Giovanna Vitelli to lead Altagamma: the nautical sector takes the presidency of Italian excellence

For the first time in the history of the Altagamma Foundation, the yachting sector is taking the lead of the organization that represents the excellence of Italy’s high-end cultural and creative industry. The shareholders’ meeting has appointed Giovanna Vitelli, Chairwoman of the Azimut Benetti Group, as president of the foundation for the 2026–2029 three-year term.

The appointment marks a significant milestone for the entire nautical sector, further strengthening its role within the Italian luxury ecosystem during a phase characterized by profound transformations in international markets and growing attention toward the strategic value of “Made in Italy.” Giovanna Vitelli succeeds Matteo Lunelli, president and CEO of Ferrari Trento, who led Altagamma for two terms, helping to consolidate its international positioning and strengthen its commitment to sustainability and international promotion.

Leadership Born from Yachting

At the helm of the Azimut Benetti Group since 2023, Vitelli is one of the most influential figures in the global yachting industry. Under her presidency, the group reached a turnover of €1.5 billion, with 100% growth over the last five years and an order book extending through 2029.

The global leader in building yachts over 24 meters for over 26 consecutive years, Azimut Benetti currently operates in more than 80 countries through a network of 138 showrooms and employs approximately 2,500 direct workers.

Giovanna Vitelli’s Vision for the Next Three Years

In her inaugural speech as president of Altagamma, Giovanna Vitelli outlined the priorities that will guide her tenure: “I am honored by this mandate and thank my predecessor, Matteo Lunelli, for the excellent work accomplished over the years. I assume this role supported by a team of entrepreneurs and CEOs who are true ambassadors of our lifestyle worldwide. Together, we will work to bring greater visibility to our companies’ impact on the country, from an economic, social, and cultural standpoint. We will also commit to protecting craftsmanship (i mestieri del fare), a truly cross-cutting issue for the continuity of Made in Italy.”

“The high-end sector deserves to be recognized as our country’s locomotive,” Vitelli continued. “Initial findings from a study we are conducting with SDA Bocconi show that, compared to the average Italian company, our firms contribute 3 times more to GDP growth, hire 5 times as many people, and pay an average of 300 times more in taxes.”

A New Board with More Women and Next Generations

Concurrently with the appointment of the new president, Altagamma renewed its board of directors, with over 45% new members. Particular attention was paid to the balance among the seven sectors represented by the foundation—fashion, design, jewelry, food, hospitality, automotive, and yachting—and to increasing female representation. In fact, women on the board rose from 27% to 36%, with nine female directors out of 25 total members.

Confirmed vice presidents include Sabina Belli for jewelry, Carlo Capasa for fashion, Aldo Melpignano for hospitality, Dario Rinero for design, and Claudio Domenicali for the automotive sector. Carmen Moretti and Marco Piscitelli join the vice-presidential team as new members.

The Changing Face of Global Luxury

Giovanna Vitelli’s appointment comes at a time of deep evolution for the global luxury market. According to data presented by Altagamma, the Personal Luxury Goods segment recorded a 2% contraction, interrupting a growth cycle that had lasted over a decade, excluding the pandemic. Instead, high-end experiences are driving the market. In particular, hospitality grew by 3% and fine dining by 5%, while yachts and private jets saw a 9% increase, confirming the growing appeal of the experiential segment.

The geography of demand is also shifting. The United States and certain areas of the Asia-Pacific region show greater resilience, while the Chinese and European markets are more heavily impacted by geopolitical tensions and economic uncertainties. Despite the temporary economic slowdown, the sector continues to show solid fundamentals, with 13% growth compared to the pre-pandemic period and approximately 45% compared to 2015.

The Three Pillars of Giovanna Vitelli’s 2026–2029 Strategic Plan

The program to be submitted to the new board of directors is built around three main pillars:

• Promoting the Value of Italian Excellence: The first priority focuses on showcasing high-end industries as a strategic national asset. Planned initiatives include a new study conducted with SDA Bocconi and Open Impact, aimed at quantifying the economic and social impact of Italian luxury companies and highlighting their contribution to growth, employment, and international competitiveness. The goal is also to strengthen the narrative around the Italian lifestyle through new events, cultural projects, and the relaunch of the international Next Design Perspectives platform.
• Protecting Made in Italy Craftsmanship: The second pillar focuses on training and skills transmission. In Italy, over 1.7 million young people between the ages of 15 and 34 are neither studying nor working (NEETs), while high-end supply chains will need approximately 276,000 new professionals by 2028. To address this challenge, Altagamma aims to strengthen collaboration among businesses, technical-professional schools, Higher Technical Institutes (ITS), and universities, while also leveraging corporate academies. Special attention will be paid to promoting manufacturing trades to younger generations through communication campaigns and career guidance initiatives.
• Developing New Markets and International Relations: The third pillar focuses on strengthening international business. The plan includes consolidating research activities through the Altagamma-Bain Monitor, strengthening institutional relations at national and European levels, and expanding presence in strategic markets like the United States and China, as well as emerging areas such as India, Saudi Arabia, and Latin America.

Yachting Takes Center Stage in Italian Luxury

Giovanna Vitelli’s appointment also represents a recognition of the increasingly central role that the nautical sector plays within the high-end industry. The segment continues to post record results: Italy maintains its global leadership in superyacht production and stands as one of the main engines of national exports.

The presence of the yachting sector at the helm of Altagamma confirms that the industry is now one of the most authoritative ambassadors of the Italian lifestyle worldwide, successfully combining technological innovation, manufacturing heritage, and economic value.

Conclusions

The election of Giovanna Vitelli to the presidency of Altagamma opens a new chapter for the foundation and further strengthens the weight of the yachting industry within Italy’s system of excellence. In a global landscape shaped by profound shifts in consumer behavior and geopolitical dynamics, the new mandate aims to maximize the economic, social, and cultural contribution of high-end industries by investing in training, safeguarding know-how, and driving the international expansion of businesses. It is a journey that sees yachting as one of the most dynamic and representative sectors of contemporary Made in Italy.

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