Paolo Vitelli, the Italian entrepreneur who founded Azimut Yachts and later created the Azimut-Benetti Group, died on December 31, 2024. He was 77 years old.
Vitelli was born on October 4, 1947 in Turin. While still in college, where he studied economics and commerce, he put a love of boating and his coursework together. In 1969, at just 21 years old, he established Azimut Yachts. Initially, it was a boat-rental business. But, quick success saw international builders seek out Azimut to sell their boats in Italy. In the early 1970s, Vitelli decided to switch to boatbuilding, and in 1975 Azimut Yachts launched its own project. A sporty 43-meter (13-meter), the fiberglass boat led to further similar series and further success. In fact, Azimut earned renown for pioneering the use of fiberglass for yachts exceeding 98 feet (30 meters). Notably, the Failaka 105 series in 1982 marked the launch of the largest-ever composite yacht to that time. High-profile yacht owners ranging from Aristotle Onassis to Nelson Rockefeller bought hulls.
Around the same time, a historic shipyard, Benetti, was building superyachts, too. Having opened its doors in 1873, it completed the high-profile, 282-foot (86-meter) yacht Nabila in 1980. Belonging to Saudi businessman Adnan Khashoggi, Nabila was the largest—and arguably the most-discussed—private yacht in the world. She famously appeared in the James Bond film Never Say Never Again, too. Unfortunately, the family behind the Benetti shipyard encountered financial troubles during the build. Vitelli acquired the company in 1985, financially restructuring it and adding fiberglass construction to its specialties. The move paid off: The first fiberglass Benetti, the Classic 115 yacht series, saw 100 sales from its introduction in 1988 through to 1998.
Vitelli further embraced technology proven in other sectors but new for yachting. Specifically, he was a big believer in diesel-electric propulsion, and educated clients about it. Subsequently, Benetti built its first diesel-electric yacht, the 213-foot (65-meter) Ambrosia, in 2006. Furthermore, Benetti created its own R&D division, plus acquired a shipyard in Livorno, under Vitelli’s leadership. The Livorno site is where its headquarters are today, constructing a variety of projects, including the 353-foot (107.6-meter) “giga” yacht Luminosity. She saw delivery in 2020.
That same year, Vitelli’s daughter, Giovanna Vitelli, joined the Azimut-Benetti Group board of directors. With a background in corporate law, she gradually took the reins over product development. She succeeded her father as the chair of the Azimut-Benetti Group in 2023, a position she currently retains. Perhaps not coincidentally, 2023 was the year that the two, along with CEO Marco Valle, celebrated Benetti’s 150 years of yacht-building history with employees and their families, along with suppliers, owners, and Italian dignitaries.
Besides his significant contributions to yachting, Vitelli was a member of the Italian parliament from 2013 to 2015. Additionally, from 1974 to 2018, he was Honorary Consul of Norway.
Today the Azimut Benetti Group has five shipyards in Italy.
Azimut Yachts azimutyachts.com
Benetti benettiyachts.it
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