fok knew an opportunity when he saw one; in 1987, the China patriot and sharp businessman saw himself as a bridge of sorts. His vision was to develop the Nansha region, building it into the nexus of three major metropolises – Guangzhou, Hong Kong and Macau. Fast forward to July 2011, when China’s yachting circuit glitterati focused their attention on the official opening of Nansha Marina. A project that was built to put China on the international map of yachting, Nansha Marina has rapidly
come to be seen not only as a home port or stopover, but as one of the most sophisticated facilities in China. “The opening was met with tremendously positive feedback from around the world. We’ve been awarded the Five Gold Anchor Award by The Yacht Harbour Association in the UK, making us the first marina in China to achieve this status,” says Fok. The marina has thus become a main port of call for businesses looking to establish links in the yachting industry. The Nansha Bay International Boat Show in October is one of many opportunities the Marina hopes to bring to the China market.
INSIDERS Yvonne Lee
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INSIDERS
Eric Fok
I feel there is a lot of room for Chinese athletes to grow in less traditional sports such as sailing and wind surfing
“Many foreign businesses in the yachting industry are hoping to enter China. The problem is, they don’t really know how to access it; we can bring them together with events like this.” The Fok family’s enthusiastic participation on the international sporting circuit helps position the marina as a sporting venue; President of the International Olympic Committee Jacques Rogge and other dignitaries were there to officiate the opening ceremony. While yachting naturally conjures up images of a luxurious and indulgent lifestyle, Fok hopes to promote its sporting aspect, creating a place for young Chinese athletes to thrive. “I had the opportunity to witness the various water sports events in Qingdao during the 2008 Beijing Olympics. I feel there is a lot of room for Chinese athletes to grow in less traditional sports such as sailing and wind surfing.” Creating an oceanic culture among the youth in China is key to nurturing athletes. “We are able to bring these
Fast Facts • Nansha Marina is situated just downstream from the Humen bridge and up from the Nansha Ferry Terminal. • At 170,000 square metres, the marina basin can accommodate 352 berths and 120 extra dry berths onshore. • Its 9,000 square metre clubhouse caters to various social events and is home to the Nansha Bay International Boat Show, taking place between October 12 and 14 this year. • The Fok family’s sporting passion gave rise to the Marina’s sailing academy; it’s a hub for young athletes to gain maritime knowledge as well as obtain various certificates such as sailing licenses. www.nanshamarina.com
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kids an opportunity to try something they would otherwise have no access to. It’s very exciting to see their enthusiasm – they really treasure the opportunity to try something new and different.” The Marina launched its first Optimist Beginner Courses in 2010 and has since been coaching young sailors. With the government’s support behind the project, Fok hopes to implement international boating standards across the country. “This is very important since we are looking to position China as a mature boating hub.” Nansha’s location, being within an hour from Hong Kong, Macau and Guangzhou, makes the marina a travel destination in itself, even for those who don’t sail. While the Nansha Marina has only just officially opened its doors, Fok already has plans to further develop the area. Nansha being situated in the centre of the Pearl River Delta, Fok is building towards what he calls a ‘one-hour living circle’ and the region is to be transformed into a vibrant costal city in the making.
IMPACT INVESTING Yvonne Li explains why the rulebook on philanthropy is being torn up and rewritten Interview by Tara Loader-Wilkinson
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ike many former bankers, Hong Kong-born Yvonne Li always felt there was more to life than chasing margins. When she quit her high-profile, well-paid job in 2008, she knew what she wanted to do but wasn’t sure how to achieve it. A chance meeting with philanthropist and think-tank founder Chandran Nair sparked the seed of Avantage Ventures, an Asia-based social investment company supporting entrepreneurship which tackles social and
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environmental challenges in the region with sustainable investments. Here, she tells her story. What is impact investing, and how is it different to philanthropy? There is increasing disillusionment with charitable giving due to the lack of transparency; there is also more awareness that philanthropic capital is not sufficient to fix the world’s ills. Impact investing is gaining traction as people grow conscious that their personal decisions and investment actions have an
impact on society and the environment. Ultimately, impact investing allows individuals, foundations and companies to achieve financial returns while getting a social or environmental benefit. What inspired you to set up Avantage Ventures and how did it come about? I was disillusioned with banking, the lack of impact it had on peoples’ lives, not to mention its potential for destruction. I had a strong interest in climate change and philanthropy and came across a structured product on
INSIDERS Yvonne Li
Left to right: Yvonne Li, Chandran Nair, eco bathouse project in China
Impact investing is gaining traction as people grow conscious that their personal investments have an impact on society carbon credit, which got me thinking how unrestrained banking and capitalism is doing more harm than good. I left the dark side (aka now defunct investment bank Lehman Brothers) in early 2008. I moved to Beijing to learn about China’s environmental and energy initiatives and around the same time I met Chandran Nair, my co-founder in Avantage
Ventures, and chief executive of think tank Global Institute For Tomorrow, whilst attending his young leaders program. China’s need to develop a low carbon economy, as well as the young leaders program, cemented my vision of a platform for sustainable investments in Asia. The two of us combined forces and Avantage Ventures was born.
What exactly does Avantage Ventures do? We are a boutique investment and advisory firm. We find opportunities in socially-minded companies in Asia and connect them with investors, companies and foundations. In three years, we have fostered partnerships between social enterprises and investors, attracting
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INSIDERS
Yvonne Li
We are keen to demonstrate that social investment is not just an investment approach but a viable asset class investments ranging from US$50,000 to US$2 million. Investments can yield internal rates of return from anywhere between 2 per cent to 10 per cent and above, depending on the social enterprise. The response so far has been encouraging. Philanthropic investors can align their values with their investments while also being able to redeploy their capital in an evergreen fashion for the causes they wish to support. Long-term investors are keen to be early entrants into the new markets that Asia’s socioeconomic changes will bring, like the growing elderly population, the call for renewable energy and food security. Why is there a need for this type of philanthropy in Asia? Asia is home to over half of the world’s population and its economies have among the fastest growth rates in the world. However, in many countries, the vast majority still live below the poverty line, many in badly polluted environments. Rapid economic growth has lifted hundreds of millions out of poverty, but it has also increased the income divide and left many, particularly in the rural areas, behind. However, the infrastructure for starting businesses is now in place to support social entrepreneurship and makes it an ideal environment for impact investing. After Bill Gates and Warren Buffet were famously shunned by 50 Chinese philanthropists in 2010, can you explain how Chinese givers are different from Western counterparts? Philanthropy is well established in the West. Grant making is a full-time profession, with advisors allocating part of a portfolio, conducting due diligence and measuring the impact of each grant. In the West it is also often directed beyond their national boundaries (often to Africa and India).
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By contrast, Chinese philanthropists, who have been actively donating for just as long, tend to direct their giving towards their own country, some even specific to their ancestral villages. This started to change during the Sichuan earthquake in 2008 where there was major public outpouring. Unfortunately, the credibility of Chinese philanthropy took a step back with the China Red Cross scandal [last year the foundation was rocked by allegations that funds were being embezzled to pay for a lavish lifestyle]. Nevertheless, at a time when the Chinese economy and people’s income has grown significantly, they are now more willing to give. The Chinese government is also moving in the right direction by encouraging start-ups and recognising the importance of the third sector. It revised laws to address non-profit management in the 12th Five Year Plan, wherein the government condones Civil Society Organisations and their importance
Recent Social Enterprise Case Studies BAREFOOT POWER, AUSTRALIA Hopes to break the dependence on expensive and harmful sources of energy amongst low-income populations through manufacturing and distributing microsolar DIY products. LANGLANG LEARNING POTENTIAL DEVELOPMENT CENTRE, BEIJING A tenth of Chinese children are dyslexic but treatment is scarce at best. Since 2009 LangLang has become the largest centre to address this learning disability amongst primary school students in the city, and has helped over 100 children. DIAMOND CAB, HONG KONG Provides transport for disabled individuals in Hong Kong with a fleet of the only five wheelchair-friendly cabs in the city-state.
in service delivery of outsourced government services. There is however some way to go before China will fully open up its civil society allowing a fully vibrant third sector. I hear you are launching a fund. Can you tell me more? We will be launching the AV Impact Fund at the end of 2012. The fund will focus on entrepreneurs and companies that are committed to addressing social and environmental issues through innovative business models. Our key sectors of focus include elderly care, sustainable agriculture, vocational education, waste-water, energy efficiency and affordable housing. We are looking to raise more than US$60 million; so far we are half-way. Our core investor groups are companies, they are looking to invest in the key socioeconomic and demographic trends of Asia, in companies that are socially minded and yet are also financially viable. We are also speaking with other institutional investors, foundations and individuals. We are keen to attract large scale private capital and demonstrate that social investment is not just an investment approach but a viable new asset class. What has been the biggest challenge so far? The key challenge includes raising awareness of impact investing as a concept, educating both philanthropists and commercial investors on how they can align their social values with their investment strategy. We are constantly challenged by the misconception that social means less profit, and that profit excludes social. We are wanting to challenge this view and demonstrate through action that both can exist harmoniously and that a new form of capitalism that properly values social returns can thrive.
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INTERVIEW Jordan Belford
If I wasn’t designing cars I would be an actor or a musician... some kind of performing art
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INSIDERS
Marek Reichman
riving D D Behind the scenes with Aston Martin’s head of design Marek Reichmann Words by Ryan Borroff
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ur customers have exquisite taste, says Marek Reichman, director of design at Aston Martin. “I spoke to a gentleman yesterday who collects sculpture. He wants to buy a One-77 to sit in his living room purely as a piece of art. He won’t ever drive it. That is the customer I am designing for. Someone who appreciates art.” Marek Reichman is an aesthete. As design director of Aston Martin, constructors of the
world’s most beautiful cars, surely this is a prerequisite. But he is also fascinated by how things are made and it lies at the heart of how he approaches car design. This is evident through his designs – cars with an aesthetic informed by their technological function; a marriage of desire and performance. Reichman favours Ozwald Boateng suits – though he never wears a tie – and he wears John Lobb Winner Sport driving shoes, which he helped design. In his spare time – what little he has of it – he plays saxophone to relax and races
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INSIDERS
Marek Reichmann
The DBS was the first time that James Bond got into one of my cars so that is very special to me too. All I focus on now is that I have to surpass all of that past work with what’s coming vintage racing cars. It’s a long way from the working class upbringing he had in Britain’s industrial north. Born in Sheffield, a city famed for its steel industry, Reichman was born the youngest of two brothers into an allmale household obsessed with cars: “My father was a blacksmith and he also raised us as my mum had died. So it was a household full of boys. My dad worked in a forge creating precision components by hand. I realised that I wanted to make and create things and I loved watching the process of how he made things. “As my father and brother were so into cars, we were always surrounded by them as kids. I have been fascinated by them for as long as I can remember. My dad’s best friend was a mechanic so we were always in his garage. I was fascinated with taking things apart and working out how they were made and that led me into design. I also always wanted to be a designer but it wasn’t until I began studying design that I realised you could actually have a job designing cars. That’s when I worked out I could put my two great passions together.” Making that career happen was trickier. It required tenacity and determination, characteristics that have contributed to his success as a car designer. However, Reichman does not attribute his progress solely to bloody-mindedness; some of it was down to good fortune. “The industrial north of England was in decline at the time,” explains Reichman. “Sheffield wasn’t a place that inspired many great designers or which had a great design history. But I was lucky. I had a mentor in my design and technology teacher... and my older brother was also a big influence on me. He studied design and later I met his friends, all art students that were studying design and I was sold. Then the challenge was finding how to find a way forward.” Reichman went on to study industrial design at Teesside Polytechnic and then vehicle design at London’s Royal College of Art. Since then, Reichman has contributed to designs including the Rolls-Royce Phantom and the current Range Rover. As design director at Aston Martin he has led the creation of the One-77, the DBS, the Rapide, the Virage, V12 Zagato and now the next generation DBS, a car that has been previewed by the Project AM310 concept, revealed at this
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year’s Villa d’Este Concours d’Elegance in Italy, and which may yet wear the Vanquish name. When asked which car he considers his favourite Reichman hesitates – he’s reluctant to give away future plans – but says: “My best work at Aston Martin is still to come. To me the One77 means so much because of what it is, while the Rapide is so elegant and was the first Aston Martin I designed. The DBS was the first time that James Bond got into one of my cars so that is very special to me too. All I focus on now is that I have to surpass all of that past work with what’s coming.” This desire to constantly improve on a body of design work that many of his peers already consider excellent is an example of how Reichman stays at the top of his game. But Aston Martin’s heritage weighs heavily. Reichman is driven not just to create beautiful sports cars but also cars which will become future design icons. “I’m motivated to create something that will change perception or that will be recognised as a great piece of design when people look back retrospectively in five, ten, twenty years’ time. The One-77 was an unbelievable project because I know what it meant to the marque Aston Martin. Now it will always be part of our heritage and always trying to create iconic design is what inspires me.” Oh yes, the extraordinary One-77, the £1.2-million hypercar and the most advanced Aston Martin ever made. A car that pushed the limits of the company’s capabilities and which is now informing the design of Aston Martin products to come. “For the One-77 we asked how would we marry our heritage with the future,” says Reichman. “We asked how far can we push Aston Martin design. How far can we go with what an Aston Martin could look and feel like; in terms of its craftsmanship, in terms of the materials used in its construction. Before we sketched anything, we had to work out what it meant.” Crafting beautiful cars constructed from the latest materials using cutting edge technology; a blend of past and future, of heritage with modernity defines Aston Martin. It’s a future that demands constant evolution and the well judged wisdom of its design director. “Aston Martin is a bespoke company. We’re not like other car companies. We build our cars by hand. We want to use and shape materials and utilise technology to create living art.”
Magical Motoring Moments “There are two stages in the design process which still blow my mind,” says Reichman. “When a 2D sketch first acquires 3D form is an exciting time. You get to watch something take a physical form in the real world that previously only existed in the mind. We still work very heavily using clay models and the clay modelers are artists. They focus on creating exquisite and highly crafted objects and they create beautiful highlights. The other is when a design first becomes a working prototype. This is when it becomes a real car. It moves and makes sound, it has all of its internal parts and people can touch and smell it. It becomes a real living thing. This is the first time we see its heart and soul.”
INSIDERS
Giancarlo Mancino
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SHAKEN STIRRED
Once upon a time people chose a bar for the vibe, the crowd or the music. These days – you’re just as likely to find drinkers flocking to a bar simply because of the mixologist.
The term mixologist didn’t exist ten years ago – now any bar worth its salt boasts an expert; someone who can create rather than simply prepare. Giancarlo Mancino of Hong Kong’s Otto e Mezzo explains how it’s done. What is the process for creating a good cocktail? The customer for me is the biggest inspiration. I notice the body language of a person. I ask questions. When I make someone a drink, it has been created from their clues, it’s been made for a reason. I’ve been working behind a bar for 15 years. By now I feel like I have a sense of what people want. How have customer tastes changed over the last few years? In the last two or three years, lots of professionals in my industry have gone back to study the palate of drinkers in the 20s and 30s. As a result there are a lot of ingredients from immediately before or after the Prohibition period. Bitters, vermouths, gins, more tonics. People are drinking Negronis and Old-Fashioneds.
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Vermouth, really? If you look to the past lots of Martinis were just gin and red vermouth. Vermouth used to be THE drink. There was not the selection we have today, mixologists used to have gin, whisky, vermouth and the bitters. I am actually releasing my own Vermouth – launching at the end of August. The brand will be called Mancino after my last name. I will encourage people to drink it alone with a block of ice and a squeeze of orange or lemon.
Madonna drinks Vodka Martinis, Kevin Costner likes Americanos, Sean Connery knows a lot about cocktails
Do you have any other projects in the making? I want to create a bar with an incorporated liquor store. When people drink they often end up asking me where they can buy ingredients from so it makes perfect sense. I also do a line of luxury barware – Giancarlo Bar Equipage. How has the Hong Kong customer changed? When I first arrived in the city, people were drinking wine, not cocktails. I encouraged them to try aperitifs instead. Slowly we built up clients that understood the value of a Martini, and from that they progressed to the classics. Now, evening aperitifs at Otto are the real deal. People come here to drink properly. What are your favourite bars in the world? There are so many! Nightjar or The Connaught Bar in London. Also the Duke in St James does fantastic Martinis. In Hong Kong I love the Lobster Bar in the
Shangri-La – I wish it was mine! And so many bars in Tokyo. I live very near to The Executive Bar in Causeway Bay and was really disappointed by the bad attitude of the barman. Being a good barman is not only about mixing good drinks, it’s also about good communication.
Have you made cocktails for any celebrities? A lot! Madonna drinks Vodka Martinis. Kevin Costner likes Americanos, or Campari shaken with a twist of orange. I also had a Martini with Sean Connery – he knew a lot about cocktails. Michael
Jackson stayed at The Lanesborough when I worked there. One night, he called down for 30 bottles of Crystal Rose so that he could bathe in it. I found that rather strange! www.giancarlobar.com
The Return of Vermouth Vermouth is much more than simply a traditional component of a Martini. It can be drunk on its own over ice as a digestif or it can be used as an ingredient in a variety of cocktails. The fortified wine originating from Italy is flavoured with herbs and comes in both dry and sweet forms. Alcohol content is usually between 15 and 19 percent.
Cocktail recipe Giancarlo’s Vintage Negroni 30 ml Mancino Vermouth Rosso Amaranto 10 ml Barolo Chinato 15ml Gin 15ml Bitter Campari 5 drops Pink Grape fruit Bitters Garnish: wedge of orange and pink grape fruit peel.
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INTERVIEW Jordan Belford
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Inspiration
The name’s Brown, ORLEBAR BROWN Daniel Craig wears them well in the next Bond film, and style-conscious swimmers will follow. Words by Catherine Shaw
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dam Brown, founder of the quintessentially British swimwear brand Orlebar Brown, is on a mission to up the sartorial quotient of men’s pool and beach-side fashion. As it happens, he might be about to receive some serious help from James Bond – or rather Daniel Craig – who in the upcoming film SkyFall is tipped to sport a well-fitted pair of Orlebar Brown Setter Sky swimming shorts. It’s difficult not to notice the obvious association between the excitement generated by this fashion rumour and the iconic Bond swimsuit moment: when Ursula Andress emerged from the sea in that white bikini in the first Bond film, Dr. No (the bikini was sold by auction in 2001 for £35,000). Daniel Craig’s sleek new swimwear is a British design created by ex-photographer Adam Brown who says he first spotted a yawning gap in the market for chic but masculine swimwear while at a friend’s
birthday party in Rajasthan. “There was a mix of guests from the creative industry aged from 25 to 50; not fashion-obsessed but definitely design conscious. The women looked great but the men were all wearing dreadful brightly patterned boxer shorts or baggy board shorts. Those are fine on a 17 year-old but not so good on a man of 35 or 40. There was this particular moment where we had to change for lunch – which drove me mad because we were eating pool-side – and I started thinking about creating a more tailored approach to men’s beach and swim shorts – something you can wear on the beach but then go for lunch in. After some initial research (including a week-long drawing course at London’s famed Central Saint Martins College of Art and Design), Brown launched 1,000 pairs of his tailored shorts in four styles and five colours. It sold out in just 3 months: the right idea at the
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INTERVIEW Jordan Belford
I started thinking about creating a more tailored approach to men’s beach and swim shorts
right time striking a balance between modern design and classic tailoring. “The company is 5 years old this summer and we now have international websites and 230 stockists worldwide,” says Brown. The London-based company’s collections (named after Brown’s favourite dogs) feature a short, medium and long-style in a selection of colours: all with distinctive British tailoring. Collaborations with the likes of Bill
Amberg, Monocle and Eley Kishimoto have proven very popular – the upcoming Summer 2012 collection is inspired by the spirit of Slim Aarons 1960s photography of the Riviera and Palm Springs, as well as Pierre Koenig’s Californian architecture. Other companies – quick to follow a trend - have also started to focus on leaner cut swim-shorts but Brown says the secret to Orlebar Brown’s continued success is that their styling is not age or time-specific which means the brand retains a broad appeal. “We are not cheap but the quality is essential. Our shorts are all European made, the
Adding more stripes Classic British menswear label Paul Smith, worn by celebrities including David Beckham, Jude Law and George Clooney is opening its first flagship store in Shanghai this December. The fashion label plans to expand rapidly into China over the next 5 years, where the clothing market is expected to more than triple to 1.3 trillion yuan (US$206 billion) by 2020. The store will occupy 5,000 square feet, and will sit alongside other European fashon houses such as Dior, Gucci and Burberry. Sir Paul Smith said of the expansion “The flagship shop in Shanghai is an exciting development and an opportunity to showcase our collections. We hope China will become a significant market for us.” Paul Smith already has five stores in Hong Kong. www.paulsmith.co.uk
fabric is French and all the zips come from Italy. The tailoring is also very important; with details like a tailored waistband, zip, darts at the back like a normal pair of pants, and a zip pocket based around the principles of tailoring a men’s suit. Compare this to a regular pair of swimming shorts which has only 6-8 pieces while ours has 17.” Brown says that although he is keen to retain the essence of Orlebar Brown’s classic range, he is currently looking to extend the classic tailored range into a resort wear brand for botwh men and women. The new Orlebar Brown Classic shorter short adapted for women with a fitted cut is already a best-seller.
Sun Screens Kaftans and tunics are the way to cover up on the beach or by your infinity pool this season. Hong Kong-based fashion brand Kaprice has an incredible choice in a rainbow of covetable colours, recently unveiled at Cannes Fashion Week. Get yours at www.kapriceonline.com
Did you know?
The casual form of the game of pétanque is played by about 17 million people in France
Vive les boules! 00 92
Fancy an alternative to golf on the weekends? Alfred Dunhill has just released a luxury pétanque set. The eight competition-grade stainless steel balls and two wooden cochonnets come in a beautiful Chassis leather carry case. HK$9500.
INTERVIEW Jordan Belford
SECTION INSPIRATION Feature Name Fashion Shoot
Hip harbour front fashion on Hong Kong’s South Side Photography by Simon Nichol Styling by Christie Simpson
Jumper: Hermes, Shorts: Orlebar Brown at Sidewalk, Sunglasses: Arnette at The Sunglasses Hut, Shoes: Bally, Bag: Stylist’s own
INTERVIEW Jordan Belford
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Jumper: Bottega Veneta, Shorts: Orlebar Brown at Sidewalk Jacket: Gucci, Swimsuit: Hermes, Cuff: Pace Collection by Stella So, Bangle and gem rings: Yael Sonia, Ring: Frikkia at AME Gallery
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Feature Name
Top and belt: Bally, Shorts: Orlebar Brown at Sidewalk, Sunglasses: Rayban at The Sunglasses Hut
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Swimsuit: La Perla, Shirt: Gucci, Bangles: Pace Collection, by Stella So at AME Gallery, Ring: Frikkia at AME Gallery, Sunglasses: Miu Miu at The Sunglasses Hut
Shoes and trousers: Bally
Top and belt: Bally, Trousers: Bottega Veneta, Sunglasses: RayBan at The Sunglasses Hut
INTERVIEW Jordan Belford
Jacket: Chloe, Swimsuit: Hermes, Belt and shoes: Gucci, Sunglasses: Versace at The Sunglasses Hut, Gold bangle and rings: Yael Sonia at AME Gallery 00
Shirt: Fendi, Top: Bottega Veneta, Bangles: Pace Collection by Stella So, Rings: Yael Sonia at AME Gallery Shot on location on Sunseeker OM/ Hair and Makeup – Denise Siobhan Toms/ Female model – Olga at Starzpeople/ Male model – Adam at Model One
INSPIRATION Gastronomy
The fame
game
Hong Kong’s growing obsession with the celebrity chef
Words by Pavan Shamdasani
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t’s becoming a common sight in our vibrant city: a major new restaurant opens up in an expensive part of town, its 10,000-square metre size and stunning menu bringing in foodies from all across town. And above the restaurant sign is one single name: a celebrity chef endorsement. But from established names like Pierre Gagnaire
and Alain Ducasse, to such up-and-coming homegrown stars as Matt Abergel and Jeremy Biasiol, the key question on many diners’ minds is, how much value does a celebrity chef really add to a restaurant? The benefits of celebrity chefs in our city are numerous: their restaurants create healthy competition, leading others to work
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INSPIRATION
Gastronomy
Regular chefs can make mistakes and people forgive them. But when you have your name on a $5000 meal and its a disaster, they’ll never forgive you harder and thus improve the overall quality of Hong Kong’s burgeoning dining scene. “We live in a competitive environment,” says Sandeep Sekhri, managing director of Dining Concepts, who count Mario Batali and Michael White amongst its star chefs. “For us, it’s like a fashion brand bringing in Prada or Gucci – people come because it’s consistent food, service and atmosphere. And on the business side, it enables me get the best real estate available in town.” David Collas agrees; as the executive assistant manager of F&B at the Mandarin Oriental, he regularly justifies Pierre Gagnaire’s flagship Hong Kong restaurant. “It offers consistency from a guest’s point of view – his name is a guarantee, so you know it’s of the highest quality,” he says. “For the Mandarin, he adds more business and more revenue. If you have the right chef, you’ll most likely succeed. If you have a chef that isn’t a celebrity, you’ll have to work that much
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harder. It’s a fast-track in terms of business and success.” The profit potential might be clear from the perspective of the hotel and restaurant groups, but many diners are beginning to be wary of the celebrity’s lack of presence, and more often than not these days, it’s the apprentices rather than the chef who are manning the kitchen. “They’ve become celebrities for good reason – they run very successful empires of restaurants and can’t always be there,” says Sekhri. “But in the kitchen are their protégés; these are people who’ve worked for them for many years.” While it’s hard to work out exactly how much an absentee celebrity chef contributes in terms of menu creation and overall design, those deeply involved say it’s more than just a name in lights, with the famed status being attributable to their tireless work ethic rather than their ego. Jeremy Biasiol of The Mirror restaurant worked for over a decade under Alain Ducasse’s tutelage. “Ducasse worked even
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Feature Name
harder than anyone I know, because others are actively looking for mistakes with celebrity chefs,” he says. “Regular chefs can make mistakes and people will forgive them, but when you have your name on a $5,000 meal and it’s a disaster, they’ll never forgive you.” Similarly, Collas says Gagniere visits Hong Kong three times a year for 10 days at a time – he spends much of it creating menus, being responsible for everything that’s served, and ensuring the consistent quality of both the frontline and backline of the restaurant. For those celebrity chefs not directly backed by a major hotel or restaurant group, the pressures of daily kitchen life are often more challenging. “You have to be on top of it,” says Umberto Bombana of Otto e Mezzo Bombana. “I’m in the kitchen all the time, 12 hours a day. You have to be involved at all times to keep the reputation up. The food, the service and the atmosphere are what matters.” But the lack of presence is becoming a major factor for diners, and a new type of homegrown celebrity chef is emerging: smaller, more personal restaurants where the chef can always be found in the kitchen. The Mirror is one such place, with Biasiol’s experience under Ducasse gaining him a
Michelin star earlier this year. “What I hear the most from customers is that they’re tired of going to restaurants where the chef isn’t there,” he says. “I’m always in the restaurant, and it’s almost essential as an independent restaurant for them to see me as a celebrity chef – it’s important for bringing people in to know that I’m the chef.” Matt Abergel’s Yardbird and David Lai’s On Lot 10, both in Sheung Wan, are other such restaurants – although the empire-like approach to most celebrity chefs make them prefer you didn’t address them as such. “If a celebrity is important to a restaurant, it should be personal – it should represent them as a person,” says Abergel, formerly of Masa in New York. “I try to avoid the celebrity, but it’s inevitable that people will notice I’m responsible. It’s not what people should be attracted to – I want people to come here for the food, the service and the atmosphere.” Lai agrees, and feels that while there are advantages to embracing fame, it’s much more important to succeed on your own merits – especially in a perceptive city such as ours. “Celebrity chefs are a stamp of approval and the name certainly helps,” he says. “But at the same time, Hong Kong has grown more sophisticated than to just follow blindly.”
Opening profiles: Pierre Gagniere, Umberto Bombana, Mario Battali, Matt Abergel Left: Lupa’s braised pork shoulder Above: Creations at Pierre
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INSPIRATION
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THE STYLISH LIFE
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Armand de Brignac is a limitedproduction prestige cuvée which has received phenomenal international critical acclaim. The Champagne was rated number 1 in a tasting competition of 1,000 brands and counts among its other accolades a score of 98 (out of 100) points from world-renowned wine critic José Peñín and a glowing review from Master of Wine Jancis Robinson. Armand de Brignac is currently available in 70 countries worldwide
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and is produced by the award-winning Champagne Cattier house of Chignyles-Roses, France. The Cattier family has owned and cultivated vineyards in the Montagne de Reims terroir in the French Champagne region since 1763, and patriarch Jean-Jacques Cattier oversees the production of Armand de Brignac. For enquires please call 2528 2025 or email sales@meritwine.com.hk
The Cattier family has owned and cultivated vineyards in the Montagne de Reims terroir in the French Champagne region since 1763
Valedictorian strives to craft perfect putters, which are recognized by the sport’s best and most demanding players
Perfect putts
Caviar cool
Valedictorian golf putters combine a century-old tradition of watch-making with a solid understanding of the game of golf. The result of this unique alliance makes Valedictorian the supreme performance luxury putter. The brand is founded on three crucial values: performance, elegance and uniqueness. Valedictorian strives to craft perfect putters, which are recognized by the sport’s best and most demanding players. Besides limited editions, Valedictorian designs a small range of very unique masterpieces, which are only available on special request to satisfy your individual needs. The innovative concept and design of Valedictorian delivers unrivaled feel and balance. Valedictorian uses only the best materials on the market. Using stainless steel, titanium, gold and platinum, Valedictorian is proud to offer their customers an exclusive alliance of materials and gems of exceptional quality.
The ultimate decadent delicacy, caviar has long been associated with luxury and occassion. L’Esturgeonniere uses Siberian sturgeons to create their superior caviar, available at Merit Lifestyle. The fish are reared in a custom built farm in France which allows for great accuracy in the selection process. Fish are tagged with an electronic marker that dictates the best time to harvest. It takes less than half an hour from assembly to canning - and the product is not pasteurised, which can alter the taste. Managed by Merit Lifestyle for enquiry please contact: 2528 2025 / sales@ meritlifestyle.com
L’Esturgeonniere uses Siberian sturgeons to create their superior caviar, available at Merit Lifestyle 109
INSPIRATION INTERVIEW Ultimate Jordan Belford Drives
The Driving Seat Roger Norum road tests the lastest Porsche Panamera GTS
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inally, a family-sized Porsche that speed freaks can still take out on the weekends for some serious joy riding. Released this Spring, the Panamera GTS is the sporty new variant of Porsche’s monster four-seat, five-door überhatch. Effectively a reaction to BMW’s new F10 series M5, this GTS (Gran Turismo Sport) speedster sedan shines as the most driverfocused Panamera to date. In addition to a slight ramp up in power, the GTS has suspension tweaks, a larger air intake, a sports exhaust system and the option of a gorgeous bespoke Carmine Red metallic paint finish. This unique take on the 4WD supersaloon now puts the vehicle in the same class as the M5, Audi S8 and Range Rover Supercharged. Under the hood is a modified 4.8-litre
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V8 that churns out 430hp at 6700rpm, with top revs hitting 7,100rpm. Though this compares to 296bhp in the entrylevel model and 542bhp in the Turbo S, the GTS can still blast from 0 to 60 mph in just under 4.5 seconds (a mere 0.3sec slower than the Turbo, which costs over HK$150,000 more). The car does a top speed of 179mph, and offers a respectable 23mpg of highway fuel consumption. Linking engine to drive train is a seven-speed PDK transmission, with paddle shifters on the column. But it’s on the outside (and behind) the hood that the GTS really makes its mark. On the heels of the Turbo model, the GTS has been given an aggressive, highgloss black exterior package comprising side window and rear lid trim, rear diffuser and side air outlet panels (a pair of fetching matte black tailpipes and black side skirts are optional). Larger
diameter Panamera Turbo wheels give some serious grip, and there is a 20” wheel option as well – though the rims on these might be a little large for some, aesthetically speaking. An adaptive fourway rear spoiler provides extra stabilisation to the rear axle at speeds above 125 mph, and ride height is also 10mm lower than the standard make. Climb inside the cabin and you’ll be defamiliarised by a rally-like interior, with G T S lettering embroidered into the Porsche’s belts and headrests, as well as extra highlight stitching on the floormats, dashboard, armrests and centre console. The interior comes in a choice of five interior colours, and features 18-way adjustable sports seats and a standard SportDesign steering wheel, with the shift paddles behind the wheel – righthand paddle to shift up; left hand paddle to shift down (opt for the wheel finished
in black Alcantara, though, which is more comfortable). Rear seats are roomy, even for tall passengers. And the multi-function TFT screen shows you everything but the kitchen sink – even
displaying the various longitudinal and lateral acceleration forces acting upon the vehicle at any given time. Stereo-wise, Bose comes standard, but an optional Burmester system is available for more demanding audiophiles. And while it might seem like something of a frill for a vehicle that already punches way above its weight when it comes to thrill, the GTS comes standard with Porsche’s Sound Symposer, an acoustic feature that translates intake vibrations into a “vvvrrrrooooommmmm” engine sound broadcast into the car’s cockpit. The M5 and Ford’s Bullitt Mustang have this
option as well, but it feels something of a cheat on a Porsche. Call it old fashioned, but don’t real fans prefer enhancing their driving experience by stepping a little harder on the car’s pedal – not by turning up the volume on a sample of what the engine “should” sound like? At the moment, this is easily the best buy of all Panameras – especially if you’re in the market for a sedan to make your neighbours rue the day they bought a Opel. Just remember that there’s a significant facelift on its way to the Panamera come early 2013 – so leave your options open for a trade-in.
and highly variable bodyshell height. Native Lamborghini hallmarks such as sharp front lines, a smooth arrow shape, large air intakes and Y-shape headlamps all reinforce the vehicle with taut, powerfully sporty aesthetics. And the
woven carbon fiber interior is just as tight, bedecked with front and rear TFT touchscreens controlling indicators, navigation, entertainment and climate. As if that’s not enough, the Urus will boast lower CO2 emissions than all its rivals. Lamborghini’s CEO Stephan Winkelmann has called it, “the Lamborghini of the SUVs”. And he might just be right.
Lambo in the works Tipped as the world’s fastestaccelerating production 4x4, the 600hp Lamborghini Urus is appropriately named after the large, wild ancestors of Spanish fighting bulls. The car features permanent four-wheel-drive traction control, fully custom-set suspension and adjustable front and rear spoilers – innovative, adaptive aerodynamics that make for an extremely smooth ride. The car’s superb handling is further assisted by a low center of gravity
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This season’s most desirable diamond creations
GEMBALLA CAR FINISH Coating your car in real diamonds may seem an unlikely option, but Gemballa, which specialises in Porsche tuning, has just developed a decadent coating which will make this possible. For both interior and exterior finishes – the coat uses genuine diamond as a key ingredient. www.gemballa.com
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INSPIRATION Shopping The Hot Ten
INSPIRATION
The Hot Ten
HUBLOT DIAMOND WATCH This extravagant timepiece features over 1,000 diamonds and 100 carats and took over a year to create. Hublot opted for the painstaking method of invisible setting to give the illusion that there is nothing holding the diamonds in place.
HK$38.8m www.hublot.com
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CARAN D’ACHE PEN More than 850 diamonds make up this premium writing instrument, developed by leading jewellers, Goldsmiths and master craftsmen at Caran d’Ache. A total of 24.61 carats and an 18-carat gold nib make this one of the world’s most valuable pens.
HK$7.8m www.carandache.ch
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INSPIRATION INTERVIEW Jordan The Hot Belford Ten
FLORIS PERFUME British perfumiers Floris created this limited edition perfume to celebrate the Queen’s Jubilee. The scent has been decanted into antique crystal bottles which feature a diamond on a chain around the neck. Only six bottles have been made.
HK$ 180,000 www.florislondon.com
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ALL-DIAMOND RING This creation from Swiss jewellery company Shawish is a world first – an entire ring made from one diamond rock. It clocks in at 150 carats and took over a year to make. www.shawish-jewellery.com
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INSPIRATION
The Hot Ten
DIAMOND SHOES Put a sparkle in your step with this decadent stiletto – encrusted with more than 30 carats of round brilliant cut diamonds. The rest of the shoe is made from solid gold and platinum and the whole package comes with a 1,000 year guarantee.
HK$1.2m www.borgezie.com
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ROTOR CUFFLINKS Add the finishing touch to your tailoring with these smart rose gold cufflinks. They feature a pave set diamond bezel and a diamond spinning cotes de Geneve rotor with black mother of pearl centre.
HK$150,000
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INTERVIEW Jordan Belford
DIAMOND MONOPOLY The result of a pairing between Garrard and Pemberton & Milner, this ostentatious Monopoly board features silver playing pieces and a dice and board adorned with diamonds.
HK$ 1.2m www.pembertonandmilner.com
INSPIRATION The Hot Ten
DOG COLLAR For truly decadent pups, only a 15-carat diamond dog collar will do. This model, La Jeune Cheri, has a 3.5-carat heart-shaped diamond as the centerpiece with a further 470 hand set diamonds adorning the crocodile leather band.
HK$2.9m www.ilovedogsdiamonds.com
BORGEZIE HANDBAG Made entirely from 18 carat gold, the Crown Clutch Bag is encrusted with 86 carats of individually set diamonds. The inspiration for the design was drawn from the crowns and tiaras of royalty.
HK$1.8m www.borgezie.com
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INSIDERS
Jordan Belfort
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INSPIRATION Travel
WILD LUXURY Trade in your usual beach holiday for something a little more experiential. The rewards could last a lifetime, says Dominique Afacan
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holiday for me usually means a good book, an inviting infinity pool and some well-deserved time out. Activity is frowned upon. The more cocktail-accompanied lounging the better. Recently though, my once dedicated tanning partners have been ditching me for marathons in Cambodia, mountain climbs in Malaysia or adventurous dives in Palawan. At first I scoffed at their choices, but when they returned bursting with renewed energy and exciting photos, I realised my time had come. I needed an experiential holiday – though my two accomplices and I weren’t prepared to forego our usual luxuries. Following an afternoon of research, The Four Seasons Tented Camp Golden Triangle, Thailand stood out as the perfect mix of traditional luxury (swimming pool, spa, gourmet
INSPIRATION
Travel
It would be very easy to hang out in the tent – but the elephants are the stars of the show cuisine) and new experiences, centered around the elephants that live on site. Guests can breakfast with them, ride through the jungle with them and now learn about them through their new Elephant Research Programme supported by the Golden Triangle Asian Elephant Foundation. Situated at the confluence of the Ruak and Mekong Rivers, the camp is accessed by longtail boat, followed by a gentle hike through lush jungle. Our host, Vikas, talks through the itinerary as we sip on lemongrass tea and cool off with cold towels. I opt for a Thai massage lesson, followed by mahout training and trekking and then a trip to the Golden Triangle. And that’s just for day one. Elephant polo and the jungle gym will have to wait. Arrival day is a laid back affair, so there’s plenty of time to settle in before the activities begin. There are only 15 tents on the camp, spaced out on a ridge across the 200 acre site, ensuring total privacy. Designed by Bill Bensley, they bring to mind 19th-century adventure expeditions, with handcrafted furniture, hardwood floors and thatched roofs. A huge deck looks out over the jungle, and we spot our first elephant right outside the tent. Any preconceptions I may have had about camping were happily cast aside; while the shower may be outside, and the walls really are made of canvas – this accommodation lies firmly in the luxury travel category. This is the Four Seasons after all.
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As at their hotels of the non-canvas variety, staff magically know your name, and anticipate your every need, in this case delivering cold towels here, appearing with an umbrella there. The chef talks to guests personally about food preferences – so fussy eaters and cravings are taken care of for breakfast, lunch and dinner, all of which are taken in the stunning Nong Yao restaurant. It would be very easy to hang out in the tent – but the elephants are the stars of the show. The first activity on our itinerary is ‘breakfast with the elephants’ and it’s a clever way to get guests interacting with these gorgeous animals before they attempt to clambour onto one. Em, our friendly trainer for the day, explains that these ‘eles’ have been rescued – mostly from the streets of Bangkok and now live a much happier and healthier existence at the camp with their own pool and plenty of bamboo. They snort up whole pineapples, cucumbers and bananas right from our hands and win us all over in a matter of seconds. After breakfast (a veritable feast which will do little for my waistline), it’s time for training. Guests are given a special mahout outfit to wear, a baggy denim affair with a sash to tie around the waist, and some clompy looking Crocs. Any sense of vanity disappears when we are introduced to the elephants who will be ours for the day. So calm and gentle, but so huge! My initial feeling about getting on one of these beasts is complete fear.
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INSPIRATION
Travel
It’s bare back riding, and it takes a few minutes of blind panic before I realise I’m not going to fall off. The elephants move so slowly and calmly it would be almost impossible to lose balance. Each animal has a dedicated mahout – a professional trainer – who helps to guide the elephants as we practice commands on the slalom course and become accustomed to their movements. When we’re confident enough, we’re led on a jungle trek, then into the river, where the eles cause no end of mischief and everyone gets completely soaked. The photos expertly taken on our cameras by Em, are still a cause of hilarity. A trip to the surrounding Golden Triangle follows in the afternoon, where our guide Tee talks us through the local food markets, assuring us that fried water bugs are just as tasty as crisps when it comes to snacking. And then it’s back to camp for a special ‘mahout massage,’ designed for weary novice mahout limbs. Hidden away in the depths of the camp, the spa is open to the elements and filled with jungle sounds. Utter heaven. Talking about the first day’s experience with guests in the Burma bar later that night, it’s clear we’ve all fallen in love with our eles. Everyone is on a high from the day’s experiences, or perhaps its from the expertly shaken lemongrass martini, a camp favourite. Much later, as we stumble back to our tent accompanied by a kindly camp guide with a torchlight, we realise it’s not quite the detox escape we had all imagined – but in the best possible way. I head to bed that first night with aching limbs and a soggy mahout outft drying on the deck. We’ve signed up to the elephant research programme the next day, where we’ll learn more about the animals and take part in the Foundation’s research into elephant behaviour. So it’s lights out, mosquito net on for tomorrow’s early start. I realise as I fall into a well-deserved slumber that my marathon-running friends and mountain-climbing colleagues were onto something. I’ve already made some incredible memories and it’s just day one. This is my kind of camping.
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榮獲 Hong Kong Business 頒發
傑出室內設計獎2011 Outstanding Interior Design Award 2011
Interior Design Commercial projects: Carlsberg
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Leica
5,000 S.F.
Residential projects: House, Belleview Drive, Repulse Bay
6,000 S.F.
Apartment, The Mayfair
6,000 S.F.
Apartment, The Leighton Hill
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Architecture
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Hope for Children
THE LAST WORD... Bob Parsons MBE, founder of charity Hope For Children.
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ob Parsons set up Hope for Children in 1994 when he was left a £5000 bequest from a friend. The charity now has a turnover of over £1 million (HK$12m) and works across 10 countries, with a mission to provide practical support, such as education and healthcare, to improve children’s quality of life, advance their rights and give them a better future. I started Hope for Children because there appeared to be a lack of assistance provided by the larger charities for individuals and small projects. This was as a result of meeting an old lady by the name of Maisie during the Rwandan genocide in 1994. She had taken in 50 children having lost all her relatives during the war and they became her substitute family. The biggest challenge in running a charity is fundraising and losing friends through badgering them for donations! Fundraising has not been helped recently because of the world recession. If I had one professional wish it would be to increase the number of beneficiaries in more developing countries, particularly families having to leave their own countries due to famine or war. The most rewarding part of the job is seeing children develop and obtain a good education to equip them to become good parents themselves.
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People are sometimes skeptical about donating to charity because they often feel that the money does not all go to the beneficiaries. Sadly some charities tend to spend large proportions of their income on administration. My best trait at work is being a member of a successful team achieving our goals. My worst trait at work is frustration when we are not achieving our goals. The quality I most value in my colleagues is their commitment to their work and being prepared to go the extra mile. I regret not having ‘found’ charity work earlier in life. Having said that, my previous work in the UK Probation Service gave me a good foundation for working with vulnerable families and children. I will never regret the decision to expand our work in spite of the temptation to sometimes ‘sit back on our laurels’. My idea of happiness is other people’s happiness. The greatest reward is seeing a child from a difficult background achieving success which was typified by an illiterate street child in Colombo gaining access to university. A philanthropist who inspires me is Bill Gates. My life’s motto is ‘Non sibi sed omnibus’ - not for oneself, but for others.
The Sunseeker 28M Yacht First to draw a second glance.