Robb Interview: Mate Rimac, CEO Bugatti Rimac

The Croatian entrepreneur and Rimac founder is driving the historic French marque – and wider auto industry – into the future.

By Ben Oliver 22/12/2021

Mate Rimac sat at a table, facing a camera. To his right was Oliver Blume, the CEO of Porsche, and to his left its finance chief, Lutz Meschke. They were about to host a video conference to announce the deal to merge Bugatti, for which Porsche has responsibility within the vast Volkswagen Group, with Rimac’s eponymous start-up hypercar maker. A small number of journalists from the business media joined Robb Report on the call, among them the Financial Times and Bloomberg. Blume and Meschke were dressed in sober business attire, as you’d expect of German C-suite executives making a major announcement to the world’s press, and they sat stiff and upright. But as the 33-year-old Rimac relaxed into his chair, his sneakers emerged from beneath the table, followed by a pair of bare legs. The wunderkind of the hypercar world was about to be handed control of one of its most fabled marques, and he’d chosen to wear shorts for the occasion.

Rimac doubtless meant no disrespect, but his casual dress served as useful visual shorthand for a transfer of power extraordinary even by the turbulent standards of the supercar industry. Stewardship of arguably the world’s most prestigious marque, founded 112 years ago by one of the great automotive auteurs and maker of some of the most beautiful, powerful cars ever to grace the road, was passing from Europe’s largest manufacturing company to a start-up that began in a tiny nation 12 years ago by someone then barely out of his teens. Later that evening there would be a glossy event livestreamed from the spectacular 14th-century Lovrijenac fortress perched high over beautiful, ancient Dubrovnik and the opal waters of Croatia’s Adriatic coast. Rimac (his name is pronounced MAH-tay REE-mats) leapt on stage to acknowledge the significance of what was happening and the responsibility he was assuming. He was now wearing a well-cut suit but still kept the sneakers.

Sports Cars on Track

From left: A Porsche Taycan Cross Turismo, a Rimac Nevera and a Bugatti Chiron Pur Sport, a fitting troika. Rimac Automobili

Despite his youth, Rimac is already acknowledged by his peers as one of the preeminent modern supercar makers, a successor to Ettore Bugatti alongside Horacio Pagani, Christian von Koenigsegg and Gordon Murray. The club of engineers who have created the cars and companies that carry their names from scratch is exclusive, and Rimac had only officially joined it when the Bugatti deal was announced in early July. The Rimac Nevera, his first proper production electric hypercar, was tested by Robb Report and a handful of other media in June, and customer deliveries are just starting.

But Rimac is already an established player. While developing his own hypercar, he has built a multibillion-dollar business supplying his high-performance electric-propulsion technology to at least 15 major carmakers, including Ferrari, Aston Martin, Mercedes and Rimac’s fellow auteur Christian von Koenigsegg. Porsche and Hyundai are not only customers but also investors with significant equity stakes, and Pininfarina likes the Nevera so much that it’s using the car as the basis of its new 1400kW Battista. His business has grown so fast that Rimac simply hasn’t had time to get his own hypercar on sale until now.

The optics of the Bugatti-Rimac merger may seem odd at first, but the logic is indisputable. A new generation of electric Bugattis needs a transcendent level of performance, but Volkswagen has lost the will to fund it. Big car companies can spend like the US military. Analysts estimate that VW has invested at least approx. $3.2 billion in Bugatti since it took control in 1998 and lost around $6.86 million on every Veyron sold. It spent about $575 million creating the Chiron from the bones of the Veyron, and sources close to the deal say VW expected to spend the same again electrifying this 16-year-old platform.

Rimac is said to have offered to develop an all-new Chiron successor for around $330 million. Rather than write a check for that sum, VW proposed a merger. No cash is believed to have changed hands. The new Bugatti-Rimac will be 55 per cent owned by the Rimac Group and 45 per cent by Porsche, on behalf of Volkswagen. For now, the two brands will continue to be designed and built separately: Bugattis in Molsheim, France, and Rimacs from 2023 at its new campus headquarters near Zagreb.

Rimac Automobili Campus

The Rimac campus, set to be completed in 2023 outside the Croatian capital of Zagreb, will be the company’s global headquarters. Rimac Automobili

Rimac is putting only his hypercar-making business into the new joint venture. His fast-growing operation supplying high-performance EV power trains and other equipment to the global carmakers is a separate business: Rimac Technology, solely owned by Rimac Group. Only 150 Neveras will be made, and Bugatti currently builds fewer than 100 cars each year. Even when the combined Bugatti-Rimac is at full production, the venture will account for only 15 to 20 per cent of Rimac Group turnover. Rimac Technology will make up the rest, and it’s about to grow rapidly. It has contracts in place to supply major premium carmakers with components and complete power trains for the high-performance variants of their pure-electric models. With volumes of up to 100,000 each year, it’s a huge leap in scale for Rimac. Your next car might not be a Nevera, but there’s a chance it will have Rimac tech on board.

Rimac remains the largest shareholder in the Rimac Group, with a 37 per cent stake. The latest funding round is believed to value the group in the mid-single-digit billions, giving him a nominal net worth of around $2.7 billion. In addition to Porsche AG’s 45 per cent stake in Bugatti-Rimac, Porsche’s venture-capital arm owns 24 per cent of Rimac Group, giving Porsche indirect majority ownership of Bugatti-Rimac. But Porsche is clear that there is no combination of voting rights, no de facto or de jure control, and that having Rimac as CEO of all three companies is one of the reasons it wanted the deal. “As a shareholder we want a real entrepreneur as CEO,” Blume says. “It is our clear strategy to pass operational control to Mate.”

Rimac Nevera Assembly Line

The new Rimac Nevera assembly line in Croatia, where Rimac Group is based. Rimac Automobili

Perhaps most strikingly, the deal means that despite that storied history, a 10-figure investment by VW over 23 years of ownership and hundreds of Veyrons and Chirons delivered, Bugatti is valued at less than Rimac’s Nevera-making operation alone, which is only just beginning to deliver customer cars. The reason is simple: Bugatti is almost worthless without the ultrahigh-performance electric power train it will need in the EV age.

Volkswagen doesn’t want to make the investment required to develop one. Rimac has one already. Without it, VW was seriously considering putting the Bugatti brand into cold storage.

Even by the hyper-compressed standards of the young entrepreneurs remaking the modern world, this has been a wild few months for Mate Rimac. First the launch of the Nevera in June, then the Bugatti announcement in early July and, later that same month, marriage to his childhood sweetheart. Then a tour of the US, starting in Los Angeles and Pebble Beach in August, to meet not only customers for his approx. $3.29 million Nevera but also Bugatti’s established clientele, who might be a little wary of both the brand’s transition to electric propulsion and its youthful new boss. Next he headed back to Zagreb to complete the transfer of power from Bugatti’s current CEO, the urbane Stephan Winkelmann, who also heads Lamborghini. Then he’ll continue the process of creating a successor for the Chiron.

“This year, just as you say, it’s like everything is coming together. It’s just f—— insane for me,” he tells me from New York. I’ve spoken with him several times over the past, mad few months: first spending a relaxed couple of days with him on the bleak but beautiful Croatian island of Pag, where he launched the Nevera, and later on that conference call. He looks tired now, after his fierce travel schedule. But he is typically generous with his time, disarmingly honest, asking questions as well as answering them, and generally personable, approachable, funny and human: atypical, perhaps, for a tech entrepreneur.

Every cent of that $2.7 billion net worth is self-made. Rimac was born in Bosnia to an ethnically Croatian family of migrant construction workers, a tradition of exodus accelerated by the vicious conflict that raged as Yugoslavia disintegrated. Rimac moved to Germany at age 2 and then to an independent Croatia in his early teens, where he was teased for his hick Bosnian accent. But his talent for electronic engineering was spotted and encouraged by a teacher, and by age 18 he had registered a couple of patents and won a national prize for an early example of wearable tech: a “glove” that recognized hand gestures and could be used instead of a mouse. It’s still on display in a cabinet at Rimac’s HQ.

Rimac liked cars as much as gadgets and bought a battered BMW 3 Series, as it was the cheapest way to get a rear-wheel-drive car that he could race and drift. His best friend, Goran, inadvertently gave a multibillion-dollar business its start when he blew the BMW’s engine, prompting its 20-year-old owner to combine his two passions and replace the gas engine with an electric motor. It worked okay but not well enough for Rimac, who pulled it out again and tinkered with it, beginning a constant process of obsessive iterative improvement over 13 years, which he admits drives him and his staff crazy but has now resulted in his owning the best high-performance EV propulsion tech in the world. And most of Bugatti.

I ask him to define what makes Rimac stand apart—what has brought so many established carmakers to Croatia in search of a way to make a fast EV quickly?

“Look at the Nevera,” he says. “Almost everything in it was developed internally. This is what makes us different. There is no other car company that has developed so many things in a car by themselves. And the second thing is execution. There are many other start-ups working on their cars. Many of them have existed longer than us, and all of them have more funding than us. But we are the first after Tesla who finished the car and started production. Execution is everything.

“And we do it for a fraction of the cost of others. It’s not because Croatian salaries are lower. It’s because we do things very differently from the other carmakers. And lastly, of course, it’s performance. There’s nobody even close to us.”

Rimac Nevera Monocoque

The Rimac Nevera monocoque, the biggest and stiffest single piece of carbon fibre in the automotive industry. Rimac Automobili

This is demonstrably true. In August a Nevera was independently tested at the Famoso dragstrip in California. The Bugatti Chiron Sport held the previous world production-car acceleration record, covering the quarter-mile in 9.4 seconds. The 1427kW Nevera ate up Famoso’s sticky tarmac in just 8.582 seconds at a terminal velocity of 268km/h. That 0.8 second difference is a lifetime in these matters: Now combustion engines will never catch up. The Tesla Model S Plaid faced off against the Nevera in three races a few days later and, though it also beat the Chiron’s time, as promised, with a top time of 9.272 seconds, it was a long way behind the Nevera.

The Nevera’s stellar price automatically puts it in the beyond-premium segment of the car market, and while it’s surprisingly comfortable and practical for something with such terrifying performance, it was never intended to be a luxury good. Bugatti is different, though, and this young, egalitarian, unpretentious electronic engineer is now in control of one of the world’s great luxury brands. The glamour of running a marque like Bugatti and delivering a luxury customer experience doesn’t seem to drive him; the question of whether he has plans to reinvent super-premium motoring as comprehensively as he has reinvented electric performance cars remains.

“For me, it’s more about cars and ecology,” he says. “For the Nevera, luxury was not really a concern: It’s more about tech and performance. Luxury is much more important to Bugatti. That’s why I think the two brands can coexist. Over the last 20 years, no other car had Bugatti’s performance. That’s what made them special. Then came craftsmanship, quality and details, but number one was performance. But now performance is increasingly commoditized. You have a five-seat sedan like the Model S being faster-accelerating than pretty much anything else on the road. So what puts you at the top of the pyramid in the future? Is it really just performance?

“Of course we’ll still do hypercars for Bugatti. We are working on a Chiron successor. But looking at Bugattis of the past, there haven’t been only sports cars. When performance alone is no longer the top selling point, what puts you at the pinnacle? Is it still a two-seat, rear-engine hypercar? Or might there be something else? There’s an opportunity for Bugatti in the future to have very interesting cars that are completely different to other models on the market, while Rimac remains a maker of very high-performance sports cars. But we haven’t figured that out ourselves yet.”

The details haven’t been officially confirmed, but there will be two all-new Bugattis engineered by Rimac before 2030. The first will be a 1491kW, two-seat hybrid hypercar, due around 2025. The Chiron’s 8.0-litre W-16 engine shorn of its four turbos will make half of that power and a Rimac electric-drive system the rest. Next comes a pure EV by 2030. From his hints, we may reasonably expect a four-door grand coupe to differentiate it from future Rimacs and to continue where Bugatti’s fabulous but ill-fated Royale of the 1930s left off.

Rimac will be involved in every aspect of their design. While his fellow Croat Adriano Mudri heads the company’s design department and Rimac’s specific expertise is in electric power trains, he obsesses over every aspect of his car’s design in the broadest sense.

 

 

Rimac Nevera Chassis

The hypercar’s 4-motor drivetrain and 120 kwh battery pack. Rimac Automobili

“With a car, everything is important,” he says. “I define every little detail. The company is still very dependent on me for that, but I don’t think that’s good. I think that’s a personal failure.”

It’s clearly the cars, their design and engineering, and the environment that enthuse him. And given the tiny volumes in which his own cars will be made, his attention may begin to turn to some unexpected new projects where the ecological benefit is greater.

“I love hypercars. I love doing this stuff,” he says. “But in reality, it has a low impact on society. Electrification is an important step, but on its own it’s not going to save the world. I believe there are much bigger levers. In automotive terms, the big impact comes from new mobility, and we want to be a significant part of it. It doesn’t mean that we will stop doing what we are doing now, but for the last few years we’ve been working on a robot taxi service and the whole ecosystem around it. I don’t want to say too much about it. I’d rather do it and then show it. But you’ll see it early next year.”

His fellow supercar auteurs may be glad to see Rimac’s intellect and energy distracted by more pedestrian projects, though at this level there’s little conventional rivalry: Many of their customers can simply buy every model that interests them, and the marques are as likely to collaborate as compete. “It has been amazing to follow and support Mate’s rise,” says Christian von Koenigsegg, whose Regera uses Rimac’s batteries. “He has stayed true to his calling since a young age. For sure it was a big bet for us to trust such a young company and founder as a supplier. Neither Mate nor myself are traditional engineers, as we don’t have academic engineering backgrounds, but are more self-taught. I even think this might be a prerequisite for what we do as we are less limited in our thinking, and by working together we showed the big boys there is a new era coming.

“Bugatti always prided itself on being a part of a large group,” he continues. “We at Koenigsegg have always taken pride in standing on our own two feet. Now Bugatti has been taken over by a similar company with a similar philosophy to us, so now the extreme-sports car producers are more stand-alone than before. That’s a big shift. It’s interesting how the world changes.”

The world might be moving Rimac’s way, but there’s still risk. Those big contracts and the Bugatti deal make funding easy now, but he has to scale up fast, delivering power trains in far higher volumes than before and to perfect, German premium-marque quality levels from job one. By his own admission, he also has to make the business less dependent on him and maintain the energy and agility of a start-up while acquiring the scope of a proper, grown-up business. As even Elon Musk can attest, that’s not easy.

From New York, Rimac tells me that he has been looking at the stock tickers in Times Square and thinking again about an IPO. He doesn’t want to do it until he is shipping Neveras, fulfilling those new bigger contracts, has built his $240 million campus headquarters near Zagreb for the 2,500 employees he will have by 2023 and has revenues in the approx. $822 million range, which will happen rather earlier.

He wonders if he made a mistake in not going public sooner. “This is my first job, you know?” he says. “I don’t know how many things I’m doing good, or how many things I’m doing very badly. I guess there must be both.” Given Rimac’s current valuation of around $8.23 billion, and potentially much more if the robotaxi bet comes in, his investors and the major carmakers seem to think he’s doing okay. Maybe he’ll wear shorts when he finally rings the Nasdaq opening bell.

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8 Trés Chic French Watches Perfect for Commemorating the Olympics, from Breguet to Cartier

Chanel, Cartier, Louis Vuitton, Breguet, and more make up quite a stellar list of French watches perfect for remembering the Paris Olympics for decades to come.

By Victoria Gomelsky 27/07/2024

The opening ceremony for the 2024 Olympic Games takes place in Paris on July 26th. Whether or not you’re attending the games, one way to celebrate the start of the world’s biggest sporting event, and to show some espirit de corps with your fellow Francophiles, is by treating yourself to a French watch. Of course, you could go for the very Swiss Omega Speedmasters that came out to commemorate the Paris Olympics earlier this year, and that would be a tasty choice, but perhaps something more French is in order.

Also, if you’re going to be in Paris for the games (or anytime really) we have an excellent guide to the best watch boutiques in Paris for you, as well.

While not all of the timepieces highlighted below were made in France (so few watches are anymore), they each have deep connections to Paris, French watchmaking and/or Gallic style. And, as we’ve written elsewhere, French watchmaking has a long-standing and powerful influence on Swiss watchmaking. In fact, it was in Paris the Louis Cartier perfected the Tank that would go on to make wearing a watch on the wrist popular in the first place, this during the 1920s and 30s. And, of course, Cartier watches are all the rage these days, including the rather tiny Tank Mini, which made big waves at Watches and Wonders this year, as well as the Tortue, which made our best-of list this year.

Indeed, the Parisian horological roots run deep, but it’s not all Cartier. From Louis Erard’s whimsical collaboration with French interior-designer-turned-watchmaker Alain Silberstein to the dreamy, avant-garde designs of Paris-based Trilobe, there’s something for everyone in this mix.

Of all the watches Cartier introduced at Watches and Wonders Geneva this year, the Tortue re-edition was the most talked-about. Even older than the Tank, the tortoise-shaped model (born in 1912) is now available in a monopusher chronograph as well as the simpler “hours and minutes” platinum version shown here. Limited to 200 pieces, the stylish and shapely Tortue, which comes out in September, makes clear that even though Cartier manufactures all of its watches in Switzerland, the Paris-based brand is French to its core. $54,770.

Although Breguet is now based in Switzerland, its namesake, Abraham-Louis Breguet, inventor of the tourbillon as well as the now-ubiquituous Breguet hands and numerals, made his mark on horology in Paris, where he maintained a workshop at 39 Quai de l’Horloge. The brand pays tribute to that history with its latest tourbillon, a 46 mm rose gold wristwatch equipped with not one, but two of the whirling mechanisms. Be sure to admire the engraving on the back of the movement, which depicts an aerial view of the workshop. C’est magnifique! Price on request.

In 2018, Paris-based Trilobe introduced its Les Matinaux (“The Morning”) collection, and with it, a new way of telling the time. Employing a wandering display, the watch used three discs that rotated counterclockwise and three fixed pointers to indicate the hours, minutes and seconds. Named after a collection by the midcentury French poet René Char, the series recently spawned a new sand-colored Dune edition that marks the brand’s entrée into the world of complications. Limited to 100 pieces, the model, dubbed L’Heure Exquise (“The Exquisite Hour”), features a moonphase complication that evokes the orbit of the Moon around the Earth against the backdrop of a starry night sky. $21,995

Arguably the Frenchiest brand on our list, Chanel made a name for itself as a high-end (as opposed to fashion) watchmaker in 1999, when it introduced its signature timepiece, the J12 (in unusual-for-the-time ceramic, no less). At Watches and Wonders Geneva in April, the brand upped the ante with its latest Monsieur timepiece, the Superleggera Intense Black, a limited edition of 100 pieces inspired by car racing. Housed in a matte black ceramic and steel case, the watch features a matte black guilloché dial and comes on a black nylon strap with black calfskin leather trim and lining. $69,651

Like so many of Hermès’s most sought-after watches, the new 34 mm Arceau Grand Tralala Brides et Mors traces its design to another Hermès product, in this case the Grand Tralala silk scarf created by French artist Virginie Jamin. Patterned after the prestigious harnesses worn by the Royal Hungarian Bodyguard in the 19th century, the graphic design evokes the look of intertwined bridles and bits within a rose gold frame. Note the bit-shaped seconds hand! $72,172

Imagine if Rolex’s much-talked-about emoji watch of 2023 had a child with the Memphis Group, a collective of Milan-based architects and designers who became known in the 1980s for their use of bright primary colors and bold patterns. That’s a quick way to describe the new 40 mm Smile-Day limited edition in titanium from Swiss watchmaker Louis Erard, whose latest collaboration with the iconoclastic French watchmaker Alain Silberstein reflects his signature whimsy. Silberstein was trained in graphic design and architecture in Paris by former members of Germany’s Bauhaus faculty, and he takes his whimsy very seriously. Between the aperture at six o’clock featuring a sliding carousel of seven emojis, the yellow squiggly seconds hand and the nostalgic color scheme, the piece is an instant classic. $8,019

 

The dress watch revival continues with the new Escale by Louis Vuitton, an elegant timepiece honoring the 10th anniversary of the Escale collection (its first time-only, three-hand watch). Of the four new models in the line, two come in rose gold (like the 39 mm automatic model shown here), while the other two come in platinum. The former feature textured dials designed to evoke the suppleness and tactility of the Louis Vuitton Monogram canvas on metal. Equipped with a chronometer-certified movement with 50 hours of power reserve, the rose-gold Escale comes on a calf-leather strap. In a press release, the brand made sure to emphasize the model’s roots: “Just below the 12 o’clock hour marker, under the Louis Vuitton logo, is one word that encapsulates everything there is to be known about the Escale’s creative rebirth: Paris.” $40,324

The BR03 Diver from Paris-based Bell & Ross celebrates its seventh anniversary this year. Recognised as the first square diving watch, the 2024 edition is new in more ways than one. Composed of five new models, including the full lume version with a pale blue dial shown here, the series is equipped with an improved automatic movement boasting 54 hours of power reserve, new typography, redesigned hands for optimal legibility and a new adaptable strap. $8,248

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How Paris’s Dining, Hotel and Art Scene Got Their Groove Back — Just in Time for the Olympics

The French capital’s cultural life was already on the upswing. Mix in a major global sporting event, and it’s now ready to go toe to toe with any city in the world.

By Vivian Song 09/07/2024

Host cities of modern-day Olympic Games have gotten into the competitive spirit by trying to stage the most spellbinding, over-the-top opening ceremony on record. Beijing enlisted 2008 drummers. London featured James Bond escorting Queen Elizabeth II. All Rio needed to wow the crowd was Gisele, who turned the stadium into her personal catwalk, strutting the length of the field solo. But only Paris could make the unprecedented gamble that the city itself is spectacular enough to be the star of the show.

If all goes according to plan when the Summer Olympics alight in Paris this July, the opening ceremony will play out like a Hollywood epic: timed to coincide with the sinking of the sun, an open-air flotilla of boats will ferry the athlete delegations on the Seine, sailing toward the sunset as hundreds of thousands of spectators cheer from either side of the river’s banks and the bridges above, all bathed in the amber afterglow.

Café life in Saint-Germain-des-Prés
Nico Therin

It will mark the first time the ceremony will be held outside a stadium, let alone on a waterway. So too many of the events themselves, instead of being mounted in mostly generic stadiums on the outskirts of the city, will take place in the heart of Paris, reframing the French capital in a way that locals and visitors alike have never experienced—and that’s sure to dial up the promise of pageantry and emotion.

The Eiffel Tower’s latticed silhouette will serve as the backdrop for beach volleyball at Champs de Mars. Place de la Concorde, where more than a thousand people (including Louis XVI and Marie Antoinette) had their heads lopped off during the French Revolution, will be the site of newly admitted Olympic sports such as skateboarding and breakdancing. And though Olympic swimmers have raced in pools since 1908, this year’s athletes are slated to compete in the river itself. (Competitions will also take place in cities across France, from Lyon to Marseille, and Tahiti in French Polynesia will host the surfing event.)

The specs are ambitious and inventive, and in some ways could restore the city’s reputation for audacity. Because while the City of Light may be known as the cradle of fashion, culture and gastronomy, not too long ago it was also regularly accused of slipping into a lazy, even smug, complacency—stuck in its ways, resting on the laurels of its storied past.

In the food world, those doldrums translated into controversial snubs from the influential World’s 50 Best Restaurants list, known for flushing out avant-garde chefs. The French Michelin Guide, once considered the ultimate arbiter of fine dining, suddenly seemed staid and irrelevant. London and Berlin took Europe’s centre stage in art and design. Even President Emmanuel Macron described his fellow countrymen as resistant to change, much to the ire of those fellow countrymen—and countrywomen.

But influential creatives and Parisians say that in the years leading up to the Games, and particularly since the pandemic, something has shifted. “I really think that during the last 10 years, Paris opened itself to more new things, for different trends,” says Hélène Darroze, the acclaimed chef whose six restaurants include Michelin two-star Marsan in Paris and her three-star namesake at The Connaught in London. “Paris is happier than before, more joyful than before.”

There’s a giddy sense of anticipation, says the illustrator Marin Montagut, who has collaborated with Le Bon Marché and the Ritz Paris and owns an eponymous boutique in Saint-Germain-des-Prés where he sells hand-painted glassware and porcelain decor. “It feels like Paris is trying to look very, very pretty for a very important evening. She’s been getting some plastic surgery and is trying to get ready in time,” he says with a chuckle. “There’s just a lot of effervescence in the city.”

The Right Bank’s Golden Triangle has seen a recent revival.
Nico Therin

For better or for worse, some of the credit for that renewed vitality belongs to the light-as-soufflé Netflix series Emily in Paris, which quickly became the collective escapist fantasy for viewers around the world who were grounded by the Covid-19 virus. Another part of that newfound energy, though, can be traced to the frenzied building of luxury hotels, restaurants, galleries, museums and boutiques over the past few years, including Montagut’s own Paris-themed shop, which he opened in 2020.

In the past three years alone, 25 new five-star hotels debuted across the city, bringing the total to 101. Noteworthy newcomers include Madame Rêve, Kimpton St. Honoré Paris, Château des Fleurs, Maison Proust, LVMH’s Cheval Blanc Paris, and Chopard’s first boutique hotel here, 1 Place Vendôme. The dual autumn 2023 openings of Le Grand Mazarin and La Fantaisie hotels marked the Paris debut of Swedish designer Martin Brudnizki, whose playfully modern, maximalist and flamboyant aesthetic injected colour and character into Paris’s elite hotel scene.

In parallel with the growth of traditional hotels, new players in the luxury rental market are emerging, joining the likes of Le Collectionist and Belles Demeures. Founded in 2020, Highstay rents out luxury serviced apartments equipped with kitchens and living spaces. The firm’s current portfolio includes 36 apartments in areas such as the Champs-Élysées and Saint-Honoré, and another 48 are under construction—all of which it owns. There is no check-in (guests are sent digital access codes) and all concierge requests, including housekeeping and travel reservations, are made via live chat on a dedicated guest portal. “The goal is that guests get the real Parisian experience and feel like an insider, like a city dweller,” says general director Maxime Lallement.

The idea of making Paris as welcoming as a second home is also what drives the luxury real-estate market for foreign buyers, particularly Americans, says Alexander Kraft, CEO of Sotheby’s International Realty France-Monaco. He sees 2024 as a “transition year” and says that the local market is moving at two different speeds: while demand for properties between roughly $1.5 million and $8.5 million has cooled, high-end properties between about $17 million and $85 million continue to sell fast among buyers from the Middle East. Kraft predicts the market will pick up in 2025 following the US presidential election. “Paris is one of those real-estate markets that is eternally popular,” he says. “Contrary to other international cities, it really has broad appeal.”

The living room of a Highstay apartment in Le Marais.
Nico Therin

Montreal-born, New York–based interior designer Garrow Kedigian is one of those frequent visitors who decided to take the leap and buy his own pied-à-terre in Paris a few years ago, after a lifetime of travelling back and forth for both work and pleasure.

As a part-time resident, Kedigian says he too has noticed a palpable shift in the city’s vibe, which he attributes to a renewed appreciation for tourists following their absence during the pandemic, as well as an “international flair” that has given the city a fresh spark. “There’s a lot more cultural diversity than there was before,” he says. “In that respect it’s a bit like New York. And I think that now the interface between Paris’s unique flavour and the international populace is a little bit smoother.”

For Montagut, one of the best examples of this synergy can be found in Belleville, in the city’s east end, where independent artists, musicians and other urban creatives rub shoulders in Chinese, African, and Arab restaurants and businesses. “There’s a social and cultural diversity here, and for me this is really important,” Montagut says. “If Paris was just the 6th arrondissement, it would be boring.”

The eastern edge of Paris is also one of the preferred neighbourhoods of Michael Schwartz, the marketing and communications manager for Europe at French jewellery house Boucheron. A recent New York City transplant, he is drawn to the burgeoning number of gastronomic gems far from the madding tourist crowds.

A view over the rooftops to the Eiffel Tower.
Nico Therin

He points to sister restaurants Caché and Amagat (the names mean “hidden” in French and Catalan, respectively), discreetly located at the end of a cobblestoned cul-de-sac, as favourites. With backgrounds in fashion and advertising, the Italian duo who run them have attracted equally fashionable locals to this hitherto quiet part of town. Caché serves up fresh Mediterranean seafood dishes, while next door, Amagat specialises in Catalan tapas.

Then there’s Soces, a corner seafood bistro on rue de la Villette, where you might find Jean-Benoît Dunckel, who co-wrote the score to Sofia Coppola’s film The Virgin Suicides when he was part of the electronic-music duo Air (Dunckel’s recording studio is in the area), or the French designers behind the Coperni fashion line, Sébastien Meyer and Arnaud Vaillant. “This is a really special restaurant,” says Schwartz. “It’s frequented by really cool creatives, designers and musicians, and it’s kind of a destination restaurant for most people because it’s not central.”

What makes Paris’s dining scene so exciting now, according to Stéphane Bréhier, editor in chief of French restaurant guide Gault& Millau, is a sense of fearlessness among younger chefs who reject the traditional trajectory that begins with a lowly stage in a Michelin-star kitchen. What’s more, visitors are likewise foregoing Michelin establishments in favour of newer, more experimental dining spots. “Over the last few years, there’s been a profusion of young chefs who don’t want to work for other people and are daring to set up their own shop,” Bréhier says. “The gastronomic scene is booming in Paris.” 

At work in La Tour d’Argent’s kitchen
Nico Therin

These bold, emerging chefs feel less bound not only to their elders but also to French cuisine itself. “It has changed a lot,” says Hélène Darroze, who opened Marsan, her first Parisian restaurant, 25 years ago. “The new generation travelled a lot—in South America, for example, in Asia—before opening a restaurant or being a head chef somewhere. They opened themselves to other cultures. This is why the culinary scene at the moment is very interesting in Paris; because it’s a mix of very famous chefs with Michelin stars but also young chefs who don’t care about Michelin stars—they just want to explore so many fields.”

The ever-growing importance of social media and its insatiable hunger for envy-inducing images is driving another major trend in the dining scene: rooftop spots, including Mun and Girafe in the Golden Triangle, the area bordered by avenues Montaigne and George V and the Champs-Élysées. “A lot of rooftops have opened in Paris, where before they were pretty much nonexistent apart from the Eiffel Tower and the Montparnasse Tower,” says Dimitri Ruiz, head concierge at Hôtel Barrière Fouquet’s Paris on the Champs-Élysées.

Five-star Right Bank hotels SO/ and Cheval Blanc Paris have watering holes that offer sweeping vistas of the Seine. But perhaps the most coveted perch during the opening ceremony will be the Champagne bar at La Tour d’Argent restaurant, which boasts unobstructed views of the Notre-Dame Cathedral and the Seine. (And yes, someone already had the idea to book it for a private event.) Famous for its signature pressed duck as well as for hosting monarchs and heads of state, the historic restaurant recently underwent a major renovation that included the addition of the aerie, which opened late last summer. “It’s only been in the last 10 years or so that Paris has been developing rooftops, and it’s really taking off like wildfire,” says third-generation owner André Terrail.

Paris’s venerated fashion industry has also found ways to innovate, with fresh faces keeping their fellow couturiers on their toes and the shopping options enticing. In 2022, for example, Simon Porte Jacquemus opened his first boutique in the city on avenue Montaigne—home to Gucci, Chanel, and Prada, among other venerable names—and in March, at the age of 34, became France’s youngest fashion designer to be named a Chevalier de l’Ordre des Arts et des Lettres for his contributions to the field. That kind of success has a ripple effect in the creative community.

“Almost every street has the name of an artist or a politician,” says Charaf Tajer, the Parisian-born creative director behind the London-based Casablanca sportswear line. “So the city reminds me always that the people who came before me, who walked those streets, created the future in a way. As much as [Paris] seems stuck in time visually, you can also feel the energy of people creating the present.”

Interior designer David Jimenez, whose 2022 book Parisian by Design compiles his Francophile projects, moved to the city in 2015 and spent his first few years living near the Champs-Élysées, which he says has undergone a noticeable revival. Along with Jacquemus’s arrival, new luxury openings or expansions—including Burberry, Saint Laurent, Bottega Veneta, and Panerai—and city-led greening efforts are bringing Parisians back to the 8th arrondissement, long dismissed as an overcrowded tourist trap where fast-food and fast-fashion chains had colonised the once glamorously luxe avenue. Now, Dior’s captivating Peter Marino–designed museum draws legions of fans, while the city has been busy planting more trees, renovating gardens and repairing damaged sidewalks as part of a long-term embellishment plan. And on the first Sunday of every month, the entire length of the Champs-Élysées becomes a pedestrian-only promenade. “It’s an exciting evolution in a part of the city that seemed sleepy and perhaps lost its way a little bit,” Jimenez says. “Now there’s a thrust forward.”

Jardins du Luxembourg is a perennially popular Left Bank locale for sitting or strolling.
Nico Therin

The thriving fashion houses are responsible for more than maintaining the city’s unparalleled reputation for chic. To a large degree, they have also helped revive its status as an art capital. The billions generated by LVMH (parent of Louis Vuitton, Dior and Berluti, among others) and Kering (Alexander McQueen, Gucci, Bottega Veneta, et al.) funded the extraordinary contemporary art collections amassed by their founders, Bernard Arnault and François Pinault, respectively. The rivals rewarded their hometown with two museums, Fondation Louis Vuitton and Bourse de Commerce, that have helped make it a leader in contemporary art.

Also lending a hand: Brexit, which persuaded many international galleries to brush up on their French. One of the most talked-about recent additions is the powerhouse Hauser & Wirth, which opened in a 19th-century hôtel particulier near the Champs-Élysées last year. David Zwirner arrived in 2019, Mariane Ibrahim in 2021, and Peter Kilchmann the following year, all joining long-established Parisian galleries including Perrotin and Thaddaeus Ropac. The City of Light even snagged its own coveted annual installment of Art Basel: Paris+, which now runs every October in the Grand Palais.

“Quite frankly, Paris has been putting up some of the most incredible exhibitions in institutions in Europe,” says Serena Cattaneo Adorno, senior director at Gagosian. “And a lot of private collectors have also decided to open spaces in the city, creating a great dynamic between public and private galleries.”

The always-savvy Gagosian, on rue Ponthieu, has hit upon an authentic tie-in with the Games: a summer exhibition featuring Olympic posters created over the years by celebrated artists from Picasso on up to Warhol, Hockney and Tracey Emin. “Once you start digging, you find that a lot of artists have reflected on sports and the engagement of the body,” Cattaneo Adorno says. “It’s just a really pure and beautiful message about how art and sports have dialogues that can be somewhat surprising.”

A few months out from the festivities on the Seine, interior decorator Jimenez sums up the mood of many locals, saying (only half-jokingly), “I think for most Parisians, there’s a sense of curiosity, optimism, excitement—and an exit plan, in that order.”

While polling shows that nearly half of Parisians intend to vacate the city during the games, Jimenez notes that he will be watching the opening ceremony with friends who live in an apartment overlooking the Seine. “I want to be part of the excitement. I want to see as much as I can and be energised by this very special and unique moment,” he says. “It’s a once-in-a-lifetime opportunity, and I am deeply grateful to be able to experience it first-hand as an American living in Paris.”

Additional reporting by Lucy Alexander and Justin Fenner.

 

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Watches & Wonders 2024 Showcase: Hermès

We head to Geneva for the Watches & Wonders exhibition; a week-long horological blockbuster featuring the hottest new drops, and no shortage of hype.

By Josh Bozin 24/07/2024

With Watches & Wonders 2024 well and truly behind us, we review some of the novelties Hermès presented at this year’s event.

HERMÈS

Hermes Cut

Moving away from the block colours and sporty aesthetic that has defined Hermès watches in recent years, the biggest news from the French luxury goods company at Watches & Wonders came with the unveiling of its newest collection, the Hermès Cut.

It flaunts a round bezel, but the case middle is nearer to a tonneau shape—a relatively simple design that, despite attracting flak from some watch aficionados, works. While marketed as a “women’s watch”, the Cut has universal appeal thanks to its elegant package and proportions. It moves away from the Maison’s penchant for a style-first product; it’s a watch that tells the time, not a fashion accessory with the ability to tell the time.

Hermès gets the proportions just right thanks to a satin-brushed and polished 36 mm case, PVD-treated Arabic numerals, and clean-cut edges that further accentuate its character. One of the key design elements is the positioning of the crown, boldly sitting at half-past one and embellished with a lacquered or engraved “H”, clearly stamping its originality. The watch is powered by a Hermès Manufacture movement H1912, revealed through its sapphire crystal caseback. In addition to its seamlessly integrated and easy-wearing metal bracelet, the Cut also comes with the option for a range of coloured rubber straps. Together with its clever interchangeable system, it’s a cinch to swap out its look.

It will be interesting to see how the Hermès Cut fares in coming months, particularly as it tries to establish its own identity separate from the more aggressive, but widely popular, Ho8 collection. Either way, the company is now a serious part of the dialogue around the concept of time.

hermes.com

Read more about this year’s Watches & Wonders exhibition at robbreport.com.au

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Watch This Space: Mike Nouveau

Meet the game-changing horological influencers blazing a trail across social media—and doing things their own way.

By Josh Bozin 22/07/2024

In the thriving world of luxury watches, few people own a space that offers unfiltered digital amplification. And that’s precisely what makes the likes of Brynn Wallner, Teddy Baldassarre, Mike Nouveau and Justin Hast so compelling.

These thought-provoking digital crusaders are now paving the way for the story of watches to be told, and shown, in a new light. Speaking to thousands of followers on the daily—mainly via TikTok, Instagram and YouTube—these progressive commentators represent the new guard of watch pundits. And they’re swaying the opinions, and dollars, of the up-and-coming generations who now represent the target consumer of this booming sector.

MIKE NOUVEAU

@mikenouveau

Mike Nouveau

Can we please see what’s on the wrist? That’s the question that catapulted Mike Nouveau into watch stardom, thanks to his penchant for highlighting incredibly rare timepieces across his TikTok account of more than 400,000 followers. When viewing Nouveau’s attention-grabbing video clips—usually shot in a New York City neighbourhood—it’s not uncommon to find him wrist-rolling some of the world’s rarest timepieces, like the million-dollar Cartier Cheich (a clip he posted in May).

But how did someone without any previous watch experience come to amass such a cult following, and in the process gain access to some of the world’s most coveted timepieces? Nouveau admits had been a collector for many years, but moved didn’t move into horology full-time until 2020, when he swapped his DJing career for one as a vintage watch specialist.

“I probably researched for a year before I even bought my first watch,” says Nouveau, alluding to his Rolex GMT Master “Pepsi” ref. 1675 from 1967, a lionised timepiece in the vintage cosmos. “I would see deals arise that I knew were very good, but they weren’t necessarily watches that I wanted to buy myself. I eventually started buying and selling, flipping just for fun because I knew how to spot a good deal.”

Nouveau claims that before launching his TikTok account in the wake of Covid-19, no one in the watch community knew he existed. “There really wasn’t much watch content, if any, on TikTok before I started posting, especially talking about vintage watches. There’s still not that many voices for vintage watches, period,” says Nouveau. “It just so happens that my audience probably skews younger, and I’d say there are just as many young people interested in vintage watches as there are in modern watches.”

 

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A post shared by Mike Nouveau (@mikenouveau)

Nouveau recently posted a video to his TikTok account revealing that the average price of a watch purchased by Gen Z is now almost US$11,000 (around $16,500), with 41 percent of them coming into possession of a luxury watch in the past 12 months.

“Do as much independent research as you can [when buying],” he advises. “The more you do, the more informed you are and the less likely you are to make a mistake. And don’t bring modern watch expectations to the vintage world because it’s very different. People say, ‘buy the dealer’, but I don’t do that. I trust myself and myself only.”

Read more about the influencers shaking up horology here with Justin Hast, Brynn Wallner and Teddy Baldassare.

 

 

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5 Lounge Chairs That Add Chic Seating to Your Space

Daybeds, the most relaxed of seating solutions, offer a surprising amount of utility. 

By Marni Elyse Katz 22/07/2024

Chaise longue, daybed, recamier, duchesse brisée—elongated furniture designed for relaxing has a roster of fancy names. While the French royal court of Louis XIV brought such pieces to prominence in fashionable European homes, the general idea has been around far longer: The Egyptian pharaohs were big fans, while daybeds from China’s Ming dynasty spurred all those Hollywood Regency fretwork pieces that still populate Palm Beach living rooms. Even Mies van der Rohe, one of design’s modernist icons, got into the lounge game with his Barcelona couch, a study of line and form that holds up today.

But don’t get caught up in who invented them, or what to call them. Instead, consider their versatility: Backless models are ideal in front of large expanses of glass (imagine lazing on one with an ocean view) or at the foot of a bed, while more structured pieces can transform any corner into a cozy reading nook. Daybeds may be inextricably linked to relaxation, but from a design perspective, they put in serious work.

Photo: Courtesy of Egg Collective

Emmy, Egg Collective 

In designing the Emmy chaise, the Egg Collective trio of Stephanie Beamer, Crystal Ellis and Hillary Petrie, who met as students at Washington University in St. Louis, aimed for versatility. Indeed, the tailored chaise looks equally at home in a glass skyscraper as it does in a turn-of-the-century town house. Combining the elegance of a smooth, solid oak or walnut frame with the comfort of bolsters and cushioned upholstery or leather, it works just as well against a wall or at the heart of a room. From around $7,015; Eggcollective.com

Plum, Michael Robbins 

Woodworker Michael Robbins is the quintessential artisan from New York State’s Hudson Valley in that both his materials and methods pay homage to the area. In fact, he describes his style as “honest, playful, elegant and reflective of the aesthetic of the Hudson Valley surroundings”. Robbins crafts his furniture by hand but allows the wood he uses to help guide the look of a piece. (The studio offers eight standard finishes.) The Plum daybed, brought to life at Robbins’s workshop, exhibits his signature modern rusticity injected with a hint of whimsy thanks to the simplicity of its geometric forms. Around $4,275; MichaelRobbins.com 

Photo: Courtesy of Reda Amalou Design

Kimani, Reda Amalou Design 

French architect and designer Reda Amalou acknowledges the challenge of creating standout seating given the number of iconic 20th-century examples already in existence. Still, he persists—and prevails. The Kimani, a bent slash of a daybed in a limited edition of eight pieces, makes a forceful statement. Its leather cushion features a rolled headrest and rhythmic channel stitching reminiscent of that found on the seats of ’70s cars; visually, these elements anchor the slender silhouette atop a patinated bronze base with a sure-handed single line. The result: a seamless contour for the body. Around $33,530; RedaAmalou

Dune, Workshop/APD 

From a firm known for crafting subtle but luxurious architecture and interiors, Workshop/APD’s debut furniture collection is on point. Among its offerings is the leather-wrapped Dune daybed. With classical and Art Deco influences, its cylindrical bolsters are a tactile celebration, and the peek of the curved satin-brass base makes for a sensual surprise. Associate principal Andrew Kline notes that the daybed adeptly bridges two seating areas in a roomy living space or can sit, bench-style, at the foot of a bed. From $13,040; Workshop/ APD

Sherazade, Edra 

Designed by Francesco Binfaré, this sculptural, minimalist daybed—inspired by the rugs used by Eastern civilizations—allows for complete relaxation. Strength combined with comfort is the name of the game here. The Sherazade’s structure is made from light but sturdy honeycomb wood, while next-gen Gellyfoam and synthetic wadding aid repose. True to Edra’s amorphous design codes, it can switch configurations depending on the user’s mood or needs; for example, the accompanying extra pillows—one rectangular and one cylinder shaped— interchange to become armrests or backrests. From $32,900; Edra

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