Azimut Benetti: the Group’s CEO Giovanna Vitelli Dominating Global Yachting

Luxury is going through a difficult time. According to the Altagamma-Bain Monitor, which analyzes the global luxury goods market, 2025 is expected to close with a contraction of 2% to 5% worldwide.

But this overall decline does not affect the world of luxury yachting, which is experiencing strong growth. Bain & Company also reports that revenues for builders of yachts over 24 meters should grow by 6% through 2030, with an average annual rate of 9% between 2022 and 2026.

Italy confirms its position as the world leader in the production of yachts over 24 meters, with Azimut Benetti ranking first in the Global Order Book for 25 consecutive years.

Giovanna Vitelli, President of Azimut Benetti, granted us an exclusive interview retracing the development of the family business founded by her father Paolo Vitelli in 1969 with Azimut, later expanded through the acquisition of Benetti in 1985. Paolo Vitelli passed away suddenly in December 2024.

Is there a formula for maintaining world leadership for a quarter of a century?

We are truly proud of this number one position. Winning the title for a single year is already a triumph, but staying at the top means the recipe lies in fundamentals. Let’s start with the numbers: 2024 closed with revenues of €1.4 billion, and this year we expect to grow to €1.5 billion, during what we call a “normalization” period. Some reasons for this leadership go back a long way — my father taught us never to depend on a single market, but to spread equally: one third in America, one third in Asia, one third in Europe. Then, to have a very broad product range, from 50 feet to 110 meters with Benetti, playing on product diversity — another principle of resilience.

For example, our Avigliana production site, which used to manufacture smaller boats, has shifted to larger vessels, while still maintaining entry-level products to welcome new clients. Then, there is a strong focus on the product itself — undoubtedly our greatest strength. In yachting, you win or lose depending on whether you’ve built the right boat, and that’s perhaps the most important ingredient of the recipe. I also think we’ve managed to interpret the tastes of our clients well.