A long-standing cultural cruise and a new expedition-style offering will soon operate side by side in French Polynesia.
3 min
From late 2026 and into 2027, PONANT Explorations Group will base two ships in French Polynesia, offering travellers a choice between a culturally immersive classic and a far more exploratory deep-Pacific experience.
The move builds on more than 25 years of operating in the region with the iconic m/s Paul Gauguin, while introducing the expedition-focused Le Jacques Cartier to venture into lesser-known waters.
Together, the two vessels will cover all five Polynesian archipelagos — the Society, Tuamotu, Austral, Gambier and Marquesas Islands — as well as the remote Pitcairn Islands.
Long regarded as the benchmark for cruising in French Polynesia, m/s Paul Gauguin will remain based year-round in the region.
Renovated in 2025, the ship continues to focus on relaxed, culturally rich journeys with extended port stays designed to allow guests to experience daily life across the islands.
A defining feature of the onboard experience is the presence of the Gauguins and Gauguines — Polynesian hosts who share local traditions through music, dance and hands-on workshops, including weaving and craft demonstrations.
The atmosphere is deliberately intimate and internationally minded, catering to travellers seeking depth rather than distance.
Across the 2026–27 seasons, the ship will operate 66 departures, primarily across the Society Islands, Tuamotu and Marquesas, with select voyages extending to Fiji, Tonga and the Cook Islands.
Le Jacques Cartier introduces a more adventurous dimension to PONANT’s Polynesian offering, with itineraries focused on the least visited corners of the South Pacific.
The ship will debut three new “Discovery” itineraries, each 14 nights in length, which can also be combined into a single, extended 42-night voyage — the most comprehensive Polynesian itinerary currently available.
In total, the combined journey spans six archipelagos, 23 islands and the Pitcairn Islands, a British Overseas Territory rarely included on cruise itineraries.
Unlike the Paul Gauguin’s cultural focus, Le Jacques Cartier centres on exploration.
Each day includes one guided activity led by local experts, with excursions conducted via tenders, local boats and zodiacs. Scuba diving is available on board, supported by a resident instructor.
Across the 2026–27 period, the ship will operate nine departures, offering a deliberately limited and low-impact presence in some of the Pacific’s most isolated communities.
The new itineraries aboard Le Jacques Cartier include:
– Secret Polynesia: Unexplored Tuamotu, the Gambier Islands and the Austral Islands
– From Confidential French Polynesia to Pitcairn Island
– Polynesian Bliss: Marquesas and Tuamotu
Each voyage departs from Papeete, with prices starting from $15,840 per person.
In preparation for the new itineraries, PONANT Explorations Group undertook extensive scouting across the Austral and Tuamotu Islands to develop activities in collaboration with local communities.
José Sarica, the group’s R&D Expedition Experience Director, worked directly with residents to design experiences including welcome ceremonies, cultural workshops and visits to marae, the region’s sacred open-air temples.
Six new ports of call have been confirmed as part of this process, spanning both the Tuamotu and Austral archipelagos.
New stopovers include:
– Mataiva, known for its rare mosaic lagoon
– Hikueru, home to one of the largest lagoons in the Tuamotus
– Makemo, noted for its red-footed boobies and frigatebirds
– Raivavae, famed for its crystal-clear lagoon pools
– Tubuai, rich in marae and spiritual heritage
– Rurutu, known for limestone caves and seasonal humpback whale sightings
By pairing its long-established cultural voyages with expedition-led exploration, PONANT Explorations Group is positioning French Polynesia not as a single experience, but as two distinct journeys — one grounded in tradition and comfort, the other pushing into the furthest reaches of the Pacific.
For travellers seeking either immersion or discovery, the South Pacific is about to feel both familiar and entirely new.
The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
Following the successful launch of its Palais Collection, MAISON de SABRÉ has unveiled a new modular handbag system offering more than 720 styling combinations.
SHEIN’s Hong Kong IPO wiped a $4.4 billion obligation from its books, but the fast-fashion giant still faces a payout of up to $3.5 billion to early investors.
3 min
Companies typically go public to raise money to supercharge growth. Fast-fashion giant Shein has another motivation.
The company’s initial public offering in Hong Kong this week is allowing it to avoid paying out billions to early investors.
If Shein hadn’t sold shares by the end of the year, the company would have been required to fork out nearly $4.4 billion in cash to holders of its convertible redeemable preferred shares. With the IPO, the $17.3 billion in preferred shares was converted to ordinary equity, and that obligation was wiped off the books.
But Shein was still on the hook for another payment. Holders of those preferred shares were entitled to a payout of billions more, in part because the company’s valuation has fallen from its peak. That payout came to nearly $3.5 billion in cash, according to regulatory filings.
The retailer on Monday priced its shares at 48.56 Hong Kong dollars each, equivalent to about $6.20 and near the middle of the range of HK$47.60 and HK$49.50 it provided last week.
The company pressed ahead with its IPO despite slowing growth and regulatory headwinds in the U.S. and European Union. Shein priced its IPO at a valuation of around $26 billion, roughly a quarter of the $98.2 billion valuation it achieved in a funding round in 2022.
Shein started selling its wares in the U.S. around 2012 and shot to popularity during the pandemic when more people shopped online. Its supply-chain prowess and vast range of styles at affordable prices made the brand a favorite among many U.S. consumers. It showed other retailers, including Amazon.com, that consumers were willing to wait more than a week for their online purchases to be delivered—if the price was right. But rivals soon emerged, such as Temu, which sells more products apart from apparel.
Shein’s business model of selling massive amounts of cheap goods lost some of its shine as more countries started imposing tariffs on small packages. The U.S. removed a trade exemption that allowed packages valued at or below $800 to enter the country duty-free, and the EU has introduced a €3 (about $3.50) customs duty on imports of low-value parcels.
Shein has worked toward its IPO for years, and the looming $4.4 billion obligation wasn’t the only reason it went public. But the threat of the big payout on Dec. 31 was certainly a part of its reason to press ahead, said Jianggan Li, founder and chief executive of Momentum Works, a research advisory firm based in Singapore.
“Complete the listing before then,” said Li, “and a very large liability comes off the balance sheet.”
While that liability will now be off its books with a successful IPO, Shein said it was saddled with another bill: the roughly $3.5 billion it owed its early investors upon going public.
That amount includes $1.3 billion that Shein had to pay several late-stage pre-IPO investors who had been guaranteed a cash payout at an 8% or 12% annual return, and up to $2.2 billion in compensation for the fall in the company’s valuation in the period after they made their investments. The $2.2 billion was a projection based on the lower end of the offer price range, or HK$47.60 per share, so the total bill will likely be smaller than $3.5 billion. The exact amount has yet to be disclosed by the company.
Notably, the amount it owes investors is more than the roughly $1.7 billion the company raised in the IPO. The company said it was paying the funds to its investors out of cash it has on hand.
The investors entitled to the payments include entities linked to HSG, formerly known as Sequoia China, Boyu Capital, Tiger Global, General Atlantic, Thrive Capital and others.
“What the IPO really does here is resolve the capital-structure overhang,” Li said. “It gives investors liquidity, terminates those preferred-share rights and cleans up obligations created when Shein raised money at much higher valuations.”
Shein could have kicked the can down the road by renegotiating terms with its investors, he said: “Shein is not taking the cheapest way out of its old financing obligations. It is taking the cleaner way out.”
