At first glance, the scene here in Monte-Carlo could be from Grace Kelly and Prince Rainier III’s heyday: black‑and‑white striped deck chairs, the Mediterranean glare softened by a flotilla of banana yellow umbrellas. But a closer look reveals this is no movie set from the 1950s; the black Jacquemus logo contrasting boldly against the yellow canvas gives that away.
This year, the Monte-Carlo Beach Hotel has entrusted its legendary beach club to the French fashion house, a bold move aimed at engaging a younger, style-conscious generation of wealthy visitors. The takeover stretches beyond parasols and sun loungers, spilling into curated boutiques and pop-ups that aim to turn the waterfront into an Instagrammable stage.
Behind the newly reimagined experience is Monte‑Carlo Société des Bains de Mer (SBM), the powerhouse organisation responsible for much of Monaco’s luxury appeal. Majority-owned by the principality of Monaco, it operates with a mandate not just to deliver luxury hospitality, but to uphold and promote the country’s cultural and economic stature.
As one of Monaco’s most prestigious institutions, it is renowned for creating legendary landmarks, including the Casino de Monte‑Carlo and Hôtel de Paris. But its reach extends beyond hospitality to encompass a constellation of luxury hotels, Michelin‑starred restaurants, wellness retreats and beach clubs that have helped to build and maintain the principality’s reputation as a global capital of glamour.
While its properties take centre stage, SBM itself remains largely behind the curtain. Today, its influence is being channelled towards a younger generation of UHNWs, wealth holders who value tradition and heritage but also have an appetite for contemporary style, exclusivity and bespoke experiences.
[See also: The best restaurants and fine dining experiences in Monaco]
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Attracting a new wave of wealth
Reinvention and adaptation are nothing new for SBM, as Pascal Camia, the organisation’s chief international development officer (and a former Olympic bobsledder), explains while outlining the brand’s latest plans for growth and expansion.
‘Everything about our brand lies between heritage and innovation,’ Camia says as we sit in the gilded lobby of the Hôtel de Paris. ‘In every period, we add something that people want or need.’ He traces that pattern through the principality’s historic focus on gaming, the introduction of the Russian ballets in the 20th century and later, the rise of luxury shopping.
As the worldwide distribution of wealth shifted, SBM followed the money: when it flowed from Italy, the group sought to attract Italian wealth; then came the Russians, Americans and Arabs. Now, with the so-called ‘Great Wealth Transfer’ in the offing, the focus has turned to courting a younger generation of wealthy individuals.
Camia is quick to correct any suggestion that this represents a change of ethos. ‘It’s been a hallmark of the brand since the beginning,’ he says. ‘It’s part of our DNA.’
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This continuous evolution has required both inward reflection and outward responsiveness. One early insight Camia and his team gleaned was that younger visitors would sail off to Cannes or St Tropez during the day and return to Monaco to party at night. That has meant daytime revenue and spend leaking to rival Riviera playgrounds, a gap SBM is intent on closing with new offerings. ‘At the end of the day, we need revenue and profit. So if the business goes abroad or elsewhere, we’d prefer to keep the business here.’
From modest initiatives (such as introducing live music at the Café de Paris to attract a younger crowd and extending restaurant hours during the daytime) to bolder moves like partnering with fashion houses including Jacquemus, recruiting star chefs with global followings such as Cedric Grolet and Marcel Ravin, and launching internationally acclaimed restaurants including Jondal, Amazónico, Coya and Maona, SBM has built a multi-pronged strategy to capture the attention of a new generation of UHNWs.
‘We have this guideline, given to us by the State of Monaco, to entertain the city whether through art, culture, sports, gastronomy or luxury products,’ Camia says. ‘We have to follow this guideline in order to be one of the best destinations in the world for ultra-luxury clients.’
It certainly helps that Monaco plays host to some of the world’s most iconic events: the Monaco Yacht Show, Le Bal de la Rose and of course, the Formula 1 Grand Prix. The latter, Camia notes, has played a key role in attracting a wave of younger wealthy visitors to Monte-Carlo. The race weekend alone draws close to 200,000 visitors, many of them younger and newly wealthy. ‘Maybe the [drivers] were never as attractive as they are now,’ Camia jokes.
[See also: Is Formula 1 becoming the hangout of choice for UHNWs?]
International growth plans
This influx of youthful energy and global attention reflects the kind of clientele SBM aims to reach, not only in Monaco but around the world. Building on this momentum, SBM is actively broadening its footprint beyond the principality’s borders.
Though Camia remains tight-lipped on specifics, he reveals two major projects are underway: an 82-room hotel in Courchevel and a restaurant concept in Dubai. ‘We’re still location scouting for that one,’ he adds.
A question that naturally follows, however, is how to expand a brand whose identity is so closely intertwined with its home city. It’s a challenge Camia and his team have considered carefully as they push forward with their ambitious expansion strategy. ‘We don’t want to copy-paste Hôtel de Paris to Dubai, Riyadh, New York or London. It would be easy to rebuild something, but it’d be a fake; a place without soul. Bringing the soul of Monte-Carlo elsewhere is very difficult.’
The approach, therefore, is not about replication but about creating authentic luxury experiences around the world – experiences underpinned by the heritage the SBM name carries.
The organisation has already begun extending its influence beyond Monaco’s shores with a venture that plays to its strengths: a partnership with Crystal Cruises to launch the first casino at sea under the prestigious Casino de Monte-Carlo brand.
‘They asked to franchise the brand because [our image] is very famous,’ explains Camia. This collaboration, he believes, exemplifies the trust and global recognition the brand commands. ‘We see that power on the ground. When you ask people on the street to name three gaming destinations, they’d say Macao, Las Vegas and Monte-Carlo. And Monte-Carlo only accounts for 0.03 per cent of the total world revenue generated through casinos.’
Beyond hotels, restaurants and casinos, the organisation’s ambitions extend into luxury living. One Monte-Carlo, designed by Rogers Stirk Harbour + Partners and launched by SBM in 2019, is symbolic of the move. The development includes 37 apartments available for long-term rent only, with prices reaching up to almost £3 million per year. Located next to the Hôtel de Paris, the residences offer a semi-permanent base for UHNWs seeking privacy in Monaco’s city centre.
Building on this success, SBM is preparing to enter the branded residences market. While specific locations remain confidential as negotiations continue, this new venture forms a central pillar of the organisation’s diversified expansion strategy.
The group’s international expansion will fall under a new umbrella brand: Monte-Carlo One – Hotels and Residences. A deliberate nod to SBM’s flagship residential development, One Monte-Carlo, the new name signals a commitment to exporting the same sense of prestige and provenance that has defined the organisation’s existing offerings.
With plans to plant its flag in the world’s most coveted destinations, following its clientele wherever they live or travel – whether that’s St Barths, Dubai or beyond – SBM’s ambitions remain undimmed. Camia puts it plainly: ‘Whether here at home or abroad, the Monte-Carlo brand cannot play in the second league. We have to play in the first.’
