The year 2024 marked a record-breaking year for Ferretti Group, a global leader in luxury yachts, both in terms of growth and financial profitability, with revenue surpassing one billion euros. CEO Alberto Galassi, the man credited with steering the multinational back to success, shared the company’s extraordinary milestones and introduced the new yachts unveiled at the recent Cannes and Monaco boat shows. A world leader in designing, constructing, and selling luxury motor yachts and pleasure craft, the Ferretti Group dual-listed on the Hong Kong Stock Exchange (2022) and Milan Stock Exchange (2023) boasted revenues exceeding one billion euros in 2023. The Group owns seven prestigious yacht brands based across Italy: Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line, and Wally, and serves clients in over 70 countries, with a direct presence in Europe, the United States, and Asia.
This is a period of transformation and significant financial success for the nautical giant, which recently saw a leadership change with the appointment of Jiang Kui as the new Chairman of the Board while achieving its best financial results to date in 2024. During the Cannes Yachting Festival, we met with Alberto Galassi, CEO of Ferretti Group and the mastermind behind the company’s success since 2014. Galassi provided an overview of the Group’s financial performance and presented the latest Ferretti yachts, which were showcased at a world premiere at the recent international boat shows in Cannes and Monaco. “Ferretti Group has closed the first half of the year with figures that confirm our growth,” Galassi stated proudly. “Net sales of new yachts amounted to 611 million euros, up 7.7% compared to the first half of 2023. The adjusted EBITDA is excellent at 96.7 million (+15.9% compared to 2023), with a net profit of 44 million, up 7.6%. The order intake in the first six months of 2024 reached 514.4 million euros and continues to show signs of further growth. Our order book now stands at 1.5 billion euros, 6% higher than at the end of June 2023. This is the best profitability result ever for the Group, and we are debt-free.”
“The secret to our success,” Galassi explains, “lies in the significant investments we have always made: 80 million euros in 2014, with 50 million allocated to research, development, technological innovation, and product range renewal, and a further 91 million euros earmarked for the first half of 2024. These strategic investments will allow Ferretti Group to consolidate its position as a global leader in luxury yachting. Part of the funds has been used to expand our shipyards in Ancona, La Spezia, and Ravenna, where we have a 100,000 square-metre facility. Additionally, we are investing in new production lines: we plan to launch 25 new models between 2024 and 2026, and we aim to expand our range of made-to-measure yachts customised to the client’s specific requirements, with increasing demand for larger vessels. We also want to focus heavily on producing Wally sailing yachts.”
Galassi further confirms ongoing speculation about imminent acquisitions: “Yes, we are close to finalising negotiations with two suppliers.” In 2012, the Ferretti Group was financially rescued by acquiring Weichai Power Group, the Chinese conglomerate that remains the majority shareholder today. In late August 2024, the Chairman of Ferretti Group changed: Tan Xuguang was succeeded by Jiang Kui. The Chinese Dragon presence in the Italian company’s capital does not seem to unsettle Galassi: “There will be no major upheavals; everything will stay the same. The leadership change was announced when Chinese state and party officials retired at 63.
We know the new Chairman well: he lives in Chicago, where he manages all the American assets and is highly international. He has given us a free hand, telling us to continue as we have been doing so far. After all, the numbers speak for themselves, so there is no reason to change strategy.” Meanwhile, the Ferretti Group continues redefining luxury yachting standards with increasingly high-performing, eco-sustainable products and innovative designs for brands such as Custom Line, Riva, Wally, Pershing, Ferretti Yachts, and Itama. At the latest international boat shows in September, the Group reaffirmed its leadership by unveiling several new yacht models: Custom Line Navetta 38, Pershing GTX80, Ferretti Yachts Infynito 80, Ferretti Yachts 670, wallywhy100, and wallypower50 were presented in Cannes among a fleet of 20 models, while in Monaco, the Custom Line 50 and wallywind110 made their debut, displayed alongside six other remarkable models.
“Managing multiple brands requires respecting their heritage while modernising them. Each brand must retain its unique identity: for example, Riva embodies elegance and classicism, while Wally stands for innovation and disruptive design,” explains the CEO. The Pershing GTX80 features a bold design, seamlessly blending exterior and interior spaces to maximise comfort, liveability, and social interaction. The 23-square-metre sundeck offers top-class accommodation, while the dining area on the upper level of the main deck cockpit connects directly with the indoor kitchen, thanks to a retractable electric window, creating a bar area accessible from the cockpit.
The innovative Ferretti Yachts Infynito 80 is a model of environmental sustainability, thanks to the F.S.E.A. (Ferretti Sustainable Enhanced Architecture) technology, which includes, among other elements, an integrated system combining solar energy from photovoltaic panels with power from 14 lithium batteries, and the use of green materials. A distinctive feature is the all-season terrace, a covered terrace offering privacy in weather conditions.
The revamped Ferretti Yachts 670 flybridge retains its distinctive design, including the elegant combination of volumes and the brightness of its interiors, while IdeaeItalia has redesigned the interior spaces. The futuristic and high-performance wallywhy100 is a single-level vessel with a shaded glass superstructure. Its extendable beach area transforms into a terrace by the sea. The sleek wallypower50, with its deep V-hull and elevated cockpit, is a lightning-fast sports runabout. Custom Line 50 is the new flagship of the custom-built aluminium line.
This superyacht spans three decks and features a luxurious owner’s suite surrounded by large panoramic windows with a 180-degree sea view and a private balcony offering a lounge area and sunbathing space. With its enormous, equipment-free cockpit of 80 square metres, the hybrid sailing yacht wallywind110 is a “terrace on the sea,” boasting a towering 48-metre central mast and a carbon-fibre hull finished in a stunning metallic chameleon-like paint.
At the Monaco Yacht Show entrance, the Riva El-Iseo, the iconic brand’s first fully electric motorboat, was also on display. This model is a blend of tradition and modern design, having been first presented earlier this year at the Düsseldorf Boat Show. However, the true crowning jewel among Ferretti Group’s premières is the Custom Line Navetta 38. This Italian engineering and design masterpiece is the latest made-to-measure superyacht from the Navetta line. Its innovative design connects the interior and exterior spaces, offering large areas for socialising. The stern beach club on the main deck’s cockpit can be expanded on both sides to provide direct contact with the sea. The Custom Line Navetta 38 is also the yacht used by Alberto Galassi himself, who also owns a Riva Aquarama motorboat and a 1974 Rudy. He contributed personally to the yacht’s style alongside his wife, Antonella Ferrari, daughter of Piero Ferrari and granddaughter of the legendary Enzo Ferrari, founder of the famous Maranello-based car manufacturer. “I wanted a yacht without colours,” explains Galassi. “Inside, there are hues and countless shades of non-colours. The real colours come from the artworks onboard and the nuances of the sea, the sun, and the sky.”
When asked if, given the chance, he would do it all over again in 2014, his candid and down-to-earth nature as a true native of Emilia-Romagna shines through: “No! I wouldn’t go back to taking over Ferretti as it was ten years ago for any amount of money in the world! It took too much effort and too much of my life dedicated to work. When I arrived in 2014, the group was losing money.
I’m tired,” admits the CEO, who turns 60 this year. “To stay in yachting, there has to be something that still excites me.” So, how does he see his future? Relaxing on a yacht, soaking up the sun? I provocatively ask. “In reality, I can’t sit still. My contract runs until May 2026, so I’ll be here for a little longer…” Therefore, the Italian yachting giant remains in capable hands for at least the next two years.
Discover more @ www.ferrettigroup.com
Article edited by Roberta Vanore
