A life in
Y A cht B uilding
Goodbye to Paolo Vitelli, founder and Honorary Chairman of Azimut|Benetti Group. An icon of the modern yachting world. A passionate, visionary entrepreneur, he was capable of looking to the future with courage and generating innovation and growth in the yachting industry
by Désirée Sormani - ph. courtesy by Azimut|Benetti Group
He had a passion for the sea, but at the same time he adored the soaring peaks of the Valle d’Aosta, where he spent his childhood holidays. Paolo Vitelli left us at the age of 77 in Ayas. The cause was a domestic accident, when a fall in his chalet proved fatal. Paolo Vitelli, founder and Honorary Chairman of Azimut|Benetti Group, which for 25 years has been world number one in the production of megayachts over 24 metres, was not just a far-sighted entrepreneur - he was the icon of modern yacht-building, a prolific pioneer of trends that have influenced a whole series of yachts from the point of view of design, technology and sustainability. His daughter Giovanna, who is now at the helm of the business, which ended the financial year on August 31st, 2024 with revenues of 1.3 billion euros and an order portfolio that extends to 2029, told me in a recent interview, “My father developed a heightened awareness of environmental issues many years ago. In 2006 he proposed the first Benetti diesel-electric, which cut fuel consumption by ten per cent, and worked hard
These pages, Paolo Vitelli, founder and Honorary Chairman Azimut|Benetti Group, world no.1 in the production of megayachts over 24 metres for a quarter of a century, and his daughter Giovanna, now at the helm of the Group. Right, the Azimut 62s revolutionises the sports yacht market. It is the first nautical coupé and the first yacht to replace the classic portholes with square hull windows. Opposite page, top, Failaka 105 (1982) is the largest fibreglass yacht ever built. Azimuth was the first yard to use this material to build yachts over 30 metres in length
to develop the in-house production of carbon fibre as a construction material for superstructures. In practice, we took the material in its pure form as it used in sports car and aircraft manufacture, adapting to our infusion process. The ultimate aim was light weight rather than speed, leading to reduced fuel consumption”. His entrepreneurial investment and enlightened vision blazed a trail now followed by many other businesses. After graduating in economics and commerce in 1970, in 1969 Paolo Vitelli founded Azimut, a company focused on the trade and construction of leisure boats, using savings from student jobs. Over its 55-year history, the company has grown rapidly and consistently, while remaining a privately-owned enterprise with high levels of innovation and technology. This growth has been achieved almost entirely through organic development and a few acquisitions, with a notable exception in 1985 - the rescue of the Benetti shipyard, a symbol of Italian excellence. This acquisition led to the company’s name change to Azimut|Benetti. Vitelli has also been involved
in significant industrial diversifications, such as the construction of modern marinas in Varazze, Viareggio, and Livorno (Italy), in Malta beneath the old city of Valletta, and in Moscow on Lake Himki (Russia). He created also a small chain of boutique hotels by restoring historical buildings in Chamonix (France), Champoluc, and Mascognaz (Valle d’Aosta, Italy), for which he received the regional honour of being welcomed into the prestigious ranks of the “Amis de la Vallée d’Aoste.” From 1974 to 2018 he also served as Norway’s Honorary Consul. From 1998 to 2006 he was the President of UCINA (now Confindustria Nautica), the association of the Italian nautical industry. Offering its condolences, Confindustria Nautica recently recalled him with great esteem. “During his long mandate as president of the sector’s trade association he led with vision and determination, obtaining valuable results for the whole industry. Paolo Vitelli leaves an extraordinary heritage – that of a passionate, far-sighted entrepreneur who was able to look to the future with courage and generate innovation and growth without ever losing sight of personal and environmental values”.
In 2004 he was awarded an honorary degree in Mechanical Engineering from the Polytechnic University of Turin and he also received the “Champions of Growth” award from Confindustria for the company’s achievements in growth, innovation, and internationalization during the 2001-2006 period.
From March 2013 to September 2015, he served as a Member of the Italian Parliament, elected under the Civic Choice with Monti for Italy list. He was a member of the Committee for the Security of the Republic (COPASIR) and the Transport and Finance Commissions. A few years ago he handed over control of the Group to his beloved daughter Giovanna, who is displaying great skill in leading six shipyards located in Avigliana (Piedmont), Savona (Liguria), Viareggio and Livorno (Tuscany), Fano (Marche) and Itajaí (Brazil). During the September yacht shows Giovanna Vitelli told us her father was making the most of what remained of the summer, sailing among the Greek islands on board his yacht. She said he was happy.
Fair winds and following seas to you, Cavalier Vitelli!
Paolo and Giovanna Vitelli during Benetti’s 150th anniversary celebrations. Above, B.Yond 37M, an innovative model with hybrid propulsion, and below, the giga yacht Luminosity. Opposite page, top, with Italian President Oscar Luigi Scalfaro: on 1st June he was awarded the title of Cavaliere del Lavoro. Below, a young Paolo with Giovanna as a little girl
