Monaco's Société des Bains de Mer feels its wings growing outside of Monte-Carlo. After the purchase of the Palace des Neiges in Courchevel, the flagship of the Monaco principality will open a restaurant in Dubai.
The SBM is a heavyweight in the economy Monegasque. It generated a record turnover of 667 million euros last year (2022-2023 financial year ended at the end of March). 64% owned by the principality, this small luxury empire (which has LVMH as a 5% shareholder) feels cramped.