MILAN — If Altagamma’s presidencies are any indicator of what’s driving Italy‘s luxury market, the wine and nautical sector would reign supreme.
On Thursday, the association of leading high-end Italian companies named Giovanna Vitelli, chair of yacht maker Azimut|Benetti Group, its new leader, effective June 1 until 2028.
Vitelli succeeds two-term president Matteo Lunelli, who is also the chief executive officer of the Lunelli Group, which owns sparkling wine maker Ferrari Trento. Vitelli is the first female to spearhead the foundation in at least 25 years, Altagamma told WWD.
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Vitelli has been chairman of Azimut|Benetti Group since March 2023, following the passing of her father Paolo, who founded Azimut in the late 1960s.
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Today, the Avigliana, Italy-based firm is the leading builder of mega yachts in the world and is at the top of the Global Order Book, the international ranking compiled by Boat International. Boosted by orders worldwide, and rapid growth in Middle Eastern nations like Saudi Arabia, the privately owned company said its sales rose 15 percent to 1.5 billion euros for the 2024-25 fiscal year ended Aug. 31 and it has cornered 23 percent of the global mega yacht market by meters built. Fellow Italian yacht makers Sanlorenzo and Baglietto are also among the luxury nautical firms driving the industry’s trajectory.
According to industrial group Confindustria Nautica, the Italian nautical sector is poised for growth, rising 3.2 percent in 2024 to 8.6 billion euros, with Italy ranking as the world’s top exporter in the shipbuilding industry.
By comparison, Italy’s Camera Nazionale della Moda Italiana said 2024 sales of the fashion and connected industries (including textiles, clothing, leather goods, footwear, jewelry, eyewear and cosmetics) were down 3.6 percent to 92.4 billion euros compared to 2024.
In 2023, Italy’s Prime Minister Giorgia Meloni expressed her confidence in the nation’s shipbuilders as a key driver for the economy.
“The Italian government needs to be thankful to this sector. They [shipbuilders] are able to tell a story, produce, demonstrate the Italian excellence as this sector has for many years, producing numerous jobs for the workforce,” Meloni said.
Before joining her family’s company, Vitelli practiced as an attorney at the Italian corporate law firm Bonelli, Erede & Pappalardo until 2004. She has been vice president of Altagamma’s yachting sector since 2023.
Looking ahead, Vitelli will lead Altagamma through trying times, as sales in key markets like China and Japan fall and firms struggle to retain loyal consumers amid rising prices. A study by Bain & Company and Altagamma released in November, said worldwide, global luxury spending is forecast to decrease between 1 and 3 percent at current exchange rates to $1.44 trillion. That level is expected to remain stable at constant exchange.
Overall, Italy’s high-end sector represents a 115 billion euro-industry and contributes 7.4 percent of the nation’s gross domestic product. The sector employs 402,000 individuals.