Gold Coast boat manufacturer, Riviera, won’t be rocked by US tariffs
The United States is the biggest export market for this Gold Coast boat manufacturer, but they’re confident tariffs won’t mean rough seas for their business. Find out why.
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The United States is the largest export market for Gold Coast boat manufacturer Riviera, but the company says turbulent trade conditions won’t spell troubled waters.
Of the 150 luxury boats Riviera builds each year more than half are bound for overseas. Riviera communications director Stephen Milne said the US is their biggest export market.
“The US is a very strong market for Riviera and we are working in partnership with our dealers in the US to minimise the tariff impact directly onto our owners there,” Mr Milne said.
“At the moment, that’s just a 10 per cent tariff, but with the currency exchange the way it is, we don’t believe that will remain in place for too long.
“I think from what we’re seeing there’s changes to the US tariff strategy so the whole thing is a little bit up in the air at this stage.
“If it remains at 10 per cent that’s okay but if they change their mind in terms of what the tariffs might be then we’ll wait and see.”
Mr Milne said Riviera is buoyed by access to other international markets, and a reputation for building great boats.
“Australia is the largest island continent in the world surrounded by fairly fierce seas and oceans, so our boats are built to handle those sorts of conditions,” Mr Milne said.
“People overseas see Rivieras as being extremely well-built and engineered and designed to perform offshore in those conditions.
“But also too, we are extremely luxurious, so it’s a unique combination of blue water heritage and performance with ultimate luxury.”
During the global financial crisis in 2008 the company went into receivership, which it was bought out of in 2012 by now-owner, Rodney Longhurst.
Mr Milne said he had great confidence that demand for Riviera boats would not drop off any time soon.
“Our range of boats are priced from $1m to over $7m, so they are a considered purchase,” he said.
“The people that are purchasing these boats have the money – it’s not a price-sensitive part of the market.
“They appreciate quality and they appreciate what Riveria has to offer, so we’re less susceptible to the market swings compared to more entry-level type boats.”
Last year, the company launched its 6000th boat and at the Sanctuary Cove boat show at the end of May, the brand will be launching two brand new boats.
At the boat show between May 22 to 25, Riviera will have more than $50 million worth of luxury yachts on display, including their new 4300 Sports Express, and another surprise model.
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Originally published as Gold Coast boat manufacturer, Riviera, won’t be rocked by US tariffs
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