Sanlorenzo - Italian luxury yacht builder gliding past its competitors
Newsweek Europe|January 28 - February 04, 2022
The global yachting market is thriving, with high-net-worth individuals showing clear sign of increasing their spending. Overall, the market for yachts was estimated at $64.1 billion in 2020, and is projected to reach $84.7 billion by 2027. This is good news for Italy, which accounts for the production of more than half of all yachts over 24 meters in length, both in operation and those currently being built worldwide.

Located between the Italian regions of Liguria and Tuscany, cradle of a longstanding nautical district, Sanlorenzo is one of the leading companies in the world when it comes to high-end yachts; the shipbuilder was the second largest in the world in 2020 (first as mono-brand) in terms of number of active projects and combined length of boats over 24 meters being built.

“Yachting in the last 10 years has changed completely, says Massimo Perotti, Sanlorenzo's chairman and CEO. “This business is very much related to the excellence of Italians. It's a microcosm that is doing really well, is well organized, with artisan touch, history, style and Italian design, he adds.

Perotti spent over two decades working at Azimut-Benetti, another Italian shipbuilder, before seizing the opportunity to acquire Sanlorenzo in 2005. At the time, Sanlorenzo's revenue was €42 million, relatively small for the industry. From 2005 to 2020 we grew the company more than tenfold, and we are expecting revenue exceeding €570 million in 2021, he says.

By focusing on yachts of more than 20 meters, Sanlorenzo has been largely insulated from any financial impact of the pandemic, with its clients wealthy enough that one bad year isn't going to make them cancel or pull back from an order. In fact, 2021 has been Sanlorenzo's best year to date, with the company now eyeing growth opportunities and looking at potential acquisitions both domestically and overseas.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM NEWSWEEK EUROPEView All

Big Tech's Great Reckoning

A spate of new laws in Europe and the U.S. Foreshadow What Could Be the End of dominance for Google, Facebook and Amazon

10+ mins read
Newsweek Europe
May 13, 2022

Sustainable Cabin Vacations

Everyone needs to get away from it all sometimes. But not everyone's idea of the ideal vacation is the same.

3 mins read
Newsweek Europe
May 13, 2022

Summer Music Festivals to Get Your Groove On

What seemed a relic of the past amidst COVID-19 lockdowns and social distancing precautions are now back in full force. This summer promises a music festival resurgence, with events taking place all over the world. Across festivals, lineups are both highlighting international talent and championing local artists. From Afro Nation on the pristine Portuguese seaside to Glastonbury in rural England to Fuji Rock in a Japanese forest, live music lovers of every genre have a lot to anticipate. Let the music play!

3 mins read
Newsweek Europe
May 20 - 27, 2022 (Double Issue)

Emmy Rossum

PARTING SHOT

2 mins read
Newsweek Europe
May 20 - 27, 2022 (Double Issue)

Crypto In Your 401(k)?

Just because you may soon be able to buy Bitcoin in your workplace retirement plan doesn’t mean you should.

6 mins read
Newsweek Europe
May 20 - 27, 2022 (Double Issue)

BANS OFF OUR BODIES

MoveOn and Abortion Access activists rally outside the U.S. Supreme Court on May 3 after the leak of a draft opinion overturning the Court's landmark Roe v. Wade decision.

1 min read
Newsweek Europe
May 20 - 27, 2022 (Double Issue)

CITY OF WATER

As climate change triggers sea-level rise and extreme weather, even New York, one of the world's best-prepared cities, may not be doing enough

10+ mins read
Newsweek Europe
May 20 - 27, 2022 (Double Issue)

'Division of the World Is Inevitable'

Countries need to choose whether to align with autocrats or democracies, says a former NATO Secretary-General

10 mins read
Newsweek Europe
May 20 - 27, 2022 (Double Issue)

How to Shop Green

Customers seeking sustainable merch are a big deal these days. But which products actually deliver on their environmental promises?

5 mins read
Newsweek Europe
May 06, 2022

Blue -or Bluer

In Pennsylvania and Texas, democratic voters face clear ideological choices that could signal the party's direction

5 mins read
Newsweek Europe
May 06, 2022