Giovanna Vitelli: “We Want to Create an Altagamma Biennale—An Italian Davos for Design and Creativity”

After six years under the leadership of Matteo Lunelli, Chairman and CEO of Ferrari Trento, the Altagamma Foundation is entering a new chapter. Giovanna Vitelli has been appointed President for the 2026–2029 term, succeeding Lunelli, who over two consecutive mandates strengthened the organization's international profile and deepened its commitment to sustainability.

Founded in 1992, Altagamma brings together Italy's foremost companies in the high-end cultural and creative industries. From fashion, design, jewelry, gastronomy, hospitality, automotive, and yachting to wellness, the Foundation represents an ecosystem that embodies the essence of Made in Italy—a powerful economic driver, a major source of employment, and the custodian of centuries-old craftsmanship.

A lawyer by training, Giovanna Vitelli also serves as Chair of Azimut Benetti, one of the world's leading luxury yacht builders, founded by her father, Paolo Vitelli. Before assuming the presidency, she spent three years as Altagamma's Vice President in charge of the yachting sector.

Her appointment comes at a pivotal moment for the luxury industry. Following the extraordinary post-pandemic boom, the global luxury market has entered a period of normalization. Against a backdrop of geopolitical tensions, more cautious Chinese consumers, and declining tourist flows from parts of the Middle East, Vitelli rejects the notion of an identity crisis. Instead, she sees a more mature market in which the intrinsic value of products—their authenticity, quality, and cultural significance—is once again taking center stage.

With Italy's high-end industries expected to face a shortage of more than 200,000 skilled professionals by 2028, the new president intends to strengthen partnerships between luxury houses, technical schools, and younger generations to safeguard the country's exceptional know-how.

She is also spearheading an ambitious new initiative: the creation of an Altagamma Biennale that would alternate between editions dedicated to design and creativity and those focused on manufacturing excellence and craftsmanship. Conceived as an "Italian Davos," the event would position the country's high-end industries as a global showcase for Italy's economic strength, artistic heritage, and cultural influence.

In this exclusive interview, Giovanna Vitelli outlines her strategic roadmap, identifies the markets she believes offer the greatest opportunities, and shares her vision of a luxury sector increasingly defined not by ownership, but by value, relationships, and meaning.

In light of these figures, one naturally wonders whether the luxury industry is facing an identity crisis.

Giovanna Vitelli: I think the term "identity crisis" is somewhat overstated. I would instead describe the current period as one of normalization, following years of exceptional and sustained growth, particularly in the wake of the pandemic. A slight slowdown is therefore perfectly natural.

It is also important to remember that the luxury sector is far from homogeneous—different segments are evolving in different ways. According to the latest Altagamma-Bain study, the outlook for 2026 points to moderate growth of around 2%, marking a return to positive momentum.

Looking more closely at the various sectors reveals some interesting trends. Personal luxury goods are expected to grow by between 2% and 4%, while experiential luxury—including yachting—is forecast to expand by around 5%. The automotive sector, by contrast, remains under pressure, although this is primarily linked to the challenges surrounding the transition to hybrid vehicles rather than to luxury demand itself.