A Growing Appetite for Tailor-made Vessels Drives Yacht Sector

MONTE CARLO, Monaco — Frivolity was alive and well on the shores of Monte Carlo, where the ultra rich signed on the dotted line for the most innovative, design-rich vessels the seas have ever seen.

The mood was high at the Monaco Yacht Show, where 120 super-yachts were unveiled between Sept. 24 and 27, many of them with tailor-made decor. And it wasn’t just the high-end design amping up the mood. The financial outlook for the rest of the year was boosted by an uptick in bespoke yachts, while sales of the Italian yacht sector, the biggest in the world, rose 13.6 percent to 8.33 billion euros in 2023 with no signs of abating for the rest of this year, according to the Yachting in Figures report produced by the Italian Marine Industry Association’s Market Intelligence and Research Department released at the end of September.

Italy is home to go-to shipbuilders like Fincantieri, Azimut|Benetti, Sanlorenzo and Ferretti Yachts. 

“The market again defied our expectations in 2023, with over 200 new yacht sales where we had predicted around 150. Particularly sales by Italian builders between 30 and 60 meters continued apace, with U.S. buyers remaining keen on new builds,” said the Monaco Yacht Show Market Report 2024. For yachts spanning over 60 meters, new build sales slowed, but as of mid-July, a turn for the better or stable sales are expected by the end of the year. Worldwide and over the last five years, on average, around 171 super-yachts were completed, representing a total value of around 4.5 billion euros per year, rising consistently since 2021, the report added.

At a press conference at the fabled Hôtel Hermitage Monte-Carlo,  Azimut|Benetti Group, which is headquartered in Avigliana, Italy, near Turin, said its revenues rose to 1.3 billion euros in the fiscal period between 2023 and 2024, compared to 1.2 billion euros last year, driven by key markets. Its chief executive officer Marco Valle was upbeat at the conference and forecasted a 15 percent growth by the same period next year.

Azimut|Benetti Group, which was ranked the number-one firm in the world according to length built by Boat International, said it has a solid backlog for boats that have yet to be built, up to 2029 for some Benetti models, with 40 percent of its clientele hailing from Europe, followed by the Americas at 37 percent and finally the Middle East and North Africa up at 23 percent.

Similarly, Ameglia, Italy-based Sanlorenzo, the second-ranked builder by length, under art director Piero Lissoni since 2018, said it closed the first half of 2024 with revenues up 6.9 percent. In its most recent financial report released Sept. 9, the firm said it sees sustainable growth over time. Its main geographic drivers were similar, with the Middle East and North Africa region sales up 142 percent, the Americas up 9.2 percent and Asia Pacific up 20.9 percent.

In Touch With Nature

Sanlorenzo unveiled a roster of new designs that bring enthusiasts even closer to nature and amplify the home-away-from-home feeling.

The B.Loft designed by Cassetta Yacht Designers for Benetti imbues the urban residential concept and the vastness of a villa. The new model includes a cabana on the main deck, 270-degree panoramic views and interiors characterized by four-meter high ceilings.

Museum Effect

Baglietto, the La Spezia, Italy-based manufacturer, which will celebrate its 170th anniversary this year, unveiled its T52 MY Akula outfitted with interiors by Team for Design — Enrico Gobbi in cooperation with architect Carlo Lionetti. 

Custom features on this yacht include soft-hued woods like oak and other natural materials that appeal to the sense of touch, with wall and cabinet frames in brass and other metals adding brightness and even-lighter color touches to the ensemble. Murano glass vases, sculptures, works of art, lamps and even the artistic glaze on the stairwell were among the unique pieces designed specifically for this vessel by Italian artists and designers, including by the yacht’s designer, as is the case of the warrior at the entrance. 

Tailor Made

Fabled Italian linens-maker Frette made its debut with a yacht at the Monte Carlo yacht show with an eponymous yacht owned by an investor and member of its parent company, Raza Heritage Holdings.

The 43.59-meter motor yacht crafted by Palumbo Superyachts in Italy debuted Frette’s highly anticipated bespoke collection, which is known to have been used on the altar of St. Peter’s Basilica in Vatican City, the dining car of the Orient Express, prestigious hotels and by European royal families.

M/Y Frette was envisaged specifically for a yacht’s interior, providing an added layer of luxurious details to the vessel, and showcasing the essence of Frette’s bespoke artistry and knowledge. The concept was also on display via an installation at Hotel de Paris: a wall made of corals and rocks with an ocean-themed flora and fauna motif matched with the yellow, orange, pink, and deep blue piping designed onto the plush beach towels and bathrobes.

Modern Retro

With the allure of a vintage convertible, J Craft’s vessels navigate the seas with wooden motorboat glamour made with modern materials and traditional Gotland [Swedish] craftsmanship. More of a passion project than a mode of transportation, its boats were envisaged in 1999 by renowned Swedish restaurateur and hospitality entrepreneur Björn Janson. The firm is now owned by former hedge fund manager Radenko Milakovic who fell in love with the company and its evocative designs that have been used as props for a Chanel ad campaign.

In Monte Carlo, he showed off the Torpedo BaBeBi [a combo of the names of the daughters of the owner of the boat], running his hands over the polished steel dashboard. “This is my creation. The Swedes hate it, they just want wood,” he said, agreeing that it possessed the feel of an old Corvette from the ’50s or ’60s, inviting visitors to touch, feel and put their hands and feet on the plush fabric. “Don’t worry, this boat is made for the sea and to meet the waves. There’s nothing you can touch that will break,” he said.

In detail, BaBeBi introduces a fully “marinized” silver metallic hull, developed in collaboration with a top automotive brand. BaBeBi’s cockpit showcases a unique set of colors, developed specifically for BaBeBi, blending diamond-stitched upholstery with mahogany cockpit interior and teak wood floors. The rich color set continues inside the high-gloss, mahogany-clad forward cabin, fully outfitted with luxurious Hermès fabrics and custom-designed Rosenthal porcelain, Iittala glassware, and silverware crafted by Prince Carl-Philip Bernadotte of Sweden, son of J Craft’s first client, King Carl XVI Gustaf of Sweden. 

The main driver for the firm right now, Milakovic said looking out into a yacht-studded sea, is the appetite for novel vessels. “This is in many ways a mini super-yacht. She’s built to a super-yacht standard but she’s a very small version. The driver is the wish for differentiation, the wish to be unique and to build exactly what you want,” he said.