IL TIRRENO – THE ITALIAN SEA GROUP sets course to the USA (and to the future)

“Today in the world market those who grow do not regress, those who stand still, yes”, stated Giovanni Costantino, founder and CEO of The Italian Sea Group a year ago, commenting on the results of the first half. “Continuing to increase production and sales volumes organically – he said – is the real challenge”.

The data relating to 2022 (same period) certify that the Group based in Marina di Carrara it was (stra) won: total revenues of 133 million euros, compared to 80.9 in the half-year January-June 2021 and 40.6 of that in 2020. The order book has risen from 629 to 922 million, and the net backlog (the total value of the contracts in place relating to yachts not yet delivered, net of the revenues already recorded in the income statement) from 452.5 to 537 million euros. The number of boats in production has almost doubled (from 19 to 36, including 19 Tecnomar for Lamborghini 63), as has Ebitda (from 10.3 to 20 million, an increase of 93.7%). In addition, 7 million euros were invested for the advancement of the two plans “TISG 4.0” and “TISG 4.1” and the start-up of the two construction sites in La Spezia and Viareggio. Results which, for Costantino, “represent a confirmation of the solidity of our business development project in line with the 2022 guidance, despite a complex macroeconomic and geopolitical context”.

A significant growth driver for The Italian Sea Group is represented by the relaunch of the Picchiotti brand (with its over 400 years of history it is a symbol of the Italian naval tradition), through the “Gentleman” project, born from the collaboration with the international firm Luca Dini Design & Architecture to retrace the stylistic essence of Picchiotti: a fleet from 24 to 55 meters that introduces TISG into the segment of the mass production of yachts and superyachts, while maintaining its ultra high-level positioning.

The keel of the first Gentleman Picchiotti was laid in mid-July and will be delivered in the summer of 2024. The “Panorama” project was also recently presented, the new 50-meter superyacht of the Admiral fleet, the flagship brand of The Italian Sea Group, developed with the team of the Piredda & Partners studio who oversaw the design of the exteriors and interiors.

“Thanks to the acquisition of Perini Navi and the related expansion of production sites, a significant increase in production capacity has been made possible – underlines Costantino -. With Panorama, Admiral, like Picchiotti, also enters the serial production segment, which will allow us to expand sales while avoiding the involvement of the Group’s design skills committed to large custom-made yachts”.

On 5 October the keel of another boat of the Admiral fleet was laid, the 82-meter Galileo megayacht whose sale – finalized in December 2021 through the US broker FGI Yachts – marked TISG’s official entry into the market of large yachts, consolidating its role as a global player of reference in the sector. Designed (in steel and aluminium) by The Italian Sea Group Style Center in collaboration with Bannenberg Rowell Design, it will be delivered in July 2025. The commercial expansion of the Group in the United States continued with the opening, in August, of the first flagship store in East Hampton – Long Island, the reference area for boating on the American east coast and with the opening, in September, of the first after-sales point in Miami, Florida, at the same time as the delivery of the first Tecnomar for Lamborghini 63 in the USA, a market “that offers interesting growth opportunities in line with TISG’s international development strategy”, explains Costantino, then remarking that “the commercial success of this project continues: the next sales will be delivered in the first half of 2024 despite production is at full capacity “.

The Tecnomar for Lamborghini 63 was among the Best of the Best 2022 of the luxury industry in the Robb Report “Motor yacht Weekend Cruiser” category, after having received the award in the “Motor Yacht under 25 meters” category at the 2022 International Yacht & Aviation Awards last May in Venice. Awards for the boats but also for the Group, winner for the second consecutive year of the “Best EBITDA Growth” category at the Alychlo Awards 2022, an annual event (held in Durbuy, Belgium) of the investment company headed by the Belgian entrepreneur Marc Coucke.

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