Lifetime Achievement winner Paolo Vitelli reflects on the past and looks to the future

A decade on from being named the Boat Builder Awards’ inaugural Lifetime Achievement award winner, Azimut | Benetti’s Paolo Vitelli reflects on the chapters that have defined our industry and looks forward to the key trends that will shape its future.

It has been 10 years since you received the inaugural Lifetime Achievement Award at the Boat Builder Awards. In the 10 years since, how has the industry evolved? Is the pace of change accelerating? Or does the period we are in now remind you of changes that occurred in the past?

Ten years ago, we were emerging from the terrible period of 2009-2013, during which all the Industry suffered. In 2014, we began to return to normal market conditions, which were not as good as 2000-2007, but good enough to support investment in new products and new markets with a positive outlook on the future. It was a nice moment to receive your Award, which made me very proud.

The last three years have been the best ever in the yachting industry; we have matched the sales volume of 2008 and surpassed it by 30% or more. The market will not be so good forever, but the foundations of the Industry are more solid than ever.

Sustainability is a major trend – are there other trends/challenges that you see on the horizon – Artificial Intelligence? Etc

You are right, sustainability is a major trend; but I would rather call it a challenging duty, a firm obligation for builders and owners. But it is an obligation to be accomplished not only with words - Azimut Benetti is committed to improve sustainability with deep work on technology and innovation as needed. We want to protect our sea with all our energy.

The other major trends to follow are service to owners and production efficiency. By following these paths with clear objectives, we can overcome a possible market slow-down.

You are right – Artificial intelligence will become more and more important in every aspect of all businesses.

We are told that the ‘next generation’ of consumers are less interested in ‘ownership’ but value ‘experience’ – does that make you anxious for the boating industry? Do we need to change to accommodate the needs of tomorrow’s consumer? 

I had anticipated that service would be a strong expectation of the market and I believe its importance will continue to increase in the coming years.

A lot of people will want to enjoy boating without headaches, meaning that charter, fractional ownership, club use, long term rental and other types of service will become more and more common and in demand.

But the pleasure of private ownership, the joy of having your own home on the water, will never end. For sure.

Our industry has been traditionally defined across distinct categories – boatbuilders, equipment manufacturers, dealers, distributors, marinas etc. Do you see that changing going forward? Will more boatbuilders own marinas, more dealers become boatbuilders etc – will the lines blur do you think?

To a certain extent, yes. But, in reality, “cross selling” is not so easy and it is difficult to remain or become a company that is the top expert in different businesses as difficult and specialized as ours.

It is better to do your own core business at the highest level, providing the relevant services and organizing other specialists to complete the service package for the complete satisfaction of the yacht owners. 

Are you optimistic about the future of our industry?

Yes, definitely, if you are prepared for the ups and downs of the markets.

What have been say the top three most challenging times you have spent in the industry? What did you learn from them?

Every minute is challenging in this industry. If you reduce or lose focus, you are dead. Having said that, the crises of 1991 and 2009 were really hard.

Also, building three giga yachts at the same time was difficult, but these were learning experiences: today, we could do the same challenge again, even blind.

Is there anyone inside/or outside the industry that has particularly inspired you as an entrepreneur?

I spend my nights reading about others, competitors and businessmen. I like to learn about all the possibilities and the other people successes.

However, I have the pride and the courage to say that I have taught and inspired others in this business more than others have inspired me. The competitors are full of people that grew up within AZIMUT BENETTI; we are constantly copied by our competitors in terms of organization, product, strategies and technology. This is the pleasant “drama” of being N1!