Sanlorenzo yachts outperform in the US and the Middle East

Sanlorenzo yachts are growing in 2024. The Italian manufacturer recorded a gross order book of 90% sold to end customers amounting to €1.72 billion on 30 September 2024, the highest level ever achieved thanks to an increase of €355 million in the third quarter.

Two markets stand out: the Middle East and the United States. There was a strong rebound in the Americas (+38.8%), excellent growth in the MEA zone (+80.0%) and good performances in the APAC zone (+16.6%), except mainland China. It is worth noting that the Middle East market, coupled with North Africa, is now home to 12.6% of the world's superyacht fleet. This growing division continues to perform exceptionally well, with net sales of €198 million, up 15.4% in the first nine months of 2023, driven again by the Steel line.

To pursue its growth, the company launched a policy of acquisitions and mergers last year, including the purchase of Nautor Swan, part of the Sawa portfolio controlled by Leonardo Ferragamo (one of the sons of designer Salvatore Ferragamo).

Sanlorenzo has, therefore, bought 100% of the Finnish-based Nautor Swan group, founded in 1966 and specialising in the construction of luxury sailing boats, from Sawa. The acquisition took place in two stages: 60% of the shares were acquired by Sanlorenzo in the first closing, for €48.5 million. The second part of the contract will concern the remaining 40% of the shares and will be signed before 30 April 2028.

The manufacturer, based in Ameglia, near the Italian port of La Spezia, has thus broadened its range of offerings and positioned itself as one of the most competitive players worldwide. The acquisition of Nautor Swan has raised the Italian manufacturer's hopes of increasing sales by an estimated 50% over the medium term.

However, focusing on growing foreign markets and merging with iconic companies in the luxury boat sector are not Sanlorenzo's only objectives for achieving optimum growth.

The company would also like to achieve two-thirds of sales without the role of intermediaries, a process that is widespread in the sector.

Two-thirds direct sales would enable Sanlorenzo to further increase its turnover. To achieve this, the company has set up the Sanlorenzo Med European sales network and plans to open a similar network in the UK to encourage direct sales. Two-thirds is considered to be a good target, considering that in some crucial markets such as the Middle East, direct sales are not an option and local agents are unavoidable.

The shipbuilding industry is proving to be one of the pillars of the Italian economy. Thanks to its capacity for innovation and the excellence of its craftsmanship, Italy is the world leader in the production of superyachts (boats designed for leisure activities, over 24 metres in length). Its market share is 54% in terms of volume and 31% in terms of the value of order books; this percentage is even higher for boats in the 30—to 60-metre length category.