North American market, but later became the name of the mother company as well. In the early 1970s the Club had bought from her owner Claude Lelouche the famous revolutionary three-mast sailing boat Vendredi 13, installed 4 berths and a bath-room, and based her at the Buccaneers Creek village in Martinique for one-day to several day cruises. Huge success among members, so, in 1976, it bought the huge sailing boat built by solo sailor Alain Colas, who had just lost the Solo Transatlantic Race Plymouth-Newport to his enemy Eric Tabarly. It renamed it Club Médiderranée and based it in Martinique for 2-3-day cruises. Another huge success, so, the Club built a second one, a monster named Club Med 2. depending on the season. The Club has also ceased to be a club in the legal sense, changing from a not-for-profit association to a for-profit public limited company (French SA) in 1995. However, each new customer is still charged a membership fee upon joining, and returning customers are charged an annual fee as well. Diversification In the 1990s, the Club's fortunes declined because competitors copied its concepts and holidaymakers demanded more sophisticated offerings. Other reasons explain its demise: the arrogance of the Triganos, who were convinced that they could buy any property, even one in a badlocation, put on it the name "Club Med" and it would be a success; they multiplied the villages, so many so fast that they could not find enough good "chefs de village", who make the villages what they are: bad chef = bad village. In 1997, the shareholders finally understood and sacked the two Triganos and replaced them with Philippe Bourguignon, former CEO of Novotel USA. Bourguignon aimed to change the Club "from a holiday village company to a services company". The club took over a chain of French gyms, launched bar/restaurant complexes known as Club Med World in Paris and Montreal, and commenced a budget resort concept aimed at young adults. Oyyo was the first such resort, opened at Monastir in Tunisia. Thirteen new villages were planned for the new century. Relaunch The change in strategy was not successful, and the Club fell into a deep loss following the 11 September 2001 attacks in the U.S. In 2002, a new CEO, Henri Giscard d'Estaing, son of the former French President, was appointed. His strategy was to refocus on the holiday villages and attract upmarket