The waters navigated by The Italian Sea Group, a luxury yacht company, are perilous: soon a meeting will be convened that will see unions, the prefect, port authorities, and even the mayor of Marina di Carrara sit face to face, demonstrating concern about the fate of the shipyards belonging to a company weighed down by a net financial debt of 70.6 million and an opaque managerial situation, given that the extra costs that in recent weeks pushed the CEO and largest shareholder Giovanni Costantino to provide a 25 million shareholder loan to plug the gap would derive from irregularities committed by some top executives who allegedly acted – as detailed here – without the knowledge of the CEO and the rest of the Board.
COULD DEL VECCHIO JR NOT STOP AT THE 100 MILLION YACHT?
Meanwhile, he is reportedly closely following the matter of Lmdv Capital, the family office of Leonardo Maria Del Vecchio, which purchased from those shipyards last December the Admiral Armani, a splendid 72-meter yacht valued at over 100 million, created in collaboration between the Tuscan shipyards and the Milanese designer who passed away last year. According to MF – Milano Finanza, the family office led by Marco Talarico is following the vicissitudes of Italian Sea Group with interest.
ACCOUNTS PLUMMET AFTER THE BAYESIAN TRAGEDY
What is certain is that the tragedy of the Bayesian, a sailing yacht sunk off Palermo in the summer of 2024, did not help the Group secure new orders. As of September 30, Tisg had announced a total order backlog, i.e., the gross value of contracts in place relating to new yachts not yet delivered and existing refit contracts, amounting to 1.15 billion, down from 1.24 billion at the end of 2024 and with new orders of 105 million in the third quarter of last year.
“In particular – details Repubblica –, since October 2023, the date of signing the last contract relating to a ship of the typical size of the company’s core business, it was necessary to wait until November and December 2025, more than two years later, to see new large orders.” And also in December Del Vecchio purchased, as anticipated, the 72-meter Admiral Giorgio Armani. Regarding the Bayesian, it is noted in passing that in the 2025 financial statements (whose approval has been postponed), The Italian Sea Group will have to write down the Perini brand, as per Consob’s indication.
