Business

Luxury food industry turns sour amid global coronavirus lockdowns

Published

5 years ago

June 12, 2020

SINGAPORE/TOKYO/PARIS (Reuters) – Global demand for premium foods like wagyu beef, bluefin tuna and caviar has plunged with thousands of restaurants shuttered and many economies sliding into recession amid the coronavirus pandemic.

As strict lockdown measures to contain the outbreak ravage global economic activity, the luxury food industry could be among the worst hit since it heavily relies on restaurants and top hotels for demand for deluxe items from caviar to champagne.

While some gourmet food producers are tapping consumers directly to stay afloat, others have been forced to cut output as some products have lost nearly half their value since the start of the year.

Jean-Marie Barillere, co-chairman of champagne producers’ lobby CIVC in France, said he hoped people would celebrate the easing of lockdown with a bottle of champagne, but expected a difficult end to the year.

“This is really a period that looks like a war time,” he said.

Bookings data compiled by OpenTable, an online restaurant reservation service, showed a near 80% year-on-year decline in seated diners at restaurants in the United States, United Kingdom, Germany, Canada, Australia, Ireland and Mexico this year.

People are also less likely to consume luxury foods when stuck at home in the middle of a health crisis and worried about their financial situation, or under clinical social distancing measures as eateries reopen.

“People will not want to taste a Chateau Petrus wine, a lobster or caviar under a bell jar,” said Michel Berthommier, managing director of Caviar Perlita in southwestern France.

“If you force people to eat in these conditions they will prefer going to fast foods.”

Deep discounts

Premium foods was “one of the worst hit sectors worldwide”, said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. He said he did not expect a prompt recovery given many countries were in recession.

Falling demand has already taken a toll on the prices of luxury items.

In Tokyo, the price of top quality wagyu beef cuts has fallen about 30% from a year earlier, bluefin tuna – considered the best in Japan – has dropped more than 40% over that period, while prices of the famed ‘Earl’s melons’ from Shizuoka have slumped 30%.

Russia’s top sturgeon breeding company – Russian Caviar House – meanwhile was offering a 30% discount for Beluga hybrid caviar.

“Spring and summer are always low seasons for the caviar market, but if we compare this period with previous years, the sales in Russia are down 50%,” said the firm’s owner Alexander Novikov.

In France, caviar prices languished near historic lows, champagne sales tumbled, while foie gras producers have had to cut output to prop up prices.

Cifog, a foie gras producers’ group, said restaurants account for 40% of total foie gras sales.

“Mid-March it felt like the sky had fallen on us,” said Florian Boucherie, who produces 2 tonnes of foie gras per year in France.

Oyster and razor clam fishermen from Cape Cod and other top fishing grounds have also had to curb catches as lockdowns upended global eating habits.

Going down

To plug the yawning gap left by eateries, many high-end food producers are attempting to reach consumers directly via e-commerce platforms.

Others are steering more produce onto supermarket shelves.

“We are accelerating our supply of products into some of the world’s largest supermarkets, gourmet butchers and direct to consumers online,” said Hugh Killen, chief executive of Australia’s largest listed beef producer, Australian Agricultural Company (AAC.AX).

But some vendors say selling to supermarkets is far less profitable than selling to high-end restaurants.

In Japan, top sushi chefs pay 400,000 yen ($3,737.97) for 10kg of the best cuts of tuna compared to the 25,000 yen paid by supermarkets for 10kg of lower value cuts, said Yukitaka Yamaguchi, owner of Yamayuki tuna brokerage at Toyosu Market in Tokyo.

He said “the best part of (the) tuna” was usually sold first to high-end sushi restaurants but when these closed the “harakami had nowhere to go.” They eventually started offering high-quality tuna to fish retailers and supermarkets.

For now, Yamaguchi has had to park plans to retire as he has accumulated debt during the pandemic.

“I had planned to retire when I turn 60, but that’s no longer possible,” he said.

Reporting and photo: Reuters

Business

Redefining corporate retreats at Cinnamon Dhonveli Maldives

Published

6 days ago

April 20, 2025

m@ldives

MICE travel is undergoing a sea change—quite literally. No longer limited to traditional conference rooms and structured schedules, Meetings, Incentives, Conferences, and Events (MICE) are now about creating moments that inspire, rejuvenate, and bring teams closer together. At Cinnamon Dhonveli Maldives, the boundaries between business and leisure blur, offering a setting that transforms work into a pleasure.

Just a 20-minute speedboat ride from Malé, Cinnamon Dhonveli Maldives is the ideal destination for teams looking to escape the expected. Here, brainstorming sessions take place on powder-soft beaches, where the rhythmic waves set the pace for new ideas. Mornings might begin with yoga by the ocean, followed by strategy meetings in open-air pavilions. Afternoons invite collaborative workshops under swaying palms or team-building activities that include snorkelling, paddleboarding, or even a friendly beach volleyball match.

Dining at Cinnamon Dhonveli Maldives elevates every corporate event with fresh, sea-to-table cuisine, designed to fuel both body and mind. From curated group dinners under star-streaked skies to themed private banquets, every meal becomes an experience in itself. For those looking to celebrate milestones or reward top performers, the resort’s scenic locations offer the perfect backdrop for gala evenings or intimate cocktail gatherings.

Accommodation blends comfort with elegance, offering ocean-view suites and beachside retreats that allow participants to rest, recharge, and return with a fresh perspective. Despite the remote charm, connectivity is never an issue—seamless Wi-Fi and business-friendly amenities ensure that productivity doesn’t pause, even in paradise.

Cinnamon Dhonveli Maldives turns corporate travel into something memorable. Whether it’s a leadership retreat, a high-level conference, or an incentive escape, the resort offers a canvas for events that leave lasting impressions. Here, business goals are pursued in harmony with nature, creativity flows effortlessly, and the line between work and well-being fades.

Let your next MICE experience be more than a meeting—make it a journey worth sharing.

Business

Visit Maldives presents cultural, food festival to celebrate 2025

Published

4 months ago

December 31, 2024

m@ldives

Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) has announced the ‘Maldives Culture and Food Festival’, a two-day extravaganza showcasing the Maldivian cuisine, local arts and craft, and entertainment.

The festival will take place at Central Park, Hulhumale’, on New Year’s Eve, December 31st, 2024, and continue into New Year’s Day, January 1st, 2025, offering a unique and immersive experience for locals and tourists alike.

This exciting initiative by MMPRC is a collaborative effort involving key partners such as the Ministry of Tourism (MOT), Housing Development Corporation (HDC), MyHulhumale’, Business Center Corporation (BCC), Male’ City Council, Waste Management Corporation Limited (WAMCO), the Maldives Police Service, Maldives National Defence Force (MNDF), Public Service Media (PSM), Maldives Airports Company Limited (MACL), Dhiraagu, Ooredoo, Manta Air, Maldivian, Ace Travels, and Gulf Air. It promises a dynamic programme filled with performances, activities, and food stalls. Attendees will have the opportunity to savour authentic Maldivian dishes, explore traditional arts and crafts, and witness captivating cultural performances.

On December 31st, the festivities will begin at 20:00 with doors opening to the public. A spectacular drone show will be held, depicting a tourist’s journey through the beautiful Maldives. The evening will continue with captivating cultural performances including Boduberu performances, and “Dhafi Negun”. A New Year’s Eve countdown will also take place, culminating in a dazzling fireworks display to welcome 2025.

The celebrations will continue on January 1st 2025 from 16:00 to 22:00, with the festival reopening and featuring food and arts and crafts stalls. A range of family-friendly activities will be available, including a police and fire truck showcase, a climbing wall, a bounce house, and a Transformers display. Additionally, the festival will feature energetic Boduberu performances and an exciting Roboman showcase.

“MMPRC is proud to present the first Maldives Culture and Food Festival,” said Ibrahim Shiuree, CEO and MD of MMPRC. “This event is a key initiative to celebrate the achievements of the Maldives in 2024 and to promote the diverse cultural heritage of the Maldives while providing a memorable experience for locals and visitors. We invite everyone to join us in celebrating the Maldivian spirit as we bid farewell to 2024 and welcome the new year.”

Business

Barcelo Nasandhura Malé to open in Q1 2025

Published

5 months ago

December 7, 2024

m@ldives

Barcelo Nasandhura Malé, the Maldives’ newest luxury destination, is set to open its doors in Q1 2025.

Located on the site of the former Nasandhura Palace Hotel, the property will become the largest hotel in the capital, Malé. With 136 elegantly designed rooms, including 95 with stunning ocean views, and 116 luxurious serviced apartments, Barcelo Nasandhura Malé promises a unique blend of sophistication, comfort, and convenience in the heart of this vibrant city.

Operated by the renowned Spanish hotel chain Barcelo Group, the hotel represents a significant expansion of the brand’s presence in the Maldives and beyond. Barcelo Group, known for its exceptional resorts, recently opened Barcelo Whale Lagoon Maldives in South Ari Atoll in August 2024, further solidifying its growing portfolio in the region. In addition to its Maldivian properties, Barcelo Group manages a range of high-profile hotels across the UAE, Thailand, and several European countries.

Barcelo Nasandhura Malé will feature an array of premium facilities, including four upscale dining outlets, a rooftop shisha bar, an oceanfront pool, a state-of-the-art gym, and a luxurious spa. The hotel will also boast 1,034 square meters of versatile MICE (Meetings, Incentives, Conferences, and Exhibitions) space, making it an ideal venue for corporate events and gatherings.

While some serviced apartments were initially intended for residential use, they will now be available for daily rental, offering guests enhanced flexibility and a wider range of accommodation options. Originally scheduled to open on December 1, 2024, the opening has been slightly delayed due to minor construction work. However, the team remains committed to ensuring Barcelo Nasandhura Malé is ready to welcome its first guests in Q1 2025.

Barcelo Hotel Group, awarded World’s Leading Hotel Management Company 2023 by the World Travel Awards, is the second-largest hotel chain in Spain and ranks among the 30 largest globally in terms of the number of rooms. Founded in 1931, this family-run organisation operates 280 four- and five-star city and holiday hotels, offering more than 62,000 rooms across 25 countries. The group markets its hotels under four distinct brands, each focused on providing diverse and memorable travel experiences.

Renowned for its commitment to excellence and sustainability, Barcelo Hotel Group delivers exceptional stays, seamlessly blending luxury, comfort, and environmental responsibility.