The first day of the Singapore Yacht Show has revealed Benetti’s plans for expansion into the Asian market, with the opening of two offices in Hong Kong and its FB276 63m on spec, spearheading construction that is tailored for the Asian market.

Luigi Adamo has been made the general manager of Benetti Asia, heading up the management team based in Hong Kong, with Alberto Giannerini as service manager and Natalie Ye as marketing manager.

Adamo told that there will be further growth in Indonesia and Japan in the future. He added, “Indonesia is the perfect destination for the yachting business since there are lots of beautiful islands for cruising. Japan is a country with a large number of well established UHNWIs, which is crucial for yachting business.”

           Luigi Adamo, general manager             Natalie Ye, marketing manager

Adamo disclosed that they are currently in negotiations for a 37m and 72m yacht for Asian owners. In addition to the FB276, Adamo explained, “There is potential in the Asian market for even larger yachts, although at the moment it’s not the main region for that size. However, we trust the market is moving in that direction.”

In terms of adapting to the preferences of Asian owners, Adamo added, "It is important we pay special attention to the interior space because the Asian clients prefer to spend more time indoors at the moment, and would like to include the high-tech solutions to reduce the noise and vibration.”

In a statement to the media, Adam said: “As soon as I was nominated Asian general manager, the first actions I wanted to undertake were directed towards increased attention to our brokers' regional network. It is fundamental to keep them up to date on our products, improving the definition of the brand. Further important steps were to nominate a new head of service for the Hong Kong office and the new opening of the service office in the Gold Coast Marina. This way, with our strong local presence, we will be able to serve our clients throughout.”

Recent deliveries from the yard for Asian owners consolidates its move to expand into China, with the delivery of 55m M/Y Ocean Paradise for a young Singapore owner; 56m M/Y Lady Candy - a custom yacht for a Chinese owner - as well as 40m M/Y Mingfa.

M/Y Mingfa

The move has been based on the yard's commercial success in the region, claiming to have sold a total LOA of 390m in the region over the last five years, with contracts for a Classic 121’ (37m), Custom 60m and a Custom 72m at an advanced stage with potential completion within the year. Further to this, an emerging pocket of wealth and UHNWIs has encouraged Benetti’s investment in the region, with Credit Suisse’s Ultra-Rich table showing China alone coming second to the USA in number of UHNWIs.

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