The LVMH Group announced that it is entering the waters of the yachting industry with its plans to acquire Royal van Lent, a prominent builder and designer of megayachts for the Netherlands-based Feadship Yachts. Royal van Lent brings a 160-year history in yacht construction to LVMH.

LVMH will work closely with Royal van Lent’s management team to further develop the existing relationship with Feadship. LVMH’s highly recognizable status as a luxury-brand leader will be tapped to expand the brand worldwide. The storied builder has built more than 800 yachts and specializes in the building of megayachts, or vessels measuring 50 meters or longer. CEO Dick van Lent will remain at the helm of Royal van Lent.

“I am delighted that Royal van Lent will become part of the LVMH family, which has a proven track record in preserving the heritage of prestigious brands, with high quality products, while positioning them for successful global growth.” He further added, “We look forward to benefiting from the support and strategic leadership of the world’s leading luxury goods company. I am pleased to be involved in the continued development of Royal van Lent.”

LVMH’s group managing director Antonio Belloni said, “This acquisition is an outstanding opportunity for LVMH to welcome to the group as prestigious a business as Royal van Lent, which is well-established in the ultra-luxury market. We are confident about its growth potential in the exclusive mega-yacht sector, [which is] a market with sustainable growth prospects.”

LVMH has been active in the yacht world for years with the yearly Louis Vuitton Cup, an annual regatta that precedes the America’s Cup. The world’s leading luxury products group is set to enter the megayacht marketplace swimmingly.