Azimut Benetti, a prominent Italian luxury yacht manufacturer, is calming concerns among its American clientele and investors regarding potential impacts of U.S. import tariffs on luxury yachts. Giovanna Vitelli, the chairwoman and owner, stated at the Financial Times "Business of Luxury" forum in Barcelona that most large yachts bought by Americans are not registered as imports and thus not subject to tariffs, as they fly foreign flags. She added that the company has not yet seen a decrease in consumer confidence due to these tariffs, although broader trade tensions could become problematic.
In its financial year ending August 2024, Azimut Benetti reported revenue of 1.3 billion euros (approximately $1.47 billion), following a post-pandemic surge in demand. Saudi Arabia's Public Investment Fund acquired a 33% stake in the family-owned company in 2023. Vitelli emphasized the advantages of remaining a family business, allowing for swift decision-making, and indicated no immediate plans for an initial public offering. However, she noted that going public could be a future option for growth and continuity if her children express less interest in continuing the business.
Vitelli also mentioned that U.S. customers consistently choose foreign flags for their yachts, partly to avoid tariffs, as the U.S. is not considered a high-end manufacturing market for such vessels. Despite receiving substantial offers to sell the company in the past, she has declined them. Her primary concern remains the potential broader impact of global trade tensions rather than the direct effect of U.S. tariffs on specific yacht imports.
