Italy Luxury Association Altagamma Nets President From Buoyant Nautical Sector

Core Insights - The Italian luxury market is significantly influenced by the wine and nautical sectors, with the yacht industry currently leading the way [1] Company Insights - Giovanna Vitelli has been appointed as the new president of Altagamma, effective June 1 until 2028, marking the first female leadership in 25 years [2] - Azimut|Benetti Group, under Vitelli's leadership, is the world's leading builder of mega yachts, achieving sales of 1.5 billion euros for the fiscal year ending August 31, 2025, a 15 percent increase [3] - The company holds a 23 percent share of the global mega yacht market by meters built, with significant growth driven by orders from the Middle East [3] Industry Insights - The Italian nautical sector is projected to grow by 3.2 percent in 2024, reaching 8.6 billion euros, solidifying Italy's position as the top exporter in the shipbuilding industry [4] - In contrast, the fashion and connected industries in Italy are expected to see a decline of 3.6 percent in 2024, with sales projected at 92.4 billion euros [4] - Italian Prime Minister Giorgia Meloni has emphasized the importance of shipbuilders as a key economic driver, highlighting their role in job creation and showcasing Italian excellence [5]