What's Happening?
The Italian luxury association Altagamma has appointed Giovanna Vitelli, chair of the yacht maker Azimut|Benetti Group, as its new president. Vitelli, who will serve from June 1, 2025, to 2028, is the first
female to lead the foundation in over 25 years. She succeeds Matteo Lunelli, CEO of the Lunelli Group. Under her leadership, Azimut|Benetti has become a leading builder of mega yachts, with a 15% sales increase to 1.5 billion euros for the 2024-25 fiscal year. The Italian nautical sector is experiencing growth, with a projected 3.2% increase in 2024, positioning Italy as the top exporter in shipbuilding.
Why It's Important?
Vitelli's appointment highlights the growing influence of the nautical sector within Italy's luxury market. The sector's expansion is crucial for the Italian economy, contributing significantly to employment and GDP. As global luxury spending faces challenges, the nautical industry's resilience offers a counterbalance. Vitelli's leadership could further strengthen Italy's position in the global luxury market, particularly as other sectors like fashion face declines. Her role may also inspire more female leadership in traditionally male-dominated industries.
What's Next?
Vitelli will navigate Altagamma through a period of economic uncertainty, with declining sales in key markets like China and Japan. Her focus will likely be on maintaining consumer loyalty amidst rising prices. The association will need to adapt to changing market dynamics and consumer preferences to sustain growth. Vitelli's experience in the nautical sector could provide strategic insights into expanding Altagamma's influence and ensuring the continued success of Italy's luxury industries.
Beyond the Headlines
Vitelli's leadership marks a significant cultural shift within Altagamma, potentially encouraging more diversity in leadership roles across the luxury sector. Her background as an attorney and her experience in the nautical industry may bring a unique perspective to the association's strategic direction. The emphasis on the nautical sector also underscores a broader trend towards experiential luxury, which could redefine consumer expectations and industry standards.
