Porsche has recently acquired a ten percent stake in the Croatian automotive company Rimac Automobili, nestled near the childhood home of Nikola Tesla. The small Croatian company has just showcased their new hypercar 'C_Two' at the PETERSEN AUTOMOTIVE MUSEUM. It is the companies all-new, all-electric hypercar priced at $2.1 million. The Rimac C_Two is scheduled to begin delivery in 2020 and only 150 will go into production. The car is projected to go from 0 - 60mph in 1.85 seconds, half a second quicker than Bugatti’s Chiron.
ITC travel, which arranges bespoke holiday packages for the super rich, was sold to equity firm NorthEdge in the multi-million pound deal. ITC was set up in 1974 to provide a luxury holiday service - It offers upmarket packages such as the Grand Prix and yachting in the Caribbean. It was previously featured on the BBC documentary ‘the Millionaires Holiday Club.’
NorthEdge have bought the majority share in the company, providing investment for improving its presence in the mainstream holiday market and upgrading its technology. “Our customers demand unique experiences in the world’s most exclusive destinations,” said ITC boss, Jen Atkinson. “We’ll also be looking to broaden our product offering beyond our current luxury and tailor-made proposition.” ITC was the first commercial travel firm to charter Concorde.
A British bike builder, Filament, recently launched its carbon fibre bicycle design at the Bespoked Handmade UK Bicycle Show in Bristol earlier this year. Although many road bikes today are built using the lightweight material, Richard Craddock is overcoming the technical difficulties of carbon fibre in order to make a frame that is custom built for its rider. From his workshop in Worcestershire, Craddock selects the right tube diameters, fibre and resin types, the number of sequence and plys used for joining the tubes, as well as the bike’s geometry, based on the rider’s height and weight. Other specialty features also include Sram’s new wireless eTap gear changing system. After four years of development and testing, Filament bespoke, carbon frames are now available for purchase by the public and start from £2,680.
US fashion retailer Ralph Lauren has decided to cut 1,000 jobs, equivalent to 8% of its workforce, in a move expected to save between $180 million and $220 million per year. More than 50 stores are also expected to close, as the firm is struggling to match sales with stockpiles. The cost savings measures are the first major announcement under the company’s new CEO Stefan Larsson, who replaced founder Ralph Lauren in November 2015. The financial markets reacted modestly to the news, and Ralph Lauren shares fell 0.6% in New York trading on Wednesday. Compared to a year ago, the share price has fallen nearly 31%.
The Sunday Times rich list has now been revealed. The top 25 names on the list are as follows...
25. Baroness Howard de Walden and family - Net worth: £3.63 billion ($5.22 billion) - Age: 80
The family controls 90 acres of central London land.
24. Denise, John, and Peter Coates - Net worth: £3.765 billion ($5.422 billion) - Age: 48, 46, 68
Britain's richest self-made woman, owner of betting shop - Bet365, worth around £3.5 billion.
23. Bruno Schroder - Net worth: £4.06 billion ($5.84 billion) - Age: 83
Great-great-grandson of John Henry Schroder, cofounder of Schroders (founded 1804).
22. Christo Wiese - Net worth: £4.33 billion ($6.23 billion) - Age: 74
Owner of New Look fashion chain in Britain.
21. Nathan Kirsc - Net worth: £4.37 billion ($6.29 billion) - Age: 84
Founder of Swaziland, a corn-milling business (founded in 1958).
20. John Grayken - Net worth: £4.415 billion ($6.35 billion) - Age: 59
Holds stakes in UK property operation Quintain.
19. Sir Richard Branson - Net worth: £4.52 billion ($6.51 billion) - Age: 65
18. Nicky Oppenheimer - Net worth: £4.83 billion ($6.95 billion) - Age: 70
17. Sir James Dyson - Net worth: £5 billion ($7.2 billion) - Age: 68
Owns more land in England than the queen.
16. Earl Cadogan - Net worth: £5.7 billion ($8.21billion) - Age: 79
The Cadogan Group owns 93 acres in Chelsea.
15. Mohamed Bin Issa Al Jaber and family - Net worth: £5.84 billion ($8.411 billion) - Age: 57
Runs MBI International Holding Group. Once accused Barclays Bank of engaging in corrupt Saudi Arabian deals.
14. John Fredriksen - Net worth: £6.3 billion ($9.07 billion) - Age: 71
Also Norway's richest man. Made his riches during the Iran and Iraq war of 1980 to 1988. His tankers managed to pick up oil from the regions during the fight.
13. Roman Abramovich - Net worth: £6.4 billion ($9.21billion) - Age: 49
12. Sir David and Sir Frederick Barclay - Net worth: £7 billion ($10.08 billion) - Ages: 81
Owners of The Telegraph newspaper. Ex stake holders in Maybourne hotel group, owners of Claridge's, the Berkeley, and the Connaught. Their stake was purchased by Qatari's at £2.4 billion.
11. Lakshmi Mittal - Net worth: £7.12 billion ($10.26 billion) - Age: 66
10. Alisher Usmanov - Net worth: £7.58 billion ($10.92 billion) - Age: 62
The Russian oligarch made his money through steel and iron-ore mines
9. Hans Rausing and family - Net worth: £8.6 billion ($12.39 billion) - Age: 90
The Rausing family are owners of Swiss packaging company Tetra Pak, later renamed Tetra Laval.
8. Kirsten and Jorn Rausing - Net worth: £8.7 billion ($13.3 billion) - Ages: 63, 56
Inherited shareholders of packaging group Tetra Laval.
7. Charlene de Carvalho-Heineken and Michel de Carvalho - Net worth: £9.15 billion ($13.18 billion) - Age: 61, 71
Inherited Dutch brewer Heineken
5. The Duke of Westminster - Net worth: £9.35 billion ($13.32 billion) - Age: 64
Owns the Grosvenor family estate.
5. Ernesto and Kirsty Bertarelli - Net worth: £9.78 billion ($14.48 billion) - Ages: 50, 44
Own the largest yacht ever built in the UK — the Vava II, worth £100 million. Built for Kirsty's 40th birthday.
4. Galen and George Weston - Net worth: £11 billion ($16.8 billion) - Ages: 75, 52
3. Len Blavatnik - Net Worth: £11.59 billion ($16.69 billion) - Age: 58
Built his wealth through oil producer TNK, partner of BP. In 2011, he bought Warner Music.
2. Sri and Gopi Hinduja - Net worth: £13 billion ($19.9 billion) - Ages: 80, 76
Property development, car manufacturing, and recently, the old War Office in London's Whitehall for £300 million.
1. David and Simon Reuben - Net worth: £13.1 billion ($18.9 billion) - Ages: 77, 74
Famous for being wary of debt. Wealthy through property deals such as the Millbank Tower, the John Lewis Partnership HQ in Victoria, and the sale of certain shops in Sloane Street.
British luxury fashion firm Burberry has reported a fall in total revenue of 1% for the six months ending 31 March 2016. CEO Christopher Bailey said the market environment remains 'challenging' for FY 2017, and that the company will focus on reducing costs. One of Burberry's best-performing segments was its digital business, which grew in all regions for the second half of FY 2016. The company also reported a strong demand for its new fragrance Mr. Burberry, which helped increase beauty wholesale revenue by 11% on an underlying basis. Regarding FY 2017, Burberry expects total retail revenue to grow at low single-digit rates, and adjusted profits before tax is expected to be at the lower end of analyst expectations.