Welcome to the special “20th Anniversary” section of Top Yacht Design. Here we present to you, day by day, the best stories, yachts, characters we have covered in these 20 years of Top Yacht Design, from 2006 to the present day.
Taken from Top Yacht Design no. 29/2022, pp. 56-63.
In conversation with Giovanni Costantino
When he acquired Perini Navi, he added the brand that revolutionised the megasailer world to his already dynamic The Italian Sea Group.
In 2009, he acquired Tecnomar, followed by Admiral in 2011 and the Nuovi Cantieri Apuania (now NCA Refit, ed.’s note) in 2012. Then, in 2020, he brought the three yards together under The Italian Sea Group umbrella. In the same year, he created the Tecnomar for Lamborghini division to build the Tecnomar for Lamborghini 63. In June 2021,the Group was listed on the Milan Borsa and then lastly in December came the acquisition of Perini Navi during its bankruptey auction. Giovanni Constantino’s rise has been fast and furiously consistent. The 59 year old founder and CEO of the Italian Sea Group came into yachting from the furnishing sector and now is now a global operator in the luxury nautical segment.
So is there a secret to that unstoppable rise?
Yes, and it’s pretty simple: great intellectual honesty, big sacrifices and a whole lot of hard work. And knowing how to create a quality executive team that you can share a real lifetime project with and who argue with you like siblings.
What was the strategy behind focusing on enhancing existing brands?
There were two reasons. The first is you have to show the potential owner what you are capable of doing. The whole ‘the more you invest, the faster you get results’ logic doesn’t apply. Joining forces with a brand like Perini that has had a serious journey and has huge historic brand capitalisation, and supporting it with proven experience and solid financial planning, will get you results more quickly.
Getting back to Perini Navi. You really wanted it….
Let’s just say we got organised and worked to get to the auction very determinedly. Yes, we wanted it and we saw it as the right complement to our first io years in business. Then, this was right for us and for Perini Navi.
Do you thought you wouldn’t make it?
Certainly. In the course of the year as we worked on thousands of things that got us to this purchase, we constantly thought we might not make it. And that’s why we succeeded.
Aside the highest offer (Perini Navi was sold at the third auction for 80 million euro), what made the difference?
I think that beyond the extra three million euro, our advantage was that I turned up at the auction almost on my own. I thought and I spoke. My decision was a question of seconds.
The price for the first auction was 62.5 million. So give that you had made up your mind you wanted Perini, why didn’t you buy it then?
We would have done it if I had seen that someone was really interested. But it didn’t seem anyone was to me. If we had closed the deal then, we’d have saved almost 20 million!
Could you give us a quick summary of the industrial plan for Perini Navi by Giovanni Costantino?
Firstly, Perini Navi will only build big sailing yachts at its Viareggio headquarters, retaining its historic lines. But we will work to innovate the technological and aesthetic aspects a lot. In terms of the ongoing builds, we are finishing a 6om ketch and a 47m that will be the first Perini whose overall design we’ve revised. Then there are two 56-metres sold before we acquired the yard and the world’s largest catamaran, a 47m with an 18m beam, which because of its size will be built either at Carrara or La Spezia. That’s the industrial perspective. Then there is the Perini Navi Cup at Porto Cervo that we have already started working on as we want to continue this traditional sailing event.
What about the motor side of the business?
We will continue with our Admiral and Tecnomar brands and will also be relaunching the historic Picchiotti brand There were two motoryachts already in production but with the owners’ permission they will be launched as Admirals.
What is the general strategy?
We want to grow the Perini Navi brand. The Viareggio facility can build craft of up to fom right now so larger ones will be built at Marina di Carrara and La Spezia. More generally, our DNA means we are innovating our aesthetics very fast and hard including on a technological level. We are focusing on owners that want that something extra.
Have you found any new designers for your Perini Navis?
For the first redesign we started with our very skilled and large group of in-house designers. But as is already happening with the motoryachts, with the likes of Sander Sinot and Andrew Winch, etc. that are designing our megayachts, we will be bringing in big names on the sailing side too.
How was arrival in Perini Navi received?
Immediately after we won the bid, we organised a meeting between the Perini Navi craftsmen and women, and The Italian Sea Group’s top and middle management. There were very positive feelings on both sides. Great positive energy and an enthusiasm that is still there.
Is there a Perini Navi in your future?
I don’t think I will ever own a yacht. I love the sea but the company and our product is what I am compelled by. So when I am aboard, I can’t relax because yachts are about work. I also take just two weeks of holidays in August. One at home and the other in the world’s most beautiful hotels.
One final question: who is Giovanni Costantino? You should know him pretty well….
Yes. He’s a friend. He expects a lot, often of himself. If he makes a promise, it really tortures him if he can’t keep it. If he is made a promise and it isn’t kept, it hurts him. Sometimes he loses the rag. He is extremely honest and plays by the rules. He has huge respect for the people and the system around him. But the need to progress quality means he sets a fast pace, first and foremost for himself.
So he’s a nice guy then?
Yes, I would say so. He may not get to heaven but he definitely won’t go to hell either!
by Emilio Martinelli
