Recently, it was announced that Paolo Vitelli, the founder of the Azimut brand and the Azimut-Benetti Group, passed away on December 31, 2024. According to Italian media reports, Paolo Vitelli fell at his home in Turin and suffered a fatal head injury. He was 77 years old.

Mr. Vitelli was born in Turin, Italy, in 1947, into a family of entrepreneurs. While studying in London, young Paolo was introduced to the world of nightclubs, and upon returning to Italy, he opened his own venue. With the profits from this venture, he frequently rented boats and travelled along the coast. This passion led him, at the age of 21, to establish Azimut Srl, a company specialising in yacht chartering.

Initially, Azimut Yachts acted as a broker but soon began importing boats from shipyards in Northern Europe and England. This was a time when the mass production of reliable and safe boats was still developing on both sides of the Atlantic, and Vitelli recognised the immense potential of this industry.



In the mid-1970s, Vitelli launched the first model under the Azimut brand, the AZ 43 Bali. It was constructed from fibreglass—a material that was beginning to dominate boatbuilding worldwide. Following that, in 1977, the AZ 32 was released, featuring an elevated helm with an opening hatch. These features were considered significant conveniences at the time.

The initial successes encouraged Vitelli to expand the Azimut model range, which started at 26 feet and soon grew to include the Failaka 105—the largest fibreglass boat ever built at that time, marking the beginning of mass production of large fibreglass yachts. The Failaka 105 attracted high-profile buyers from around the world, including members of ruling dynasties in the Middle East and the Onassis family.



As he successfully developed his business and exported products globally, Paolo Vitelli was able to amass the capital necessary to acquire another renowned Italian brand—Benetti—in 1985. The shipyard from Viareggio, with over a century of history, gained international fame after launching the 282-foot yacht Nabila, which was the largest private yacht in the world at that time. However, shortly after delivering this vessel, the shipyard filed for bankruptcy. Vitelli purchased what remained of the company and merged both enterprises into the Azimut-Benetti Group. Today, it accounts for 20 percent of the global megayacht market.



Vitelli consistently sought to be at the forefront of the industry, investing heavily in innovation, expansion, and promotion of the group. The acquisition of Benetti made a significant impact, but more was needed to demonstrate the seriousness of the newly formed group and to strengthen its reputation. In 1988, the motor yacht Atlantic Challenger, built by Vitelli's company, crossed the Atlantic without refuelling, making headlines around the world.



In the 2000s, Azimut-Benetti acquired the Gobbi shipyard, and in 2009, the Brazilian company Intermarine.

Throughout his fruitful career, Mr. Vitelli also established a chain of hotels in Italy and France, oversaw the construction of several new tourist ports, and served as president of Confindustria Nautica from 1998 to 2006. From 1974 to 2018, he held the position of Italian consul in Norway, and from 2013 to 2015, he was a member of the Italian Parliament.



In 2023, Vitelli passed the leadership to his daughter, Giovanna, appointing her as chairwoman of the Azimut-Benetti Group. Giovanna Vitelli has played a crucial role in the strategic management and growth of the company and now continues her father's legacy.

Paolo Vitelli's influence on the yachting industry and the hospitality sector, as well as his contributions to Italian public life, will be remembered for generations. Along with the entire global yachting community, Yachting is deeply saddened by the passing of Paolo Vitelli and extends its heartfelt condolences to his family and loved ones.