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The Ferretti Group enters a new phase in its industrial history. Meeting on May 14, the Italian automaker's shareholders approved the list put forward by Weichai, already the group's largest shareholder with 39.5% of the capital. This vote puts an end to several weeks of internal tension and leads to the departure of Alberto Galassi, Managing Director since 2014.
Alberto Galassi's departure marks the end of a cycle at Ferretti
For 12 years, Alberto Galassi has accompanied Ferretti's transformation. When Weichai acquired a stake in Ferretti in 2012, the Italian group was going through a difficult period following the global financial crisis and the collapse of part of the large yacht market.
Under his leadership, Ferretti regains solid industrial and commercial momentum. The Riva, Pershing, Itama, CRN, Wally and Custom Line brands strengthen their international presence. Italian industrial sites remain at the heart of production, particularly around the historic basins of Emilia Romagna and Marche.
However, relations between Galassi and the Chinese representatives had been deteriorating for several months. According to several Italian media reports, Weichai criticized the outgoing management for its governance, which was deemed too autonomous vis-à-vis the main shareholder. The simultaneous departure of two key board members, Piero Ferrari and Stefano Domenicali, also illustrates the abruptness of the changeover. In their letters of resignation, the two directors cited concerns about the transparency of the process and the functioning of internal governance.
These departures symbolically weaken the group's historic Italian roots.
Chinese control enters the industry
The second major issue is that Weichai's effective takeover has reopened the debate on what industrial assets are considered strategic in Italy.
Ferretti doesn't just build pleasure yachts. The group also produces high-speed units for Italian administrations and security forces. This point explains the public intervention of the Czech conglomerate KKCG, Weichai's direct competitor in this capital battle.
Karel Komarek's group is now asking the Italian government to use the "golden power" mechanism, which allows Rome to intervene in sectors deemed sensitive to national interests. The stakes are as much industrial as technological. Italy's major shipyards boast recognized expertise in composites, top-of-the-range fittings, propulsion and electronics integration. These skills are naturally of interest to international investors.
Over the past fifteen years, several Asian groups have strengthened their positions in the European yachting sector. Italian shipyards, long family-owned or independent, are gradually becoming globalized assets. And this development is worrying part of the transalpine industry, particularly as regards the future capacity to maintain decision-making centers in Italy.
Italian shipyards remain central to industrial strategy
Despite political concerns, Weichai says it wants to preserve the group's Italian industrial base. Tan Ning, the new Chairman of the Board of Directors, insists on the continuity of the model initiated in 2012.
Maintaining the seven Italian production sites remains a key issue for local employees and subcontractors. Ferretti relies on a vast regional network of suppliers specializing in composites, cabinetry, upholstery, hydraulics and marine electronics.
The yacht industry is still largely based on territorial clusters. Relocating these skills to other production areas remains complex, costly and risky for units produced in small series.
But it's not just about manufacturing. In premium yachting, the "Made in Italy" image remains a decisive selling point. Shipowners are looking for craftsmanship as much as for technical products. It is precisely this balance between global industry and Italian identity that will be observed over the coming months.
Beyond the Ferretti case, this shareholder battle reflects a broader transformation of the global yachting sector. The market for large yachts remains dynamic, despite international economic tensions. For several years now, Chinese investors have been seeking to strengthen their presence in Europe's luxury and high-end leisure industries. Automobiles, fashion, hotels and now yachting are following this trend.
