Business
Luxury food industry turns sour amid global coronavirus lockdowns
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
Barcelo Nasandhura Malé to open in Q1 2025
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.
Action
Denise Hoefer brings world-class Padel to The Nautilus Maldives
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
Business
BBM, Lifebuoy empowers hygiene practices among Maldivian children
BBM, in collaboration with Lifebuoy, marked Global Handwashing Day 2024 with engaging activities aimed at instilling the habit of proper hand hygiene among Maldivian school children. Held on November 17th, the event continued the successful “H for Handwashing” campaign, blending education with creativity and fun.
The initiative featured info sessions, exciting games, and creative contests designed to teach children the importance of handwashing while giving them a hands-on understanding of the correct techniques. Activities ranged from reimagined board games like “Germs & Ladders” and “Handwashing Ludo” to interactive sessions that reinforced hygiene habits in an enjoyable way.
This campaign underscores BBM’s commitment to fostering healthier practices among the younger generation, contributing to a healthier and more hygienic Maldives. COO of BBM, A.V.S. Subrahmanyam, emphasised, “At BBM, we believe that empowering the next generation with the knowledge and tools for better hygiene practices is vital for building a resilient and healthy community. We are proud to continue our efforts in collaboration with partners like Lifebuoy.”
Adding to this, Muksith Hussain, Head of Retail Sales at BBM, shared, “Reaching children through such innovative initiatives helps us lay the foundation for a healthier tomorrow. We are thrilled to see the enthusiasm and participation of these young minds in learning the importance of hygiene.”
The event also saw valuable support from the Maldivian Red Crescent (MRC), whose contributions enriched the experience for the children. BBM expressed gratitude for MRC’s involvement, as their efforts played a key role in making the event impactful and memorable.
Through campaigns like this, BBM aims to nurture a lifelong habit of handwashing, creating a brighter and healthier future for the Maldives.
Let’s keep the spirit alive—join the Handwashing Revolution with BBM and Lifebuoy!
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