G. Vitelli: "Azimut Benetti on the stock market? I don't think so. Acquisitions? Perhaps in the services sector."

Genoa - Will Azimut-Benetti ever go public? "I don't think so. I won't go if I can. We'll lose the luxury of being able to look to the long term." Does the group need to acquire other brands? "Not in manufacturing, perhaps in services."

These are two of the answers given by President Giovanna Vitelli, Italy's leading nautical industry group, regarding current affairs and the future during a public interview at the Galata Museo del Mare as part of the Incontri in Blu (Meetings in Blue) program.

Regarding the present, the head of the Avigliana (Turin) group noted that "on an annual basis, Azimut Benetti has seen 15% growth in turnover over the past year (double that of the rest of the industry)" and added that "the September boat shows are significantly better than we expected. At Cannes, we saw a boom in the superyacht sector, consistent with recent years. The small-to-medium sized boats will experience a slowdown, due to the situation in the United States." The reference is clearly to tariffs.

In this public interview, Giovanna Vitelli opened up about her past, her private life, and her relationship with her father.

Paolo Vitelli, the founder of Azimut Benetti ("a company that started from scratch, operating in Liguria in the sailing charter sector since 1969"), twice declined an invitation to be interviewed as part of Incontri in Blu. "The first time, he said it was best to postpone because otherwise he would have to get something off his chest," while the second time he declined "because he wanted all the spotlight to be on Giovanna, who was about to become president," recounted journalist Fabio Pozzo.

Those who know him well explained on the sidelines of the event that Paolo Vitelli rejected these types of appointments and recognitions because he considered them a point of arrival, while he always felt he had a long way to go.

"He was the entrepreneur who taught me to be the manager I am. He left his mark not only on his company but also on the association," recalled Marina Stella, general director of Confindustria Nautica.

Returning to her story, Giovanna Vitelli, looking back, says her childhood was "closely tied to sailing," describing herself as "nerdy," "top of the class," and "a bit competitive." A law graduate with honors, she spent her fourth year of high school abroad, and the Erasmus university program took her to Germany. "During that period, a German boyfriend almost threatened my return to Italy," she confided.

Of his father, Paolo recalled that "he was very absorbed in the business; family and work were intertwined. He was strict with himself and therefore with others; a demanding father, not easy, not soft." His mother, on the other hand, "was an intellectual, a university professor. Visiting Greek archaeological sites is a passion that was passed down to me from my mother."

Giovanna Vitelli is the mother of two children (Giacomo and Caterina), aged 20 and almost 18. "They're free to do what they want," she said, admitting that "on the one hand, I heartily want continuity in the company," but on the other, she emphasizes that "with a group of 2.500 employees and a turnover of €1.5 billion, I feel social and entrepreneurial responsibility more than anything else."

She chose Law because she wanted to be a lawyer; at the time, she wasn't considering joining the family business. "I saw it as a convenient choice," she said. At 21, she joined the board of directors: "I listened and learned."

Her career as a lawyer led her to work for five years at Bonelli Erede, where she focused on corporate law. In 2004, the opportunity arose to move to New York, but when faced with the choice, her father told her he'd consider selling the majority stake in the company to a Benetti client who was passionate about the shipyard. "I don't know if that offer actually existed or if it was just an excuse to try to keep me; then a partner from Hong Kong actually entered with a minority stake, so the offer probably existed, and that partner helped us open up the Asian market, which at the time was still untapped," she emphasized.

His journey within Azimut Benetti began at the Varazze Marina, moving on to the legal department, communications, product development, and finally to vice president. In March 2023, he moved from vice president to president: "Evidently, my father felt the time was right. He later told me he regretted not doing it sooner. The continuity of the company taking shape was a guarantee for him." When asked if he envies his father for anything, he replied: "I never had any ambition to compare him to him. He will remain unique and unrivaled in the nautical world for what he achieved."

Looking to the future, Giovanna Vitelli's mission is "to demonstrate for another 25 years that we can continue to win the world championship in yachting." She's referring to the distinction that Azimut Benetti has held as the world's leading boat manufacturer for over two decades. One of the "fundamental pillars of the company" she recognizes is "the partnership with CEO Marco Valle: he's a salesperson, and I try to drive innovation."

Before leaving, she had time to explain the company nursery project, which she strongly supported and implemented in Avigliana, a concrete tool to truly offer women equal opportunities. "The only two women at the top of the nautical industry are both business owners. When you have children, you're faced with the choice between pursuing your career or being a mother; the key years of being a mother correspond to the key years of your career. Only if you manage to balance your professional and personal lives can you truly say you've created equal opportunities," concluded Giovanna Vitelli.

SUBSCRIBE TO FREE DAILY NEWSLETTER FROM SHIPPING ITALY

SHIPPING ITALY IS ALSO ON WHATSAPP: JUST CLICK HERE TO SUBSCRIBE TO THE CHANNEL AND ALWAYS BE UPDATED

Paolo and Giovanna Vitelli