We had a chance to speak with Marco Valle, CEO of the Azimut Benetti Group, the world’s leading luxury motor yacht builder. Founded in 1969, it is currently chaired by Giovanna Vitelli
by Francesco Michienzi
Marco Valle learned his most significant lesson from Paolo Vitelli – always be one step ahead and act before a problem arises. Successful entrepreneurs don’t wait for situations to solve themselves; they try to anticipate their needs and take action to find solutions. The CEO of the leading nautical group in the world has faced the challenges he encountered with great acumen, determination, tranquillity and awareness, as his results clearly show. The value of Azimut Benetti Group’s production exceeds 1.4 billion euros, +55% in the past four years, with an EBITDA of +30%. The target revenue for 2025 is set at 1.5 billion.
Benetti’s order portfolio until late 2028 includes 60 yachts under construction totalling 2.7 km in length, each made to meet the exact needs of the respective owners.
Benetti has launched a project called Perspective from the Bridge to collect the point of view of shipmasters in a series of round tables focused on issues such as innovation, sustainability, and insights about how each shipowner lives on the yacht to improve their onboard experience every day.
The overall economic situation is very particular and certainly requires a change in pace. How are you dealing with the choices made over the following months or years? We have a specific distinctive trait based on the strength – or foresight – of the company’s founder, who always saw the glass as half empty. Even when things were going well, and the market was growing by double digits, Paolo Vitelli always said, “Yes, but it could end”. So, all investments were made to prepare even for a possible market collapse, not just a slowdown. In addition to the five-year plans, which are standard in any company, we have always had a plan B and a plan C; I mean plans in case of a reduction or even complete collapse of demand. Right now, the market is shrinking, and that’s no secret. Two years ago, I said that specific markets were slowing down, and we had confirmation of that last year. This means that all new developments, or new products, were already in decline, and even the production layout in Avigliana and the one implemented in Tuscany had the purpose of managing and reviewing the demand. But what makes the difference is the brands’ positioning. A survey we did this summer among Benetti clients showed that the quality of our product is unquestionable. Owners put Benetti yachts in the top segment of the market, and the proof is in their long portfolio. On the other hand, we have an Azimut that has been able to grow over the years and that, at this time, can benefit from an outstanding portfolio. In practice, the group already had a two billion backlog in January.
The value of the Azimut Benetti Group’s production exceeds 1.4 billion euros, up 55% in the past four years. EBITDA has grown by 30%, and the 2025 revenue target is set at 1.5 billion.
Did the average length of this order book change, or was it constant? It kept rising, and we strategically increased the average size of Azimut models. In Val Susa, we will make the Seadeck 9, a boat of almost 27 metres, which needs to be engineered to go through the tunnels and launch in Savona. The measurements followed market trends. Today, medium-sized boats representing the Fly line to us have been integrated by Seadecks and Magellano lines. The latter wins if we compare our 60-foot yacht with the Seadeck 6. This is because, on the one hand, there is more competition due to the amount of stock of products we could define as a bit conservative; on the other, it is due to a demand for something different. So, the Seadeck has had a more significant impact as a market novelty than we had initially predicted, even during waning demand. This is not a matter of luck. It’s a matter of method.
During the three years 2025-2027, 99.3 million euros will be allocated to increase the production capacity of all the group’s yards, starting from the historic headquarters in Avigliana (Turin), which will be refurbished according to a project by AMDL Circle and architect Michele De Lucchi. Another 43.2 million euros will be focused on R&D and developing new products. 13.9 million will be invested in digitalisation projects, with virtual reality increasingly involved in prototyping, design, and interaction with the owner.
How are you positioned in markets such as the US, where it is not yet known whether duties will be applied? Have you also considered moving some production to the US? We will not move production and will continue to make our products in Italy. Keeping production in Italy was something Paolo Vitelli felt strongly about. Due to our history, we still have production in Brazil because this was linked to a series of factors that occurred over the years and committed us to a production continuity. We did it under license in the past, but when the entrepreneur passed away, we replaced him. Vitelli has always been convinced that made-in-Italy production made the difference, and today, all brands are proving him to be right.
What percentage does the US market hold in your balance sheet? About 35%, which is no small amount. And, in my view, the problematic aspect right now is precisely the market, not so much due to Trump and the tariffs, which should play in favour of the nautical industry, as due to the amount of stock or stationary boats that are still unsold all over the United States, boats in all segments and of any size. This is why we should encourage the consumer’s propensity. What I see in our dealers’ data is not favourable, which means that stock is very high.
Azimut Yachts’ production technology includes infusion lamination and an increasing use of carbon fibre for superstructure components. The aim is to lighten the weight of the entire product without reducing its size. In addition, the goal is to lower the centre of gravity for increased energy efficiency and a more equal distribution of weights for better seaworthiness.
Do you see any markets that might develop better, apart from the United States? Yes, today, the market that is most inclined towards the top of the range is the Middle East, which has never had stock despite all the issues it has experienced in relation to the war. All over that region, there has never been any downtime, not even when other markets were slowing down.
Have you already translated any projects for the Middle East in collaboration with PIF? Yes, more than one. There are several projects, but there is still so much to do.
We recently heard the news about the Group’s request to return to Confindustria Nautica. What led you to make this choice? In my opinion, the leading Group in the industry cannot be absent from the national association. It must make an active contribution, especially in the following years, which will undoubtedly be more complicated. This is why teaming up with the other players will be essential.
Right, because it is highly individualistic, but today we need synergies. Sure, also because companies evolve. We experience that in our company as well. Although it is still governed by the family, we have gone from an entrepreneurial to a more managerial approach. This is true also for other companies in our industry.
Azimut Yachts has seven collections: Atlantis, Magellano, Fly, S, Grande, Seadeck, and Verve, with yachts ranging from 10 to 44 metres in length.
Let’s talk about your personal contribution and how you have experienced these past years as Group CEO. I have quite a few grey hairs but haven’t lost my smile. The company is still the same, and when I took this position, the Group was going through the period of the pandemic.
Do you remember the first decision you made? I joined Benetti at a complex time, post-Covid, the lockdown had just finished, and the market had no idea what the future looked like. We had just delivered one giga yacht; another was on hold in the yard, and our portfolio was empty. I joined the company on tiptoe because, since I came from the world of Azimut, my challenge was understanding steel production in a company with unparalleled expertise in Italy. I tried to act to manage the situation best, and the facts we see today prove that we made the right decisions.
The order backlog for the two Group brands up to 2028 amounts to 2.6 billion euros.
How long did it take you to realise what kind of a situation you were dealing with and what strategy to adopt? It took me some time to fully understand the situation at 360°. Let’s say that the positive side was my in-depth knowledge of the company. I had the shareholders’ trust and the family’s trust; everyone was supporting me, and, as per my habit, I took the entire issue and dissected it into smaller parts to deal with the problems one at a time. Perhaps the most successful decision I made at the time was to select five people to work on the last giga yacht that was still in the pipeline and put the rest of the company on the task of developing and managing a new project to provide new energy to keep the company alive with a smaller group of people, captained by myself, solely focused on the solution of the giga yacht Luminosity.
I noticed that women’s roles have grown at the top levels in the company. This is a normal effect. Although our industry is a bit male-dominated, our Group is different.
What has been your most excellent satisfaction in these past years? That people trust me in my function.
And your biggest disappointment? I have no big disappointment. Right now, I regret that I cannot show Vitelli that I kept my promise about reaching a specific target… but it’s not disappointing.
What direct consequences did his passing have for you? What happened at the end of the year took everyone by surprise, but it was mostly an emotional blow. It was managed admirably within the company, both from the emotional and human point of view and from the professional and corporate perspective. As far as the human dimension is concerned, it deeply touched everyone, not just those who work in and experience the company but the entire nautical sector worldwide. It was clear proof of Paolo Vitelli’s deep-rooted presence in this industry.
Marco Valle has over 25 years of experience in the Azimut Benetti Group. In 1996, he took his first steps in the sales division of Azimut Yachts and then became the Global Sales Director, a role he held until 31 August 2016, when he took over as CEO of Azimut Yachts and took responsibility for the financial and managerial results of the business line. Since 1 September 2020, Marco Valle has been the new Group CEO.
His role was vital in the development of modern boating. The work he did in the 1980s was what made the Italian boating industry grow on a global level, which didn’t exist before. This is the point, precisely, because the calls and messages we received from people when they heard the news were incredible. He was acknowledged as an entrepreneur for what he did, what he managed, and what he could create without too much pomp. We lost him at a time when he was much more relaxed and content because the company had beaten a few records over the past years in terms of growth and financial stability, as well as in terms of new products. He had started dedicating himself to other projects with the company, which was so healthy. After all, Giovanna has had the company’s reins as President for a year and a half now. Maybe it is a coincidence, or perhaps it is foresight. Still, in terms of our business management, nothing has changed, and we have come back to work after the Christmas holidays, despite this emotional difficulty, and picked up our discussions where we left off before Christmas. We never interrupted our operations except for a moment of intimate and informal commemoration.
(Marco Valle: tranquillity and confidence – Barchemagazine.com – Excerpted from Barche, April 2025)
