Ferretti Group, the Italy-based holding behind brands such as Riva, Pershing and of course Ferretti itself, has indicated it made €14,1 million in net profit in 2016 making it the first year since the financial crisis of 2008 where the group posted a profit.
Ferretti was established in 1968 as the first marine division of Alessandro and Norberto Ferretti's family business. In 1971, the company delivered its first wooden motor-sailer and by 1982 it began producing boats for sport fishing with a flybridge.
By 1996, Ferretti Group decided to expand into a larger range and set up Custom Line, a division meant to operate in the growing 26-40m range. In following years, the group multiplied acquisitions buying CNA in 1998, CRN in 1999, Riva in 2000, Mochi Craft in 2001 and Itama in 2004.
As the company was preparing for an initial public offering (IPO) after having been acquired in a leveraged buyout by Candover Investments which put the Group's value at €1.5 billion in 2007, the financial crisis led to a significant drop in sales.
In 2009, the company defaulted on its €1,2 billion debt and its creditors, led by the Royal Bank of Scotland, wrote down €560 million of the debt in exchange for 53% in equity from Candover Investments.
In January 2012, 75% of the group was sold to Chinese conglomerate, Weichai in exchange for a €178 million equity investment, a €100 million capital increase and an €80 million revolving credit facility. The deal also saw the Group's debt be reduced to just €116 million, down from €580 million. The remaining 25% were split amongst the Royal Bank of Scotland and Strategic Value Parters in return for a €25 million equity investment.
After going through a series of rough patches, Weichai appointed Alberto Galassi, an international law attorney who had previously run Piaggio Aerospace, to the position of CEO in 2014. In 2015, Galassi, who is interestingly also on the board of directors of the Manchester City FC, predicted a return to profitability by 2017. In 2016, Piero Ferrari, son of Enzo Ferrari, invested into Ferretti Group, acquiring a 13,2% stake in the group and joining its board of directors.
After posting a positive EBITDA of €7 million in 2015 along with a net loss of €29 million, Ferretti Group has bounced back to profitability in 2016 with an EBITDA of €52,7 million and a net profit of €14,1 million, the first it posted since 2008. In the first quarter of 2017, the company has posted a net profit of €4 million already. This year, Ferretti Group is planning to invest €25 million in R&D and €21,4 million to grow production capacity.
Alberto Galassi, CEO of Ferretti Group, commented: " In a three year period Ferretti Group proved to be a company able to achieve a real turn around, obtaining great commercial success, which led to well above expected financial results. The new models have become the most important drivers of growth thanks to their design, quality and high standards of innovation."
Turkish builder ART Shipyard, part of Besiktas Group, will unveil its first superyacht – the 35-meter Bee Explorer – at the Cannes Yachting Festival from September 9-14. The steel-hulled explorer with aluminum superstructure was designed by Hydro Tec to stay under 300GT while offering a 4,000-nautical-mile range at 10 knots. Ocean Independence serves as worldwide central agent for the €15.25 million vessel, which is available for immediate delivery.Sergio Cutolo of Hydro Tec explained the design rationale: "The 7.7-meter beam provides additional fuel capacity without significant efficiency loss, allowing owners to take advantage of regional fuel price variations." The naval architecture prioritizes seakeeping and fuel economy, with computational fluid dynamics used to optimize the hull form.Michele Dragoni's interior design blends explorer yacht robustness with contemporary styling. Horizontal dark lacquer frames contrast with bleached oak paneling in the main saloon, while curved bulkheads and strategic window placement maximize natural light. The upper lounge features a ceiling-mounted TV lift and lowered cabinetry to create a more relaxed atmosphere.Measuring 35 meters LOA with 2.2-meter draft, the Bee Explorer will be displayed in Port Canto during the festival. The yacht represents ART Shipyard's entry into the competitive sub-40-meter explorer market, leveraging Besiktas Group's commercial shipbuilding experience. The Cannes presentation follows successful sea trials in Turkish waters. Prospective owners can inspect the yacht throughout the six-day show before its scheduled autumn handover to its first owner. Credits: Ocean Independence
July 16, 2025
Italian shipyard Tankoa Yachts has strengthened its leadership team with two strategic appointments as part of its expansion strategy. Isabella Picco joins as Head of Marketing & Communication, bringing extensive experience in the luxury yachting sector. "I look forward to helping guide the shipyard while maintaining its core values," Picco stated.Isabella PiccoGuido Orsi, a long-standing executive at Tankoa since its founding, has been promoted to Vice President. In his new role, Orsi will oversee sustainability initiatives, technological development, and international growth. "Tankoa combines tradition, innovation and family values," Orsi commented regarding his appointment.Guido OrsiThe Genoa-based shipyard, specializing in custom superyacht construction between 50-80 meters, continues to expand its production facilities and workforce. These leadership changes follow Tankoa's recent delivery of the 50-meter Bintador and ongoing construction of multiple projects at its Genoa shipyard.No specific details were provided regarding new projects or production site expansions mentioned in the broader growth plan. Tankoa currently has three superyachts under construction, with deliveries scheduled through 2026. The shipyard maintains its focus on semi-custom and full-custom builds, competing in the 500-1,500GT market segment.Tankoa was founded in 2007 and began production in 2008. A true “boutique shipyard”, focused on building semi-custom and custom constructions 45-meter and up.Credits: Tankoa
July 16, 2025
Pershing commemorated four decades of yachtbuilding with a three-day event in Capri, attended by owners and brand ambassadors including Formula 1 driver George Russell. The celebration, held under the patronage of Capri's municipal government, showcased current models including the GTX116 and newly announced GTX70 alongside heritage designs.Activities included sea trials with Pershing 6X, 7X and 8X models in the Gulf of Naples, while evening events took place at premium venues including La Canzone del Mare restaurant, where a 300-drone light show introduced the GTX70. Subsequent gatherings occurred at Quattro Passi in Nerano and Capri's Il Riccio and a-Ma-Re restaurants."Capri's natural beauty mirrored our yachts' design ethos," stated Ferretti Group CEO Alberto Galassi. The event partnered with Flexjet for private aviation services, Marchesi Antinori for wines, and featured a Pershing-branded capsule collection by Murphy&Nye. Water activities utilized Seabob personal watercraft.The anniversary highlights Pershing's evolution from its 1985 founding to current GTX and X-series production. The brand maintains operations at its Mondolfo shipyard, where it builds seven models between 15-47 meters. Recent launches include the 21-meter GTX70, featuring triple Mercury Racing 1100 engines capable of 48-knot speeds.No new model announcements accompanied the celebrations, though industry observers anticipate updates to Pershing's Performance series in 2026. The Capri event concluded without disclosing attendance figures or future anniversary initiatives. Current production focuses on the GTX sport utility line and Generation X performance models, with deliveries continuing through 2027.The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credits: Ferretti Group
July 16, 2025
Italian builder Extra Yachts has launched the first 28-meter X90 Fast motor yacht, with plans to display the vessel at the Cannes Yachting Festival 2025. The GRP-built yacht, sold through broker Kristina Falkone of Aberton Yachts, features exterior and interior design by Hot Lab with naval engineering by the shipyard.The X90 Fast offers 86 square meters of exterior deck space across three cockpit levels - a dining area for 8-10 guests, lounge seating, and a waterside sunbathing platform. Interior spaces include four guest cabins with the master suite positioned amidships to utilize the 7.1-meter beam. Crew accommodations consist of two cabins forward.Powered by triple Volvo Penta IPS1350 engines (1,000hp each), the yacht reaches a top speed of 30 knots with a cruising speed of 24 knots. At 12 knots, the range extends to 1,000 nautical miles. Design features include concealed hull windows, an open galley with retractable windows separating the salon from the aft deck, and dedicated crew passageways to minimize guest area disruptions.The X90 Fast will be shown alongside other Extra Yachts models at Cannes from September 9-14, 2025. The launch marks the shipyard's continued expansion of its performance-oriented X Series, which currently ranges from 76 to 130 feet. Extra Yachts specializes in the development of yachts with a strong personality. Its distinctive lines are combined in a variety of motor yacht models ranging from 76' to 130' and a 30-meter motor catamaran. Developed thanks to the advanced technical experience of ISA Yachts, Extra offers customers all the advantages of being part of the Palumbo Superyachts network.Credits: Extra Yachts
July 15, 2025
Wally has completed construction of the second wallywind110 sailing yacht, scheduled for its world premiere in late August in Costa Smeralda. The 33.5-meter vessel shares the same judel/vrolijk & co-designed performance hull and carbon construction as its sistership Galma, while introducing several custom modifications.Key updates include a sand-grey hull color scheme, lighter interior finishes, and a reconfigured lower salon with a multifunctional workspace replacing the bar area. The VIP cabin now features a sliding bed system converting between single and double configurations. Studio Santa Maria Magnolfi maintained the exterior and interior design continuity with the first unit, preserving the wallywind series' signature elements: dedicated helm stations, integrated swim platform, and expansive guest areas.Performance features include a telescopic keel (adjustable from 4.5 to 6.95 meters), twin rudders, and a carbon rigging system from Hall Spars with North Sails. The yacht's construction benefited from lessons learned during the first hull's production, allowing Wally to optimize the build process.No charter or ownership details have been disclosed for the new vessel, which joins Wally's growing fleet of performance sailing yachts. The Monaco-based brand, now part of Ferretti Group, continues production of its wallywind series alongside motoryacht projects at its facilities in Forlì, Italy.The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credits: Ferretti Group
July 15, 2025