Critical duo: "We recommended acquiring and relaunching the Vittoria Yachts brand."
The former marketing manager of Cantiere Navale Vittoria disapproves of the behavior of the new owners represented by Roberto Cavazzana and his new partner Francesco Maria Tuccillo.
A month after the deed of sale marking the transfer of ownership of Cantiere Navale Vittoria to Roberto Cavazzana's Cnv Srl, and just days after his last day at the company (having terminated his employment contract), Filippo Duò, former communications and marketing manager and son of Paolo Duò (former president), asked SUPER YACHT 24 to share his thoughts and concerns about the current management prospects of the company under its new management. Cnv Srl, the company that acquired Cantiere Navale Vittoria, is 95% owned by Più Uno Holding Srl and 5% by Tuccillo&Partners – General Consulting Srl.
Mr. Duò, can we start by briefly summarizing your experience with the Vittoria Shipyard?
I was responsible for communications and marketing, social media manager, and a fourth-generation member of the Duò family, a shareholder in the shipyard until its recent acquisition by Dr. Roberto Cavazzana's Cnv Srl. In my role, I oversaw the shipyard's performance over the years, including all the recent stages of the company's crisis, which have already been extensively reported and described, including by SUPER YACHT 24. I resigned about 10 days ago.
What are your main concerns about the new management?
I'm concerned about the lack of a clear business plan and management with specific experience in the naval sector. The shipyard, as industry insiders know, was in serious debt crisis and was acquired through an approved restructuring plan, a sort of preventive agreement that allows the company to find a buyer to ensure its continuity, and then reach a repayment agreement with creditors in full or in percentage terms. Thanks to these incentives, in the spring of 2024, two companies emerged: Fcm Group, a company in the sector, and Cnv Srl, owned by Dr. Cavazzana, operating in fields outside the naval sector, which subsequently acquired the shipyard. Dr. Cavazzana immediately contacted us, the Duò family, to better understand the dynamics of the naval sector, given his inexperience, and to seek advice and support in the transition, with the goal of maintaining the shipyard's nearly century-old tradition. However, the initial perspectives Cavazzana provided to us, the advisors, the lawyers, and the entire industry, were insufficient to equip themselves with the necessary resources. of adequate management and to quickly relaunch the company, have not materialized.”
What happened?
Cavazzana's attempts to find partnerships in the shipbuilding industry proved fruitless, for reasons unknown to me. Therefore, he decided to proceed independently, with his own capital, but found himself unable to launch the business with existing orders. Meanwhile, the shipyard had been forced to cancel all existing contracts, orders, and construction projects due to their unprofitability. This unprofitability stemmed from our former management, who over the previous five years had imprudently accepted orders below cost, driving Cantiere Navale Vittoria into crisis.
Based on an in-depth market analysis, we and our consultants had suggested to Cavazzana that he focus on private vessels, such as support vessels for oil rigs or wind farms, and yachts, an area in which the shipyard had already been involved with the Vittoria Yachts brand, which was unfortunately subsequently liquidated. We had also recommended purchasing and relaunching the brand, and Cavazzana seemed interested, but no concrete action was taken in this direction.
Meanwhile, Francesco Maria Tuccillo joined Cavazzana's Cnv Srl company as a director and minority shareholder. His experience comes from diverse sectors, such as Finmeccanica and Piaggio Aerospace, both of which he left under controversial circumstances. From that moment on, our relationship with Cavazzana became more difficult.
What do you think is the current situation of the Vittoria Shipyard?
In my opinion, the current management is not adopting an effective commercial strategy for the naval sector. I should point out that this is my personal opinion, not a fact. I am perplexed by the drastic break with the past, which has marginalized the Duò family's history.
There was no discussion about future strategies, despite having concrete proposals. The new owners proceeded independently, without presenting a business plan, which I find strange months after the acquisition. The sale, initially scheduled for December, was postponed to February due to a contract Cavazzana wanted to complete first. This delay, due to processes he initially accepted and then changed, resulted in the deed of sale only being finalized on February 14th.
To date, however, there is no concrete business plan. A one-year layoff has been initiated, with employees employed in these months solely to reopen the construction site. Given the slow pace of public procurement and the lack of private contracts, the return to work looks long and complex. I hope to be proven wrong with a convincing business plan, but at the moment there are no positive signs. I also find it unacceptable that the use of layoffs is justified by citing, as has been done, the fact that the construction site has a series of non-compliant machinery and production activities, when all certifications are in order. We offered our collaboration to facilitate the transition, but Cavazzana has chosen an isolationist approach that leaves me perplexed.”
What is your hope for the future of the Vittoria Shipyard?
I hope the new management presents a solid business plan and involves experienced professionals in the sector. I reiterate that these are my personal opinions, and I hope the facts prove them wrong. I want the shipyard to return to its position as a leader in the naval sector.
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