The Ferretti Group has recently revealed its plans to become listed on the Euronext Milan, the stock exchange situated in Milan, in addition to its existing listing on the Hong Kong exchange. As an esteemed company, the Ferretti Group holds ownership of various luxury yacht brands, namely Riva, Pershing, Custom Line, Ferretti Yachts, Itama, and the prestigious custom superyacht brand CRN.
To celebrate the company’s listing, a unique event was arranged where a Riva Anniversario yacht was positioned in front of Milan’s Piazza Affari stock-exchange building. Alberto Galassi, the CEO of Ferretti, expressed his enthusiasm, highlighting that his company had achieved a remarkable feat as the “first and only Group in the world, not just in the luxury yacht industry, to accomplish a dual listing in both Asia and Europe.”
Commencing on June 21, Ferretti initiated the process of accepting stock orders from investors in preparation for its upcoming listing. The company, which is under the control of the Chinese conglomerate Weichai Group, successfully sold 97 million existing shares, equivalent to approximately 28.7 percent of its share capital, to interested investors.
Just over a year ago, Ferretti successfully concluded its initial public offering (IPO) in Hong Kong. In 2018, the company had made a previous attempt to go public on the Milan exchange, but unfortunately had to abandon the plan due to a lack of investor interest.
With the dual listing on the Milan-based stock exchange, in addition to its existing Hong Kong listing, Ferretti anticipates a substantial infusion of growth capital to fuel its future endeavors. Guided by the leadership of CEO Alberto Galassi, who took over the reins in 2014, the company has been steadfastly pursuing an ambitious growth agenda. Even in the face of challenges posed by the pandemic, Ferretti demonstrated remarkable progress by expanding its range of models across various brands significantly. Notably, in the past year, the company introduced an impressive total of 54 new models, marking a substantial increase from the 42 launched in 2021. This surge in innovation showcases Ferretti’s dedication to staying at the forefront of the luxury yacht industry and meeting the demands of discerning customers worldwide.
Some of the noteworthy recent launches include the Custom Line Navetta 38, Pershing GTX116, Ferretti Yachts 580, wallypower58X, and Wallywhy150. Additionally, in January, Ferretti introduced the first model of its new InFYnito range, the InFYnito 90.
As of May, Ferretti disclosed an impressive order backlog amounting to $1.64 billion (1.5 billion euros). During the first quarter of the year, the company experienced an order intake of $337 million (or 307.5 million euros). Notably, Ferretti reported a 15.4 percent increase in yacht orders for the first quarter compared to the corresponding period the previous year, primarily driven by international orders.
Looking ahead, the Ferretti Group has exciting plans lined up for this year. It intends to unveil multiple boats at esteemed events such as the Cannes and Monaco Yacht shows. While specific models have yet to be announced, these launches are highly anticipated and will undoubtedly showcase the company’s commitment to innovation and excellence in the luxury yacht industry.