DAILY NAUTICA – INTERVIEW WITH THE FOUNDER & CEO GIOVANNI COSTANTINO

Giovanni Costantino to Daily Nautica: Together with Perini Navi we will grow even more.

Giovanni Costantino, Founder e CEO of the Italian Sea Group, tells us in this interview, the achievements of his Company, between successes and sustainability, giving the Owner the priority.

The Italian Sea Group is the first Italian shipyard in the construction of yachts over 50 meters. The source is The Global Order book 2022. His Founder and Ceo, Giovanni Costantino, in this interview to Daily Nautica retraces the achievements and successes of the Group and its prestigious brands.

The story of The Italian Sea Group, which in the design of a superyacht always puts the Owner’s needs first without neglecting eco-sustainability, is a success destined to grow further, also thanks to the acquisition of Perini Navi.

1. You are among the first Italian manufacturers over 50 meters. When you started, did you ever think you could have achieved this result?

According the Global Order book 2022, we are the first Italian shipyard in the construction of yachts over 50 m. It is a great satisfaction.

We have reached the 8th position in the overall world ranking, in which the builder’s performances are rated accordingly to the total length of the projects under construction.

We currently have 27 projects under construction in the segment of yachts over 50 meters, for a combined length of 757 meters. The outcome has been reached through a decade of commitment, sacrifices and results. In a market in full growth and strong expansion we will continue to strengthen our position among the main world players, not only because of the important reputation of our Company but also thanks to the high-quality profile of our yachts recognized worldwide.

2.How have owners’ requests changed over time?

Our owners desire adventure and freedom, they ask for yachts that can sail in any condition and waters and they want a reduced distance between the internal and external area to have a direct relationship with the sea. But above all, they want uniqueness, perfection and the guarantee that every need will be fulfilled without compromise.

3. What is the weirdest request from an owner that you had to fulfil?

I wouldn’t talk about bizarre requests. Here the protagonists are the Owners, with whom we collaborate in all phases of the realization of the projects. Often the

innovations featured onboard start from their requests and we work hard to transform these requirements in unique products.

Generally speking, the market trend on a global level indicates an increasingly demand for yachts with unconventional shapes, hence the Explorers are increasing their market share both for their performances and for their layout.

We develop concepts in line with our quality standards and performances. Stylistic innovation undoubtedly belongs to us: every of our yacht is unique and we are constantly looking for new creative solutions.

Costantino, you like to repeat that “great dreams should never come to an end”. And with the acquisition of Perini Navi you have given new life to a dream, giving a future to a flag brand of the made in Italy. What efforts do you have to face now to revamp the production of the mega sailing yachts Perini?

The acquisition of Perini Navi allowed The Italian Sea Group to consolidate itself in the segment of large sailing yachts, in which it already had a significant presence thanks to the project under construction of one of the largest catamarans in the world, 46.5 meters long and with a beam of 18 meters.

At the moment, we have 5 sailing yachts in our portfolio with this brand, including two 56-meter ketches, acquired last December.

We think to close the year with two other contracts. Net of new orders, we are convinced that our path with Perini Navi will ensure greater visibility in a market segment where the demand is strong and dynamic. We are confident that we have made the right choice, driven by an incoming order that exceeded the forecasts by 50%.

What drove your Group to be so determined in the acquisition of Perini Navi?

The acquisition of Perini Navi represents a milestone of exceptional strategic importance for TISG. I strongly wanted this operation because it complies with our growth strategy and with our skills in the sailing sector, already recognized by the market.

Furthermore, there was the need to increase the production area, given that the expansion of the site of Carrara is not enough to house all the projects in the order book. The acquisition of two facilities is needed to give room to the company growth and to further improve logistics management. There are all the bases and skills for appropriately giving value to Perini Navi and Picchiotti brands.

With this integration, TISG will be able to leverage on the strong in-house know-how developed in the sailing yacht business and on a consolidate track record in the valorisation of acquired assets and brands, as well proven by the strong growth reached through the relaunch of Admiral and Tecnomar brands.

The valorisation of Perini Navis will also be favoured by the fact that the Company’s debacle did not involve the value of the brand, which remained intact, as shown by the prices recorded in the most recent brokerage market sales. The complete integration of the two teams will help to create and consolidate the in-house culture in the construction and refitting of sailing yachts.

In your Group, starting from the name, there is a lot of Made in Italy. But where do your customers come from?

Our market is global and our owners come from all over the world. We have officially entered the American market for yacht of large dimensions with the sale of the motor yacht Admiral Galileo 82 meters, consolidating TISG’s position as a global player in the mega yacht segment.

The yacht business is back to being very dynamic and the mega yacht segment has proved to be more resilient than others, also because the loyal clientele is international and made up of Ultra High Net Worth Individuals, less exposed to recessive economic scenarios.

Speaking of yachts over 100 meters, one usually immediately thinks about Germany and Holland that are leaders in this segment, despite the problem of the canals that divide the shipyards from the sea. Why Italy does not demonstrate all its shipbuilding know-how also in this segment?

I believe that every company chooses the market segment in which it competes on the basis of multiple elements. We have chosen to specialize ourselves in the segment of large yachts and the market is proving that it was a right decision.

The 2021 was extremely positive, it represents the capitalisation of a path began in 2009, which has allowed us to position our group in a international niche market, both in terms of quality and size. The mega yacht market, both for the design and manufacturing, is surely more difficult and also more selective.

What does the sustainability mean for you and how is it concretely expressed within the shipyard?

We have started a path of ecological transition that involves every aspect of the shipyard. With reference to the product, in addition to the hybrid engine already included on half of the projects in our order book, in which the kinetic energy produced by the movement of the yachts is transformed into electric power, TISG is committed to the development of a hydrogen propulsion.

In the shipyard, we have developed an extreme attention to the environment and to the management of waste collection, building an ecological island and we are increasingly focusing on renewable energies to almost totally support our internal needs.

From now until June next year, all our sheds, a total of 60 thousand square meters, will be covered by solar panels. This will give us the possibility to independently produce the 50% of the Company’s needs.

Great attention is also given to the training of our employees and to women: we have 100 women in the Company, i.e. the 20% of our Company employees and there is no gap between women’s and men’s salaries. Without forgetting sustainability towards the territory, from beneficial projects to urban beautification interventions. Our concept of sustainability is truly 360 degrees.

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