Hermes and Wally Ends Partnership on Wally Hermes Yacht

The luxury brand Hermès has announced it will be quitting its partnership with Wally, citing its own lack of experience that the yacht-builder and the operate need to one-dimensional structure.

Hermès will sell its stake to Wally and will be paid back via commissions on boat sales through to 2020.

The news follows the unveiling of the brands' first creation together, which is pictured above. A full-scale model of the 58m x 38m, Wally Hermes Yacht (WHY) was shown to the public for the first time at the Monte Carlo Yacht Show in September, and it was also displayed at the recent Abu Dhabi Yacht Show.

Hermès CEO, Patrick Thomas, said: "We are currently in the phase of carrying out the project, which is technically complex and requires on-the-spot decisions. It seemed a good idea for us to have only one decision-maker and we naturally decided to hand the reins over to Wally."