The Queen of Boats

The Azimut Benetti Group is widely considered the largest yacht builder in the world, with around 2,500 employees and revenues of approximately €1.5 billion. Over the past year it recorded growth of 15 percent and plans to invest €115 million in new infrastructure. The future lies not only with long-standing yacht owners but also with a new generation of clients, an emerging market still to be fully explored. More than 160 yachts are currently under construction, representing nearly 6,000 meters of total length, about 23 percent of the global market.

Giovanna Vitelli trained as a lawyer and worked for five years at the Milan-based firm Bonelli Erede, which specializes in corporate law. From the age of 21 her father Paolo wanted her on the Group’s Board of Directors; today she serves as both Chair and Chief Executive Officer. When asked whether the company will go public, she consistently replies: “I don’t think so, if I can avoid it, I will. Our company looks to the long term; the stock market forces you into different rhythms.”

Giovanna, you accepted the challenge of following in the footsteps of such an important father. What was his greatest quality?

Keeping his feet on the ground. Among all the messages I received, the one that describes him best is “the humble giant”. That’s exactly how I like to remember him.

You have been appointed President of Fondazione Altagamma and will take office in June. What does that mean to you?

I’m very happy for my company and for my sector. I’m pleased that the association will have a representative from the yachting world. It has symbolic value, it’s a positive sign for the image of our industry. It’s still early to talk about programs.

Is it correct to always associate our sector with the word “luxury”? It’s not only that …

True. In recent years the motivations have shifted, and so has the narrative behind them. Both shipyards and the press have done a good job in communicating a new and more accurate message. We’ve moved from a narrative where the yacht owner was sometimes portrayed as a somewhat negative figure to telling the real story behind what we do: the intrinsic value of what we build, where industry and craftsmanship come together. Yachting now conveys positive values linked to the high-end segment, where design, skilled trades and craftsmanship merge. It’s the best of Italy brought together. Shipyards are also hubs that involve many other companies.

How has the relationship with design evolved?

That was partly my initiative. I was at an age when I could have been a boat buyer myself, and I saw a world where boats were all very similar, generated by a small number of designers you could count on one hand. Interiors were often redundantly opulent, and there was a kind of ivory-tower approach that created distance from the outside world. We’ve done many explorations, some very innovative, but ultimately we like a boat to remain a boat. We have strong internal capabilities, a Technical and Style Office that works with external designers’ talent to create a well-balanced “boat object”. We set boundaries to ensure that essential functions are respected.

Could you give us an example?

The desire to reach different clients, with different tastes and needs, pushed us to think about how design language could express a different product. With the Seadeck, a boat conceived to dialogue with the sea, we pushed research on hull efficiency, the use of carbon fiber, and the installation of hybrid Volvo Penta IPS propulsion systems. It’s a yacht where efficiency and environmental awareness were taken to the highest level. The interiors also had to reflect this philosophy, which is why we chose Matteo Thun. In the Grande series, instead, we needed a more open interpretation.

Sustainability has often been used as a marketing driver.

The loud announcements about zero emissions are fading, and I’m concerned the topic may be losing attention. In past years we made fewer headlines, but now it’s time to keep pushing and working on the issue. Our approach is to tackle multiple areas of efficiency that, taken together, reduce overall consumption. We are guiding the market in that direction because, at the moment, there is still no real demand from clients.

For example?

We have strongly believed in lightweight construction. We installed an autoclave over 20 meters long to produce carbon fiber components in house. Previously we purchased carbon parts externally, but now we’ve adapted production to the shipyard’s needs. We’ve worked on cork decking, which is now proving effective. Then there is the major chapter of hull design, such as the dual-mode concept of the Magellano series. The more we reduce air and water friction, the greater the efficiency. Some technologies are purchased from suppliers; others are the result of the shipyard’s own expertise. I believe we were right to continue investing in electrification, because today it remains the best available answer, even with its imperfections. I’m glad that my far-sighted father already adopted diesel-electric propulsion on Ambrosia back in 2006. Since then we have introduced the B.Yond with the Siemens system and the Seadeck with hybrid Volvo Penta units.

There are also new approaches to “hotel mode”.

Exactly. In the end, these yachts spend most of their time at anchor or in the marina. We focus heavily on propulsion consumption, but improving auxiliary systems also enhances the owner’s comfort. Swimming without a generator running, and without droplets of fuel on the water, is a completely different experience. It’s almost a Copernican revolution. Sleeping at night without the generator is also a comfort improvement. Even minimal generator noise is always perceptible. Silence is a very sensitive issue for owners, and we are working on a dedicated “silence package”.

Your shipyard designs and builds a great deal in house, relying relatively little on subcontracted production.

I often say that my dream would be to use the slogan “Das Auto” and turn it into “Das Boot”. That means to apply industrial processes to guarantee the quality of the final product. In yachting, this can’t be pushed to the extreme because there is an irreplaceable component of manual work. But in the non-customizable parts you can push industrial control further. It’s a product where industry and craftsmanship blend. We invest in design and automation in the construction process.

What value do boat shows still have for you?

In my view they still matter. We have all improved at producing videos and digital presentations, but this is the ultimate experiential product. Being able to touch it, and the emotion that creates, remains irreplaceable. Boat shows are an opportunity to generate that emotion and give the brand a face: the shipyard meeting the client.

Many companies strongly believe in brand-dedicated events

We do both, but they serve different purposes. A single-brand experience builds customer loyalty and helps convey the Maison’s DNA. At our events people become part of a very family-oriented community. Boat shows, instead, are the place where you present your new product to the world.

What growth potential does the yachting industry still have?

We’ve enjoyed strong growth in recent years, and a healthy consolidation now seems like a good strategy. Even in times of crisis, if you’re wealthy you might still buy a Ferrari. A yacht is something people dream about, an aspirational object that represents a milestone once a certain level of wealth has been achieved. What has changed is the motivation: it’s less about showing off. The post-Covid years tell us that the mission of the yacht has evolved. One client thanked me by saying I had built him the best “memory machine”, a place where he goes with his family and loved ones, and where he collects memories.