For the twenty-fifth consecutive year, Azimut/Benetti is the world’s leading group in the construction of yachts over 24 metres. A supremacy that is not only quantitative – 167 units for over 6,000 linear metres launched – but also cultural and strategic, supported by a solid, family-run entrepreneurial leadership, now increasingly global.

Founded in 1969 by Paolo Vitelli, a key figure in the history of Italian yachting, the company is present in 80 countries, with 138 sales and service points. Today it is led by Giovanna Vitelli, daughter of the founder, who has taken on his industrial and value-based legacy, guiding it towards sustainability, innovation and modern governance. Below is the exclusive interview she granted us.

PressMare – How did the handover between you and your father Paolo Vitelli take place? We recall that he suddenly and tragically passed away last December 31st.

Giovanna Vitelli – The handover had started much earlier and was both natural and profound. My father was the son of a pioneering era in which everything was led by vision and intuition. However, when the company surpassed one billion in turnover and 2,500 employees, he understood that a structure was needed. He said to me: “I don’t even know what the word governance means, so you take care of it.” That’s how a true organisational transformation began, which made us more solid, international, structured.

PM – A rare gesture, recognising the right moment to step aside.

GV – It was a great demonstration of intelligence. In one of his interviews, he said: “The third phase of yachting will reward those who are able to transform love for the product into quality, into organisation, into family continuity and management.” It’s a sentence I hold dear. It perfectly embodies the meaning of his vision and his trust in the future.

PM – What was your operational entry into the company like?

GV – I was working as a lawyer in an international law firm, dealing with M&A, an activity I enjoyed very much. I was about to leave, to move to the United States to pursue my career, when—after a conversation with my father, who told me he intended to sell—I decided to stay in the company. Initially I was involved in marinas, a separate area. Later, there came a time when I realised that the true heart of the company was the product, and from there I began an immersive journey, first in silence, mainly observing, then with direct responsibility for development. And my father gave me his full trust.

PM – Is that where your strategic and creative alliance was born?

GV – Absolutely. It was a pact based on listening and autonomy. He let me decide, even when he wasn’t entirely convinced. That’s how the first stylistic renewal projects came about, the opening to external designers such as Achille Salvagni, and the idea of conveying a new, more experiential form of luxury. The Benetti Oasis 40M is the symbol of that.

PM – If we recall correctly, the first model you worked on was the first Magellano, which was probably also the first boat on the market to address environmental issues with dedicated technologies…

GV – That’s true, but I was only marginally involved in the Magellano 74. That model was strongly wanted by my father, but the work done on the green aspects of the boat was certainly very important to me and to the company. The first boat I followed completely, from start to finish, was instead the Atlantis 45. It was a difficult time, Atlantis needed to take a new path, the market was struggling due to the stock issue, and in order to get out of that impasse it was necessary to create something truly new that could relaunch the brand. It was a great effort, commercially a great success, and I’m still very proud of it.

PM – The issue of stock seems to be once again highly topical; it appears to be one of the major challenges currently facing serial production shipyards…

GV – Marco Valle, our CEO, at a time when everyone was talking about a still booming market and making forecasts later disproved by reality, was the first to announce that our Group would adjust to what he considered a physiological drop in demand, thus reducing production plans and organising commercially in order not to relive what happened after 2008, with the crisis triggered by the Lehman Brothers default. We know that many shipyards and, by extension, their dealers are facing serious problems with boats produced but unsold. In this respect, our situation is different – the phenomenon is very marginal for us.

PM – Coming back to the product: in yachting, the Oasis is considered a turning point in design language. How did the project come about?

GV – It stemmed from a specific need: to give a younger vision while maintaining Benetti’s timeless elegance. The concepts on the table didn’t convince us. So I proposed a different interpretation. It was love at first sight. My father supported me, and from there a new cycle began, one of true co-leadership.

PM – Managerial organisation is one of the cornerstones of your leadership. How did you structure it?

GV – I built a modern governance system, with clear delegations, processes, structures, and an industrial vision. It’s a daily job that involves culture, method, and the ability to attract talent. A €1.3 billion company can no longer be managed by intuition alone: it requires professionalism, widespread responsibility, and attention to international markets.

PM – Your decision not to go public is a countertrend. Why?

GV – It’s a conscious choice. My father used to say: “The stock market is a means, not an end.” If you need to sell or require external resources, it’s useful. But if you are strong and independent, you can afford to stay out. We have a strong cash position and financial autonomy. We can innovate, attract talent, invest… without being subject to quarterly or speculative logics.

PM – Nonetheless, you have opened up to selected investors.

GV – Exactly. We’ve always had minority shareholders with targeted interests. An Asian Benetti client, a bank like Intesa Sanpaolo, then Tamburi with its TIP fund. Today Tamburi is still with us, with 8%, while PIF – the Saudi sovereign wealth fund – holds 33%. It’s an institutional, strategic partner, not a speculative one. Having a strong ally in an expanding area like the Gulf is invaluable.

PM – How significant are the current uncertainties in the American market?

GV – The US represents one third of Avigliana’s production. Tariffs and dollar depreciation are concrete problems. However, we acted in advance: we increased the average size of our models, improved margins, and diversified markets. The Middle East and Europe are responding well. Asia, which was slower in the past, is now recovering and we believe in it.

PM – You have also confirmed the dealer model, instead of focusing entirely on direct retail.

GV – Confirming the central role of our dealer network was another key decision we have always believed in. We deeply value the dealer as a rooted local entrepreneur, capable of conveying the brand and supporting the customer with continuity. It’s a more human, more widespread model that makes a difference in uncertain times.

PM – Let’s talk about sustainability. How are you handling the transition today?

GV – It’s not marketing, it’s industrial direction. We have 10 hybrid yachts under construction, we use mild hybrid solutions that avoid the use of generators at anchor, we manage loads smartly, and we intervene in air conditioning, noise reduction, and filtration. It’s an integrated ecosystem focused on efficiency and real comfort. I spent last summer on an Azimut Seadeck 6, developed around these concepts, which used batteries to allow us to live aboard in full comfort, without generators running but with all on-board services and technologies functioning. It was a new experience, and once you try it, it’s hard to go back.

PM – HVO fuel seems to be the ready solution to immediately reduce yachting’s environmental footprint…

GV – Absolutely. The engines we install on our boats are HVO-compliant, including those of the generators, but there is no distribution network for this fuel in marinas. We need public policies, we need pressure from the industry. It’s a just and practical battle. We don’t need announcements about using hydrogen in 10 years — we need workable solutions today.

PM – The greenest boats, however, remain sailing yachts. Some of your prominent competitors have entered that market by acquiring prestigious brands. Will you follow the same path?

GV – The dossiers of some of the brands you mention also landed on our desks, probably even in advance. We studied them, as well as the large sailing yacht market. Compared to motor yachts, it’s absolutely marginal and, in recent years, even contracting. So we found those acquisitions not particularly appealing.

PM – How do you integrate sustainability into the supply chain?

GV – That’s the biggest challenge. The nautical supply chain consists of many SMEs, often craftsmen. But we are implementing traceability systems, ESG assessments, and operational support. From 2026, we will have complete lifecycle monitoring for the product. It’s both a technical and cultural task.

PM – We know that Benetti continues to sell and build many units in both composite and metal. Are you planning to return to the gigayacht market, meaning yachts over 100 metres in length?

GV – I can confirm that Benetti is very active in metal construction and that the size of the yachts we sell is increasingly over 70 metres. The experience of building three units over 100 metres simultaneously allowed us not only to gain deep expertise in that size range but also to structure the Benetti shipyard in Livorno specifically for such demanding constructions. Today we feel that is still our market. We can confidently return to building yachts up to 110 metres without issue. Our standards even at that size are very high: order, control, processes. We want to compete on equal footing with Northern European shipyards. In terms of quality, we are already on par, and in addition we offer flexibility and a willingness to accommodate the client even during construction — something they don’t do. Not only clients, but also brokers and designers are recognising this.

PM – Your commitment, as the Vitelli family, isn’t limited to yachting. Your father cultivated a passion for hospitality for many years.

GV – We have two hotels in Valle d’Aosta. The most precious is Mascognaz, a Walser village from the 1400s, spectacularly restored by my father. The other is in Chamonix. Of all the things I did with him, the only activity I hadn’t been involved in was hospitality, so after his passing I had to step into this world, which immediately fascinated me as well. In this area too, I found highly committed managers with whom I tried to give a fresh contribution, a new energy to the guest experience. It was a demanding effort that brought a first great satisfaction: this year, Mascognaz received its fifth star. It was a deeply moving milestone, built with the team, with passion, in his name. That place holds the soul of our family.

PM – Will your children continue this legacy?

GV – At the moment I don’t know, it’s too early. But life takes unexpected turns. I was on a completely different path too, until my father said to me: “If you go, I’ll sell.” And something clicked. So, never say never.

PM – Finally, you’ve rejoined Confindustria Nautica. A significant decision.

GV – Yes. My father had helped make it a benchmark. Then he stepped away. I felt a duty to return. We are the leading group in the sector: we must be there, bring ideas, provide critical mass. The association needs to renew itself, become more open and representative. But without a common voice, the big battles are lost. And we want to win them.