Ferretti Group: Deal paves the way for luxury yacht brand’s presence in Cyprus

The Ferretti Group, a world leader in the design, construction and sale of luxury yachts and pleasure vessels, has reached an agreement with PMV Maritime Holdings Ltd, owners and operators of Paralimni Marina, paving the way for the introduction to the island of the luxury brands under the Group.

The deal is essentially the first time the Ferretti Group will have a direct presence in Cyprus as it was previously represented through an intermediary in Greece.

Following PMV Maritime Holdings’ appointment and in accordance with the terms of the agreement, the company will set up offices in cities across Cyprus, with its headquarters hosted at Paralimni Marina.

The Ferretti Group is expected to bring many multifaceted benefits to the Marina. It is worth noting the importance of the agreement being reached a year before the conclusion of construction work.

“We start 2023 by strengthening our international presence and further raising the standard of service offered to our owners. This is the thrust of our partnership with Yachts & Co, a company renowned for its experience providing efficient services. In this way, the Ferretti Group further intensifies its focus on strategic geographical areas for the business, providing our customers around the world with a truly comprehensive service network, from first approach to after-sales. This translates into local support and extremely rapid response times for owners who choose our ever more beautiful and desirable boats,” said Stefano de Vivo, Ferretti Group CCO.

It would be no exaggeration to state that the Ferretti Group is currently one of the largest shipyards on a global scale with an annual turnover of more than €1 billion.

The prestigious brands under the Ferretti Group flag are Ferretti Yachts, Riva, Wally, Pershing and Itama.

In the Super and Mega-yachts category, the Group offers the Custom Line and CRN brands, with the latter designed to accommodate clients’ individual, custom-made needs.

The multinational shipbuilding company was founded in 1968 and produced its first engine-powered sailboat in 1971. In the 1980s, the founders turned towards the specialised sector of engine-powered luxury yachts. They gradually founded a new unit at Forli, Italy, which remains the company’s headquarters to this day.

In the early ‘90s, the Ferretti Group sought to internationalise its business activity, launching an intensified campaign. This led to Ferretti of America Inc. in 1993, selling engine-powered yachts in the United States, Canada, Mexico, Venezuela and the Caribbean.

Ferretti of America connected to the existing sales network in Greece, France, Spain, Germany and Britain, thus raising the impact of improved Ferretti sales internationally.

In 1994, Ferretti launched an international marketing company, forging a strategic network of representatives beyond Europe. As a springboard from that and during the 2nd half of the ’90s, it also implemented a foreign lines expansion strategy through the acquisition of luxury motor yacht production companies.

In 1996, Ferretti expanded into 28-40-metre fiberglass flybridges yachts, through Custom Line S.p.A. and two years later it acquired Cantieri Navali dell’Adriatico - CNA S.r.l., specializing in open type engine-powered boats, the highly acclaimed Pershing brand.

That same year, Ferretti diversified even further, going into the sport fishing boat sector with the acquisition of the Miami shipyard American Bertram Yacht Inc. Bertram Yacht was sold in 2015.

In 1999, the Ferretti Group acquired CRN S.p.A, a shipyard specialising in 30 metre plus fiberglass maxi yachts and steel hull aluminium mega yachts. During the following decade, the Group expanded further with the acquisition of yet more companies connected to the wider sector.

In December 2009, as a means of focusing on its central activity, the Ferretti Group sold 60% of its share in Spanish Pinmar S.L, a firm specialising in mega yachts and owned by Irish businessman Sean Ewing. Evolving its disinvestment strategy further, Ferretti sold 100% of Apreamare S.p.A. in March 2010, including the Torre Annunziata Marina (Naples) to the Aprea and Pollia family, founders of the historic Sorrento brand. 2010 also saw the establishment of Ferretti Group Brazil. In 2012, Ferretti was acquired by Chinese heavy machinery and vehicles multinational Weichai Group.

The Paralimni Marina development by PMV Maritime Holdings Ltd aims steadfastly at the upgrading of the tourist product in the Famagusta District, working against the disadvantages of seasonality.

The high demand for housing and commercial units by local buyers and businesses both establishes and secures the Marina’s success in an area with plenty to offer all year round, naturally focusing on dedicated sea lovers, investing heavily and generously in the purchase of luxury yachts.

Ferretti Group

Thanks to Italy’s centuries-old yachting tradition, the Ferretti Group is a world leader in the design, construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of prestigious and exclusive brands: Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally. Led by Chief Executive Officer Alberto Galassi, the Ferretti Group owns and manages six shipyards located across Italy, which combine the efficiency of industrial production with typical world-class Italian craftsmanship, reaching customers in more than 70 countries across the world thanks to a direct presence in Europe, the United States of America and Asia and its network of approximately 60 carefully selected dealers. The Ferretti Group motor yachts, utmost expression of Made in Italy elegance and creative genius, have always stood out for their exceptional quality, cutting-edge technology, record safety and optimum performance in the sea, as well as their exclusive design and timeless appeal.

CONTACT INFORMATION: Addresses: 28D, Stasikratous Street, Nicosia | Ayia Napa Marina | Paralimni Marina, Protaras |Tel: (+357) 77777701 | e-mail: info@yachtsandcompany.com

(This interview first appeared in the February 2023 issue of GOLD magazine. Click here to view it.)