25 ° C
Profile

Day: 20 June 2025

Monaco posts record-breaking €5 billion revenue in first quarter of 2025

by: Cassandra Tanti
20/06/2025

Monaco has crossed a major economic threshold, with first quarter revenues (excluding finance and insurance) exceeding €5 billion for the first time. The increase of more than €560 million—up 12.3% year-on-year—was driven by standout performances in consulting, construction and wholesale trade, according to the latest report from IMSEE.

The largest contributor to the record figure was the scientific and technical services sector, which added €400 million to Monaco’s economy—a 42.9% increase over Q1 2024. This was largely fuelled by two key players: a consulting firm that boosted turnover by €293 million, and a quantity surveyor contributing an additional €250 million. Together, they accounted for nearly three-quarters of the Principality’s overall revenue growth.

building momentum across sectors

The construction sector also saw notable progress, particularly in the development of building projects, which nearly tripled its earnings with a €105 million boost.

Wholesale trade rebounded with €84.3 million in growth, primarily through agents dealing in fuels, metals and industrial chemicals. Real estate, after two stagnant years, rose by 17.1%—driven in part by a €17 million gain from real estate agencies.

luxury sales and lifestyle resilience

Retail trade rose modestly by €12.6 million, overcoming a €17 million dip in car sales thanks to increased turnover in specialist retail, including art. Creative and performance arts also added €9.4 million to the service sector, while hotels and restaurants continued their upward trend, contributing another €7.6 million.

pockets of decline

Despite the strong overall performance, two sectors reported losses: industry dropped by €15.6 million, mainly due to reduced output in rubber and plastics manufacturing, while transportation and storage fell by €6.5 million, impacted by a downturn in maritime freight.

Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on  Facebook,  Instagram,  LinkedIn and Tik Tok.

Main photo credit: Cassandra Tanti, Monaco Life 

Bénédicte Chrétien named CEO of CFM Indosuez Wealth Management in Monaco

by: Cassandra Tanti
20/06/2025

CFM Indosuez Wealth Management, the Monegasque arm of Crédit Agricole Group’s private banking division, has announced the appointment of Bénédicte Chrétien as its new Chief Executive Officer. Subject to regulatory approval, her role will take effect on 1st October 2025.

Bénédicte Chrétien will take the helm from outgoing CEO Mathieu Ferragut, who led the firm for over six years and now steps into a senior strategic role at Indosuez, overseeing Advisory, Financing and Coverage. Chrétien brings more than two decades of experience in wealth and asset management to her new role, having most recently served as Group Head of Human Resources at Crédit Agricole S.A. and sat on its Executive Committee.

a career shaped by international expertise

Her career spans senior roles at AXA Investment Managers, where she helped build the private management division before becoming Global Head of HR, and later at Edmond de Rothschild in Geneva. She joined Crédit Agricole in 2014 and was appointed to lead its global HR strategy two years later. Chrétien has also served as a director at Indosuez Wealth Management since 2021.

building on a legacy in monaco

With a presence in Monaco since 1922, CFM Indosuez is a cornerstone of the Principality’s banking landscape. Chrétien will now be responsible for guiding its next phase of development, with a particular focus on serving international high net worth clients. Her appointment is seen as a continuation of the group’s strategic vision for Monaco as a leading centre for global private banking.

Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on  Facebook,  Instagram,  LinkedIn and Tik Tok.

Villa Paloma showcases ‘Les Années Folles de Coco Chanel’

by: Kyriaki Topalidou
20/06/2025

The Nouveau Musée National de Monaco – Villa Paloma is currently hosting ‘Les Années folles de Coco Chanel’, running through 5th October. For the first time, this comprehensive exhibition explores Gabrielle Chanel’s creative output specifically within the context of the Côte d’Azur during the transformative 1920s.

The exhibition presents over 200 objects, creating dialogue between 30 Chanel models and accessories and 40 works by artists including Pablo Picasso, Kees van Dongen, Marie Laurencin, and Jean Cocteau. Photographs by artists Man Ray, Edward Steichen, and Roger Schall complete the collection.

Curated by Celia Bernasconi, the show explored three themes: outdoor living and seaside leisure, the Ballet Russes and Slavic influences, and the invention of ‘Riviera style’.

Monaco held special significance in Chanel’s story. In 1914, she opened her second boutique in the Hôtel Hermitage. Under Prince Albert I, Monaco had become a paradise for arts and sport, with Sergei Diaghilev’s Ballets Russes performing every winter after World War 1.

Princess Charlotte, daughter of Prince Louis II, embraced Chanel’s aesthetic so much that she wore a Chanel outfit for her civil wedding ceremony, embodying the modern woman the designer envisioned.

After Léon Bakst, Boyarina style costume for /van the Terrible, 1910. Cotton velvet caftan with appliqué embroidery and gold braid, bayadere lining. Permanent deposit of the Société des Bains de Mer at the NMNM, no. D.2002.2925.2 Photo by Monaco Life 

Revolutionary approach to fashion 

The exhibition showcases has Chanel revolutionised women’s fashion by creating sportswear for the modern, independent woman. Her boutique in Deauville, Monte Carlo, and later Biarritz offered clothes suitable for golf, tennis and equestrian sports.

As the years passed, Chanel’s involvement with the arts deepened, especially when she met Sergei Diaghilev. This led to costume design for productions like ‘Le Train Bleu’ in 1924, featuring a stage curtain design using Picasso’s ‘Two Women Running on the Beach’.

Her relationship with Grand Duke Dimitri Pavlovich also introduced Russian influences, inspiring her 1922 ‘Russian collection’ and revolutionary costume jewellery—oversized faux pearls that challenged traditional luxury concepts.

In 1928, Chanel built La Pausa in Roquebrune-Cap-Martin, which served as her creative retreat for 20 years. The house welcomed artists including Jean Cocteau, Salvador Dali, Pierre Reverdy, and the Duke of Westminster. Photographs from La Pausa show Chanel embodying her style’s philosophy in casual striped shirts and signature pearl necklaces.

This marks the fourth consecutive year of Chanel’s support for the museum’s programming. The exhibition demonstrates how the French Riviera played a vital role in Chanel’s vision of modern femininity—one that continues influencing fashion today.

See more in Kyriaki Topalidou’s video reel below…

Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on  Facebook,  Instagram,  LinkedIn and Tik Tok.  

Main photo: Kees Van Dongen, Coco Chanel aux courses de Deauville / Femme debout aux courses, 1920. Oil on canvas, 100,2 x 81,3 cm. CHANEL Collection, Paris. Photo by Monaco Life

 

Princess Charlene leads Monaco’s Water Safety Day to teach lifesaving skills to children

by: Cassandra Tanti
20/06/2025

Nearly 100 schoolchildren took to Larvotto Beach on 17th June for Monaco’s annual Water Safety Day, an event hosted by Princess Charlene and her  Foundation to promote aquatic safety, lifesaving techniques, and sports values among youth.

Since 2014, Water Safety Day has aimed to educate Monaco’s schoolchildren on vital rescue and first aid skills through hands-on activities. This year’s edition brought together sixth and seventh grade students for a series of workshops led by freediving champion Pierre Frolla—Foundation Ambassador and four-time world record holder—and his team from the Académie Monégasque de la Mer, with support from Red Cross instructors.

from rescue boards to CPR

Participants rotated through various stations on the beach and in the water, including coastal rope rescues, rescue tube drills, and paddle boards, alongside CPR training and interactive exercises. The goal was to blend theory with active learning in a fun, engaging environment.

Princess Charlene led the Water Safety Day with her Foundation at Larvotto Beach

sporting spirit and celebrity support

A highlight of the day was the presence of high-profile athletes and Foundation Ambassadors who inspired the students through their personal stories. Among them were Jérôme Fernandez (handball), Kevin Crovetto (gymnastics), Antoine Zeghdar (rugby), and freediver Marine Simonis. Their participation underscored the importance of perseverance, teamwork, and vigilance in and around water.

an ocean race to end the day

The morning closed with a friendly Ocean Race – Challenge des Célébrités Engagées, a team relay combining swimming, beach sprints, and rescue paddle boarding. Cheered on by the children and spectators, the athletes brought an energetic end to a day filled with learning and camaraderie.

The important annual event is enjoyed by some of the youngest members of the Monaco community

international reach, local impact

Monaco’s Water Safety Day is part of the Princess Charlène of Monaco Foundation’s global commitment to drowning prevention and aquatic education. Through its “Learn to Swim” and “Water Safety” programmes, the Foundation continues to champion life-saving knowledge both in the Principality and worldwide.

Monaco Life is produced by a team of real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on  Facebook,  Instagram,  LinkedIn and Tik Tok.

All photos sourced from the Princess Charlene of Monaco Foundation