+30% Pre Markzet
SpringWorks Therapeutics misses by $0.20 (48.48)
- Reports Q4 (Dec) loss of $1.44 per share, $0.20 worse than the FactSet Consensus of ($1.24).
- Revenues: OGSIVEO net product revenues were $5.4 million in the fourth quarter of 2023, the first partial quarter of the U.S. launch.
Research and Development (R&D) Expenses: R&D expenses were $43.7 million and $150.5 million for the fourth quarter and full year 2023, respectively, compared to $37.9 million and $146.1 million for the comparable periods of 2022. The increase in R&D expense for the fourth quarter and year ended 2023 was primarily attributable to an increase in employee costs associated with head count growth, partially offset by a decrease in costs related to drug manufacturing, clinical trials and other research. - Co Submitted Marketing Authorization Application to the European Medicines Agency for nirogacestat for the treatment of desmoid tumors --
- Co Presented positive topline data from Phase 2b ReNeu trial of mirdametinib in patients with NF1-PN; on track to submit New Drug Application in first half of 2024 --
- Co Submitted IND for SW-682 and received FDA clearance to proceed with Phase 1a trial --
Early premarket gappers
-
Gapping up:
- PUBM +31.6%, TMDX +29%, HIMS +20%, EVER +12.3%, ZM +12%, HLIO +11.2%, TREX +7.6%, DORM +4.7%, SNN +3.7%, STRL +3.4%, AEP +3.4%, IIPR +3.2%, PLOW +1.7%, DRQ +1.2%, AES +1%
-
Gapping down:
- AAN -27.4%, ASUR -20.8%, U -15%, CARG -13.1%, SIBN -11.9%, IRBT -6.8%, ATSG -6.7%, WDAY -6.6%, FATE -6.6%, ACHR -3.9%, STAA -3.6%, HLX -3.4%, EFC -2.5%, TILE -2.4%, PWSC -1.4%, DDS -1.3%, SBAC -1.3%, FSK -1.2%, ADTN -1.1%, SKYT -1%
EQT raises €22bn for private equity deals
Stockholm-based buyout group is predicting a revival of listings as it raises largest fund in its history
European private equity group EQT has raised €22bn for the largest buyout fund in its 30-year history, following other marquee names in managing to raise substantial sums of money when many other firms are struggling.
It took the Stockholm-listed manager more than two years to raise the fund, which had an initial target of €20bn and is 40 per cent larger than the previous €15.6bn pool closed three years ago, EQT said on Tuesday.
The successful fundraise is the latest demonstration of how investor cash is flowing in greater quantities to the most established buyout groups. Last year EQT’s peers, including CVC Capital Partners and Warburg Pincus, raised record funds, while many smaller, newer groups struggled.
Speaking to the Financial Times before the closing, Per Franzen, head of EQT’s private equity business, predicted “a pick-up in deal activity in private markets”, as other private equity groups put their best-performing companies up for sale in order to monetise investments and spur new fundraising.
“We see that many of the players on the sidelines the past two years are more actively pursuing monetisation opportunities,” he said.
Investor belief that central banks are pausing interest rate increases has led to a revival of initial public offering activity, he added.
“There are real signs that IPO markets are reopening in Europe and the United States,” said Franzen. EQT is preparing some large investments to be ready to go public, he said, if market conditions remain amenable.
However, there might be fewer bargains in the United Kingdom after a valuation gap with United States markets was closing, he said.
“In some of the companies that have been listed in the UK, the discount they traded at versus key peers in the US had widened to record levels,” said Franzen. “Now with the recent market correction, some of those opportunities have gone away.”
EQT historically has invested in mid and large sized companies across Europe and North America in the healthcare, technology and services sectors.
The firm said that an “increasing share” of its fund investors came from wealthy individuals as the group seeks to diversify the types of investors that commit to its funds.
In total, private wealth channels accounted for about 10 per cent of the fund, showing the increasingly important role that retail money is playing in the private equity industry.
Historically, firms have largely received investors from large institutional investors such as pension plans and sovereign wealth funds.
The bumper fundraising haul is the latest boost to a firm that has expanded its assets under management rapidly since going public in 2019.
Over the past few years, EQT struck deals to buy Barings Private Equity Asia and US real estate investor Exeter Property Group.
EQT has also scaled up the size of existing businesses, including infrastructure. Its latest infrastructure fund is seeking as much as €21bn. In total, EQT now manages €232bn in assets under management. CVC, which is planning to list in Amsterdam this year, has €188bn under management while Paris-based Ardian manages $160bn.
The firm has been quick to deploy the new fund into new investments even before its closing, striking a series of deals last year, even as the wider market for dealmaking slowed.
Among them was the £4.5bn takeover of UK veterinary pharmaceuticals company Dechra, one of the largest leveraged buyouts in the UK last year.
EQT also this month made an offer to take private French digital music business Believe using cash from its latest flagship buyout fund.
Wirecard whistleblower slams new German law as too weak
Pav Gill says fines are ‘slap on the wrist’ as he prepares platform to help companies with compliance
The Wirecard insider who exposed the fraud that led to its collapse has attacked Germany’s whistleblower protection law, dismissing fines for non-compliance as a “slap on the wrist” and lamenting its failure to force companies to offer anonymous reporting channels to staff.
“It’s just crazy, because it’s thrown cold water on the objective of the whole thing,” Pav Gill told the Financial Times ahead of the Tuesday launch of his start-up, Confide. “Most whistleblowing is anonymous because of the real fear of reprisal and exposure.”
His comments come as whistleblowing and governance are in focus on both sides of the Atlantic. A recent US Supreme Court ruling has made it harder for companies to retaliate against whistleblowers.
Gill was a lawyer inside Wirecard when the German payments group was valued at €24bn and regarded as Europe’s most promising technology business. He was forced out after trying to investigate internal complaints of forged documents and suspect payments in Singapore. Helped by his mother, he blew the whistle, providing the FT with files that led to the unravelling of Wirecard’s accounting fraud in 2020.
The scandal gave impetus to an EU whistleblowing directive issued in 2019 that has since been implemented in a patchwork of laws across the bloc that all came into force by December, creating the opportunity for Confide to assist the half-million companies rushing to comply.
As with rules about data and online surveillance, or climate impact reporting, Europe sets standards for corporate behaviour that impose costs beyond its borders. “The EU’s biggest export industry is regulation,” joked Singaporean Gill, who is establishing Confide’s EU base in The Hague, a centre of international justice, with support from the city’s development agency.
Under the directive, companies with more than 50 staff must have channels to facilitate, log, assess and, where appropriate, investigate complaints, while some classes of business, such as those in finance or at risk of money laundering, must do so regardless of size. The tasks involved can be outsourced.
Confide’s platform allows whistleblowers to anonymously report complaints and respond to queries, offering companies secure case management, reporting and a paper trail to demonstrate compliance.
Gill contrasted Spain’s approach, which includes fines of up to €1mn for serious offences, with that of Germany where the maximum fine is just €50,000.
Passage of the defanged German law resulted from a political compromise after conservative opposition to the scope of initial legislation and its potential cost on business. Danyal Bayaz, a Green politician, said: “It seems that the memories from the Wirecard scandal are fading quickly not only among those accused of fraud.”
Pressure group Transparency International has argued that implementation fell short of the directive’s aims across Europe, with “a lack of general protection for whistleblowers who report corruption, and no obligation to examine their reports in several EU countries”, and that none of 20 countries examined “fully meets best practice”.
Confide, which offers encrypted channels and services for investigating and categorising complaints, highlights tensions in regulations that harden protections for whistleblowers in some countries, while also giving boardrooms greater opportunity to address issues in private.
“I want to help companies to have less Pavs out there, to have less of me,” said Gill. “If you have something workable, trustable in place, then you will have less external whistleblowing cases.”
He added: “I’ve been through it on both sides of the spectrum, I’ve sat from the general counsel side and I’ve seen how companies always struggle in dealing with misconduct issues when they are raised, how poorly it’s managed.”
“When you’re talking to people that actually use these systems, like a big mining company or a big oil and gas company, they are just completely inundated with thousands of these reports a month: ranging from ‘there is not enough coffee in the pantry’, to delayed shipments, procurement concerns, vendor concerns — but also real stuff like potential criminal, potential money laundering concerns.”
His pitch is not about empowering the rank and file. “Frankly, not many companies like that,” he said. “They may lip-service it, but it’s always seen as employees versus us.”
Instead, he frames it as “an early detection tool to suss out what’s going on” — and he accepts that unscrupulous leaders could benefit as they did at Wirecard.
At the German group, he said, “they created this hotline after I was investigating them, and the scary thing is that it was going straight to Jan Marsalek” — a senior executive with ties to Russian intelligence who remains on the run.
Hence the importance of anonymity. “You could be the most fraudulent company like Wirecard. What it allows them is to see how visible the fraud is to their own employees and vendors. The only difference now is they can’t go take revenge because they don’t know who they are,” he said.
An audit trail for internal concerns might also make it harder for senior executives to argue — like former Wirecard chief executive Markus Braun has in his ongoing criminal trial — that they were blind to issues inside the companies they ran.
Confide is raising seed capital, after initial funding from angel investors, and Gill is going after a market in which the “G” in ESG starts to receive the sort of attention and demands for reporting that has forced companies to account for their environmental and societal impact. “Whether it’s FTX, Boeing, the Post Office scandal, or even Wirecard, they are all governance failures,” he said.
Highlighting recrimination at Boeing, following a series of manufacturing and safety issues, Gill said: “A possible idea is that shareholders have access to whistleblowing reports. That would be a very powerful stick from a check and balance point of view.”
China’s Shenzhen rolls out plan to boost car exports
Technology hub’s strategy to fuel western fears over rising competition for domestic manufacturers
China’s southern technology hub Shenzhen has rolled out plans for a big expansion of car exports, a plan that is likely to fuel western fears about rising Chinese competition for domestic manufacturers.
The municipal government of Shenzhen, where the world’s largest electric vehicle maker BYD has its headquarters, unveiled 24 measures including support for factory construction, opening new sea routes and allowing another 20 companies to export second-hand cars, according to a statement released by the city’s commerce bureau late on Monday.
The policy was crafted to “seize the opportunity from the development of car exports” and build an industrial cluster bridging car production, shipping and trade, the statement said, while aiming to turn Shenzhen into “a new generation world-class auto city”.
Local officials also said they would introduce services to support car exporters, including improving export insurance, speeding up tax refunds and encouraging Chinese banks to provide consumer financing for overseas car buyers. The plan also called for exporters to purchase more car-carrying ships to create a Chinese-owned fleet of roll-on, roll-off vessels.
BYD has just started to increase global exports. The EV maker commissioned its first 7,000-vehicle-carrying ship in January. On Monday, after a month-long journey from Shenzhen, Chinese-made cars began rolling off BYD’s Explorer No 1 into a German port for the first time. The company plans to expand its ship fleet to eight in the next two years.
Shenzhen’s plans come as concerns grow globally that China’s car industry has vastly overbuilt domestic capacity and that many of the cars rolling off domestic production lines will flood into western markets.
Brussels in September launched an anti-subsidy investigation into Chinese electric vehicles “distorting” the EU market, and US officials this month warned Beijing that Washington and its allies would take action if China tried to ease its industrial overcapacity problem by dumping goods on international markets.
Last year, China overtook Japan as the world’s largest car exporter, sending 5mn vehicles overseas. The value of the country’s car exports jumped 74 per cent from a year earlier to $78bn, according to Chinese customs data.
Analysts at research group Bernstein have estimated that China has the capacity to make close to 40mn vehicles a year, but only has domestic demand for 20mn to 25mn cars. Moreover, the number of car plants in China continues to grow.
While local governments such as Shenzhen are eager to increase exports to support the local economy, China’s central government has indicated the country should take a more cautious approach. The commerce ministry has called for the “healthy development” of the country’s overseas EV expansion, including co-operating more with foreign partners and utilising free trade deals.
Zhang Xiang, a car analyst with the World Digital Economy Forum, said that Shenzhen’s plans set an example for other local governments. “The guideline comes just in time as Chinese carmakers including BYD are attempting to transform themselves into global players from domestic companies,” he said.
Zhang added that government support for second-hand car exports could help find a home for the growing number of abandoned internal combustion engine vehicles in China as buyers switch to EVs. The EV penetration rate climbed to 35.7 per cent in 2023.
Shenzhen’s commerce bureau and BYD did not immediately respond to a request for comment.
Shein could boost falling expected valuation with London listing
The City, despite its absence of tech names, understands fast fashion and would be likely to offer a warm welcome
TikTok users’ obsession with viral outfits helped Shein to a private valuation of $66bn in its last fundraising. But replicating that figure in the public markets is proving tougher than expected. The fast-fashion group is reportedly considering switching its listing from New York to London. Politically, that makes a lot of sense.
The popularity of Shein’s ultra-cheap fashion on social media platforms has been behind its phenomenal growth. It filed confidential paperwork for its initial public offering with the US Securities and Exchange Commission in November.
Getting approval is looking complicated. Chinese companies wanting to list in the US are facing greater scrutiny amid rising geopolitical tensions between the two countries. Shein, founded in China, is no exception.
US regulators are stepping up oversight and subjecting Chinese companies to additional disclosure requirements. Some US lawmakers have gone as far as asking the SEC to block Shein’s listing, saying more information is needed about its operations in China. One lawmaker has called for a probe into Shein’s cotton supply from Xinjiang, where human rights groups claim ethnic minorities are being subjected to forced labour. Shein has denied the claims, saying it has no suppliers in the region.
A US listing carries risks for Shein too. As the dramatic delisting of Chinese ride-hailing giant DiDi Global from the New York Stock Exchange in 2022 shows, crackdowns from Beijing remain a risk. Chinese officials have long been wary of its companies listing in the US but their scepticism has risen since 2021.
Market conditions are also not easy. Shares of New York-listed Chinese retailer JD.com are down almost 50 per cent in the past year and trade at just 7.5 times forward earnings, a significant discount to global peers. That reflects growing concerns about growth and geopolitical risks.
A large, high-profile listing would, of course, be a welcome boost for London’s beaten-down market, still reeling from the success that UK chip designer Arm Holdings has had after choosing New York over London last year.
Despite London’s dearth of tech names, the City’s analysts understand fast fashion. And Shein would be likely to get an effusive welcome from policymakers and City reformers eager to reestablish the market’s place in the global pecking order.
Valued at an industry multiple, Shein would be worth about $70bn. But that is already subject to downward pressure. Some Shein investors have been reported to be trying to sell their shares in the private market at a 30 per cent discount in recent months.
The longer the delay, the more the investors possibly tempted to sell out at a lower price. Shein has an interest in making a quick decision on where it sees its future.
>>> Up
* Flutter Raised to Overweight at Barclays; PT 20,000 pence
* Flutter Raised to Overweight at Barclays; PT 20,000 pence
* L'Oreal Raised to Buy at Berenberg; PT 530 euros
* Nestle Raised to Sector Perform at RBC; PT 96 Swiss francs
* Unity Software Raised to Neutral at Piper Sandler; PT $30
>>> Down
>>> Down
* FLEX LNG Cut to Underperform at Jefferies; PT 241.62 kroner
* Unilever Cut to Underweight at Morgan Stanley; PT 3,775 pence
* Unilever Cut to Underweight at Morgan Stanley; PT 3,775 pence
* Unilever ADRs Cut to Underweight at Morgan Stanley; PT $48
* WPP Cut to Hold at HSBC; PT 790 pence
>>> Initiation
>>> Call
* Nestle Raised at RBC, Shares Reflect Qualities and Weaknesses
>>> Initiation
>>> Call
* Nestle Raised at RBC, Shares Reflect Qualities and Weaknesses
Asian shares were mixed in cautious trading as investors prepared for a full slate of economic data and remarks from Federal Reserve speakers in coming days that will help determine the outlook for interest rates. Japan’s two-year bond yield climbed to the highest level in more than a decade. Equities dropped in Japan, South Korea and Taiwan, while most Chinese shares rose. The S&P 500 slipped for the first time in four days on Monday as its recent rally ran out of steam before data later this week including the Federal Reserve’s favored inflation gauge on Thursday. US stock futures edged lower. Japan’s two-year yield climbed to the highest since 2011 after stronger-than-expected inflation data boosted bets the central bank will end its negative-interest-rate policy in coming months. Traders increased the probability of Bank of Japan exiting its negative rate policy by April to about 81%, up from 78% on Monday, according to swaps data compiled by Bloomberg. The yen gained versus the dollar. Asia’s equity benchmark is heading for a monthly gain, driven by a rally in Japanese and Chinese markets. There is still plenty of uncertainty in markets though over factors such as the path of potential Fed rate cuts, the likelihood for more support measures from China, and whether shares valuations are attractive enough to underpin further gains. In China, state-backed funds have poured more than 410 billion yuan ($57 billion) into onshore shares this year in a bid to prop up the market, according to estimates by UBS Group AG, which expects further purchases. The Swiss bank based its calculations on “excess” transactions of 54 Chinese exchange-traded funds. Fast-fashion company Shein is considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US, according to people with knowledge of the matter. Shein, which was founded in China, is now headquartered in Singapore.
Samsonite International SA is considering options after receiving takeover interest from suitors including buyout firms, people familiar with the matter said. Elsewhere, Bitcoin briefly climbed back over the $57,000 level for the first time since late 2021, supported by investor demand through exchange-traded funds as well as further purchases by MicroStrategy Inc.
In commodities, global benchmark Brent traded above $82 a barrel after rising on Monday, while gold steadied near a two-week high as the market waited for more clues on when the Fed will start cutting interest rates. US After Hours PUBM +31.9%, HIMS +19%, TREX +8% up big on earnings; AAN -28.2%, U -16.4%, WDAY -8.9% selling off following quarterly results.
Nikkei +0.02% Hang Seng -0.10% CSI +0.53% Shanghai +0.61% Shenzen +1.27%
Eur$ 1.0849 CNH 7.2113 CNY 7.1983 JPY 150.47 GBP 1.2679 CHF 0.8800 RUB 92.4326 TRY 31.1309 WTI$ 77.63 +0.06% Gold 2,033 +0.11% BTC 56,125 +2.69% ETH 3,216 +0.97%
S&P -0.08% Nasdaq -0.18% EuroStoxx -0.23% FTSE -0.18% Dax -0.21% SMI
Macro :
- China Vanke’s Bonds Slide After Report on Talks to Extend Debt
- Ex-Clean Energy Transition Hedge Fund Partner to Launch New Firm
- Ex-Clean Energy Transition Hedge Fund Partner to Launch New Firm
- JPMorgan’s Kolanovic Says Profits Peaking, Earnings Snag Ahead
- Shein Said to Consider London IPO Amid US Resistance to Listing
- Convertibles Notch $5.2 Billion Week, Best in a Year: ECM Watch
Keep an eye on :
- AC FP : Accor, Dubai Holding in Talks to Fund €800m Superyachts: FT
- AIR FP : FAA Releases Report on Boeing Safety Culture
- APGN SW : JCDecaux, Pargesa Seek to Sell 55% Stake in APG/SGA
- ATUS US : Charter-Altice USA Deal Would Add Scale But Pile On Debt: React
- AZN LN : FibroGen, AstraZeneca End Roxadustat Pact for US, Other Areas
- BOBNN SW : Bobst FY Ebit CHF147.2M
- BCP PL : BCP FY Net Income Beats Estimates, Chairman Says Bank is Focused on Organic Growth
- BCP PL : BCP FY Net Income Beats Estimates, Chairman Says Bank is Focused on Organic Growth
- 1211 HK : Italy Reached Out to China’s BYD in Search of Another Carmaker
- CO FP : Casino Restructuring Plan Approved by Paris Commercial Court
- Douglas IPO : Germany’s Douglas Plans to Announce IPO in Coming Days: Reuters
- EDEN FP : Edenred FY Ebitda Beats Estimates
- GSK LN : Aprinoia Files to Offer 2m Shares at $10 to $14/shr in IPO
- GTT FP : GTT Sees 2024 Ebitda EU345M to EU385M, Est. EU346.4M
- HESC LN : Exxon Considers Pre-Emption Rights to Hess Guyana Oil Stake
- IBE SM : Iberdrola closes the sale of 55% of its business in Mexico for $6.2 billion dollars
- ISN SW : Intershop FY Vacancy Rate 7.4% Vs. 10% Y/y
- DEC FP : JCDecaux, Pargesa Seek to Sell 55% Stake in APG/SGA
- MUV2 GY : Munich Re Plans 2023 Dividend of EU15/Shr
- NCOD NO : Norcod Says NOK124.9M Already Fully Covered for Placement
- PARG SW : JCDecaux, Pargesa Seek to Sell 55% Stake in APG/SGA
- PSPN SW : PSP Swiss Sees 2024 Adj. Ebitda Above CHF295M, Est. CHF293.7M
- PEUG FP : SEB Holder Peugeot Invest Offer 2.22m Shares
- PRY IM : Prysmian in ~€1.9b Contract With Eastern Green Link 2 Ltd
- 1910 HK : Samsonite Is Said to Consider Options Amid Takeover Interest (1)
- SHA GY : Schaeffler to Invest Over $230m in Ohio Automotive Facility
- SK FP : SEB Holder Peugeot Invest Offer 2.22m Shares
- SIGN SW : SIG Group FY Adjusted Ebitda Meets Estimates
- GLE FP : Societe Generale Extends Night Shift as US Trading Speeds Up
- STMN SW : Straumann FY Revenue Matches Estimates
- TSLA US : SpaceX Gets List of Starship Upgrades Needed Before Launch
- WPP LN : WPP Creative-Led Strategy Revamp Still Leaves Growth Conundrum
- ZEAL DC : Zealand Pharma FY Revenue Beats Estimates
Spa wars – the race to be the best retreat in the world
The $5.6tn wellness industry is going all out to get its hands on your body
Imagine a spa where workouts are designed by Hollywood fitness instructor Tracy Anderson, the longevity programme has guru Dr David Sinclair on speed-dial, a top New York plastic surgeon oversees tweakments, the pool broadcasts mind-soothing subaquatic music created with neuroscientists, there’s a global menu of massages, the skincare is personalised, and the green juices bespoke – courtesy of nutritionist Rose Ferguson. At the spa 2.0, even the term “spa” feels outdated.
“The word ‘spa’ doesn’t work any more,” says Inge Theron, CEO of design agency Itanda (and former HTSI contributor), which has overseen the development of private members’ club Surrenne. The space is due to open next month, offering all the above services – and more – for a cool £5,000 joining fee plus £10,000 annually. It is situated near Hyde Park, beneath the new Emory hotel (part of the Maybourne group that also includes Claridge’s), and its marriage of pampering and peak performance reflects the shifting priorities of the monied elite. Four subterranean floors will feature wet-zone treatment rooms, and tech such as a medical grade 2.0 hyperbaric oxygen chamber and LED light therapy. The club also benefits from the Maybourne group’s partnership with tech platform Virtusan. Overseen by a scientific advisory board that includes longevity and neuroscience professors, including the likes of Sinclair and Dr Andrew Huberman, it ensures their wellness services will be regularly updated with the latest science. “Scientists are the new rock stars,” says Theron of the board. “There’s a massive gap between spas – where you can get a facial for a birthday treat – and being at the doctors when you’re sick.”
The health and wellness market, currently estimated to be worth some $5.6tn, is set to grow to $7.4tn by 2025. Surrenne is one of a number of hotels, retreats and members’ clubs offering new restorative experiences. These include Estelle Manor with its 3,000sq m Roman bath-inspired concept in the Oxfordshire countryside; the Spa House that can be booked out at Amanpuri, Thailand, with its Vichy shower, banya treatments, steam room, infrared sauna, and indoor and outdoor jacuzzi; and The Bothy at Heckfield Place’s array of niche specialists (including “eco-psychologist” and craniosacral therapist). Wellbeing oneupmanship, you could call it.
“Wellness tourism is growing faster than leisure tourism, with wellness tourists spending 41 per cent more than the typical international tourist,” says Alejandro Bataller. The vice president and CMO of SHA Wellness is quoting from the latest Global Wellness Institute figures. And he should know: Bataller has just snipped the ribbon at the new outpost of SHA Wellness, Mexico. SHA guests are “probably the most demanding audience we can serve”, he says. “The percentage who haven’t been in a wellness property before is minimal. So you cannot give them anything that isn’t ‘the latest’.” There is, he says, “a need for constant evolution”.
Bataller’s knowledge is based on 15 years’ operating the brand’s sister wellness centre in Alicante, where roughly 55 per cent of guests are repeat visitors, and R&R is a vastly evolved prospect. “Their goals are, firstly, about being well in the present; secondly, preventing many conditions that are related to lifestyle [things like chronic fatigue]; and thirdly, to live longer and better, improving not only lifespan but healthspan.” In the new space, about 20 minutes north of Cancún, these priorities are reflected in an extraordinary building designed to resemble the shape of human DNA. Here, state-of-the-art technology is served alongside views of one of the world’s biggest coral reefs. Think beach holiday with biohacking bells. Some 300 health and wellbeing professionals will offer a wide range of treatments, from the regenerative (cognitive stimulation, cell therapy and gene therapy) to those rooted in shamanistic ritual (such as a Temazcal ceremony: an Aztec sweat-lodge treatment administered by a local specialist). “At the key players in the US you don’t see the level of merging integrative medicine with wellbeing that you do in Europe,” says Bataller.
Not so says Ira Drukier, co-owner of the Hotel Chelsea in New York. Global approaches are just different. “Whether you explore an exceptional onsen in Kyoto or a magnificent spa in the Arizona desert, each offers a distinct experience,” he says. His hotel is pulling out the stops in its own urban chic way. Rather than being tucked away in the basement, the spa is on the penthouse level, next to the fitness centre in the historic steeple. Prime real estate usually reserved for high-ticket guest rooms, the space has epic views of the city skyline. It’s a way of elevating the treatment experience, quite literally, and making it unique, says Drukier (though the programme is reassuringly extensive, mixing therapeutic massages, cupping, reiki, craniosacral therapy and chakra alignment). It’s a design move mirrored at the Dorchester Collection’s latest hotel, The Lana, in Dubai, which has partnered with Dior on the 29th-floor spa, with views of the Burj Khalifa.
The about-to-open spa at Estelle Manor establishes another foothold in the landscape of British countryside escapes with its Eynsham Baths, set in an ancient woodland and designed in the style of Roman baths. A vast tepidarium bathing hall with ornate marbling features 10 treatment rooms and five thermal pools, including a 40ºC caldarium, and 6ºC frigidarium. “It’s the most bonkers building I have ever built,” says Sharan Pasricha, founder and co-CEO of Ennismore, which also owns The Hoxton hotel chain and Gleneagles. Treatments draw from Indian, Tibetan and Chinese rituals and traditions that have “stood the test of time” – like the Marma Chikitsa with Chakra Healing (120 minutes, £320), recommended for the “emotionally drained or disconnected from themselves”. You’ll also find the only Level 3 Wim Hof breathwork master in the UK, Emma Estrela.
For Pasricha, a spa should “be the place you can truly detach and relax – both alone, for some well-deserved solitude, or with friends for a more social experience”. But while this has ever been the case, today, more than ever, “our clients demand results”, says Vladislav Doronin, chairman, owner and CEO of Aman Resorts, which opens a space in Bangkok later this year. “Some are looking for relaxation, others are seeking to improve their fitness, some are struggling with digestion” – but what they increasingly have in common is a desire to live long and live well. “Living to 100 is the new goal,” says one global wellness-trotter when I ask her what she wants from a resort. “You can look at your liver, your body and if you can find the right environment, you can change things.” The spaces keen to lure the wellbeing pound are but rising to the challenge. “They’re all chasing this golden chalice of ‘we are the best in class’,” she says.
At the soon-to-open Six Senses at The Whiteley in London’s Bayswater, the wellbeing brand strives for a significant point of difference by pairing ancient practices with advanced diagnostics and biohacking equipment. On the one hand, you’ll find “individual and group sound healing, and personalised circadian-rhythm assessments in our offerings”, says Anna Bjurstam, who oversees the brand’s wellness programme. On the other, there’s also cryotherapy, photobiomodulation, sleep science treatments pioneered by Harvard University and Pulsed Electro-Magnetic Field (PEMF) therapy, which uses technology to stimulate and exercise cells to help resolve cellular dysfunction. (A new global programme also means guests can visit as a new client or use the spa and its next-level diagnostics and fitness to follow up on the work done in a more far-flung Six Senses resort.)
It’s a traditional-meets-medical fusion that destination resorts – in Thailand, Bali and the Maldives – are also adopting to get the competitive edge. Just outside Bangkok, Rakxa wellness retreat has partnered with nearby Bumrungrad International Hospital to up the ante on its holistic offering. Here, each guest now has a multidisciplinary spectrum of seven wellbeing specialists to knit together diagnostics and treatment. “We’ll look at, say, a guest’s lack of sleep, beginning with a hospital-grade sleep test, and assess how it’s affected by stress. We would then incorporate a stomach massage to address the way we hold emotions in our gut,” explains executive vice president Wsinee Sukjaroenkraisri. Likewise, expect a singing-bowl session or an Ayurvedic Shirodhara treatment followed by a hyperbaric oxygen chamber or a brain-boosting IV drip.
The choice is spoiling. Will a roster of leading longevity scientists seduce you? Skyline views during your massage? A bunker full of state-of-the-art diagnostic tech? Massage sessions with a local shaman? Or mindful architecture? In a world where the resort-hopping client is the expert, the spaces are cherry-picking the “best” bits to create their own super-spa. Just don’t call it a spa, will you?