The yachting world is mourning the loss of Paolo Vitelli, a pioneering force in the luxury yacht industry and founder of the Azimut-Benetti Group. Vitelli, a Turin-born entrepreneur, passed away at the age of 77 following an accident at his residence in Valle d’Aosta on December 31, 2024. His passing marks the end of an era for the luxury yacht industry, which he shaped with relentless innovation, dedication, and leadership.
Vitelli, a visionary leader, transformed the luxury yacht industry, building Azimut-Benetti into a global powerhouse that set new standards for excellence and craftsmanship. His contributions spanned not only yachting but also hospitality and public service, leaving an indelible mark across multiple industries. Vitelli’s legacy is one of forward-thinking innovation, exceptional quality, and a commitment to creating vessels that embody both artistry and functionality.
Vitelli, who was born in 1947, started Azimut in 1969 when he was still a business and economics student at the university. Initially established as a yacht charter company, Azimut quickly transitioned into yacht manufacturing under Vitelli’s leadership. One of the company’s earliest milestones came in 1975 with the launch of the AZ 43’ Bali, one of the first mass-produced fibreglass boats. In 1985, Vitelli’s acquisition of the historic Benetti shipyard, established in 1873 and renowned for its luxurious craftsmanship, marked the creation of the Azimut-Benetti Group. This acquisition solidified the company’s position as a global leader in yacht production.
Vitelli’s vision extended beyond the company’s operations in Italy. In 1988, he expanded the group’s footprint by opening a production site in Avigliana, and Azimut-Benetti now operates six state-of-the-art construction facilities across Italy and Brazil. The company’s offerings have ranged from 10-metre Azimut Atlantis sports cruisers to custom-built megayachts exceeding 100 metres in length. The flagship of the Benetti fleet, the 108-metre IJE, remains a testament to Vitelli’s vision and the group’s engineering prowess.
Under his leadership, Azimut-Benetti solidified its dominance in the global yacht market, holding the top position in the Global Order Book since 2000 for both the overall length of production and the number of yachts under construction. In 2024, the group announced an impressive order book valued at €2.6 billion, with over 140 yachts on order or under construction.
Beyond yachting, Vitelli was a trailblazer in the hospitality industry. He established a boutique chain of hotels in Italy and France and developed modern tourist ports in iconic locations such as Varazze, Viareggio, and Livorno in Italy, as well as La Valletta in Malta and Lake Chimki in Russia. Vitelli also made significant contributions to the nautical sector, serving as president of Confindustria Nautica (formerly UCINA) from 1998 to 2006, where he championed yacht leasing and drove the industry’s growth.
Vitelli’s influence was not limited to business alone. A statesman in his own right, he served as the Consul of Norway from 1974 to 2018 and was a member of the Italian parliament from 2013 to 2015. His legacy of leadership and innovation spans not just his industry but also his commitment to public service.
In 2023, Vitelli passed the baton to his daughter, Giovanna Vitelli, appointing her as chairwoman of the Azimut-Benetti Group. Giovanna has been instrumental in guiding the company’s strategic direction, ensuring that her father’s vision continues to drive the company’s success. Under her leadership, the group’s expansion continues, with a projected revenue of $1.56 billion in 2025 and a full slate of new model launches for both Azimut and Benetti.
Paolo Vitelli’s death leaves a profound void in the yachting and hospitality industries, but his legacy will endure for generations to come. His contributions to yacht design, craftsmanship, and innovation have set a standard for luxury yachting that continues to shape the industry. The global yachting community extends its deepest condolences to his family and loved ones, honoring the life and legacy of one of the most influential figures in the history of yachting.
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