Gucci owner buys stake in French cruise line Aqua

Francois Pinault, the billionaire behind such brands as Gucci and Balenciaga, is amping up his investments in an industry far outside fashion: cruising. Ten years after the Pinault family's private investment company, Groupe Artemis, took ownership of French cruise line Ponant-which has 13 ships best known for sailing throughout the Arctic and Antarctic-it has bought a majority share in Aqua Expeditions, a boutique luxury line.

Terms of the deal were not disclosed, but the announcement was made in mid-January. The Aqua acquisition is a small one in terms of assets: The Singapore-based company has just five ships, all with capacities of 40 passengers or fewer. But the move represents a significant step toward increasing the Pinault family's stake in the luxury cruise industry.

It comes at a notable time. On the one hand Pinault's rivals, Bernard Arnault and LVMH, are doubling down on luxury resorts and travel experiences -mostly on land, though their investment in the Orient Express brand includes what's set to be the world's largest sailing ship, expected to debut in 2026. On the other, luxury hotel brands are investing in yacht-inspired, small-ship cruising, with Ritz-Carlton, Four Seasons and Aman all building their own versions of "floating hotels."