Alexandre Grimaldi, the 22-year-old son of Prince Albert II who holds no position in Monaco's succession, has unveiled ambitious plans to reshape the principality's cultural identity.
Speaking at the Kilian Paris scented party held at Cannes' Carlton Beach Club, Grace Kelly's grandson revealed he has established his own venture with a clear mission.
"I have set up my own company and the role of the company is to modernise Monaco into a position as a leading cultural hub and to keep Monaco culturally relevant," he said.
The young entrepreneur confirmed his father backs the initiative entirely. "My father is very much on board and across what I'm doing," he added.
Prince Albert's son has outlined his vision to modernise Monaco despite holding no royal rank
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The announcement comes as Mr Grimaldi has just finished studying business management at a London university.
Commercial pursuits have long been his priority rather than traditional royal engagements, despite appearing on the front of society magazine Tatler last year.
He has previously acknowledged that following in his father's footsteps as a working royal was never realistic for him.
"My father is a prince and head of state, so I can't imagine myself walking down a runway," he has said.
Alexandre Grimaldi was acknowledged as Prince Albert's son in 2005
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The principality, situated on the French Riviera, has traditionally been recognised as a haven for wealthy individuals seeking favourable tax arrangements.
Prince Albert acknowledged Alexandre as his son shortly before ascending to Monaco's throne in 2005.
The 68-year-old monarch had conducted a secret six-year relationship with Alexandre's mother, Nicole Coste, a flight attendant originally from Togo, well before his marriage to Princess Charlene.
Albert and the former Olympic swimmer, now 48, went on to marry in a ceremony in 2011.
Prince Albert and Princess Charlene at the Coronation | PAThe royal couple are parents to 11-year-old twins, Prince Jacques and Princess Gabriella, who stand in line to inherit the throne.
Albert also fathered a daughter, Jazmin Grimaldi, now 34, with American waitress Tamara Rotolo.
Mr Grimaldi has expressed frustration at being described as illegitimate, pointing to the circumstances of his birth.
"When I was born, neither of my parents were in another marriage, and they did not commit adultery," he has stated.
Princess Charlene and Prince Albert married in 2011 | PAHis mother has frequently called him "paternally king", a description he seemingly welcomes.
Relations between Ms Coste and Princess Charlene have reportedly been strained over the years.
Tensions were particularly evident around claims that Mr Grimaldi was placed in the Palace's staff quarters ahead of the £53million royal wedding.
Unlike Ms Coste, Jazmin's mother, Tamara Rotolo, has largely stayed away from public attention.