Venice

Ferretti Yachts celebrates its 50th with parade in Venice

Full-day event with yachts on parade, Frecce Tricolori flyover

Ferretti Yachts celebrates its 50th with parade in Venice

Venice, June 22 - Ferretti Yachts has celebrated its 50th anniversary in Venice, reflecting the city's seafaring history as well as its art and its beauty. For the occasion, the Italian Navy and Air Force also joined in the event. Ferretti CEO Alberto Galassi called Venice "the most beautiful city in the world". "We're here not only because we believe Italian boating expertise is the best in the world, but because Ferretti was founded 50 years ago, on the Adriatic, and Venice built its history of the Maritime Republic on the Adriatic," Galassi said. "For us it's a privilege to be able to enter in the Arsenale and show the world what Venice is capable of," he said, adding that he believes the perception of boating is changing in Italy. "Finally, people are starting to understand that boating means work. For example, we employ 1,500 people at seven sites, but there are more than 2,000 people who work within related sectors, and in our 2018-2020 investment plan we are making 80 new hires," he said. "It's in the interest of everyone in the sector promote its production, and it would be a fault to not take advantage of the added value that a city like Venice offers," he said. This is also a reason why Ferretti Yachts, which were anchored for a day at the Arsenale, paraded starting at sunset in front of Piazza San Marco, while, in honour of the war hero Francesco Baracca, the Frecce Tricolori aerial acrobatic team did a flyover. FerrettiGroup, which is 82% owned by the Chinese company Weichai, closed 2017 with profit of 24 million and growth at 71%. Its earnings before interest, taxes, depreciation and amortization (EBITDA) in 2017 reached 59 million euros (up 11%), production value was 623 million (up 11% on 2016; 2018 estimates project an additional 12-15% growth). Galassi said the secret to the numbers is "work, research, investment, and trust in the fact that no one else in the world knows how to do things the way we do them in Italy".

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