One to watch
Where the next sales leads are going to come from is an important question in an industry where emerging markets need to be identified early so that opportunities can be capitalised upon. The Italian Sea Group has appointed FYI Superyachts as the exclusive distributor for its custom brands Admiral and Tecnomar in Latin America. SuperyachtNews.com speaks exclusively to both parties about whether valuable sales leads have been identified in the region, and if they consider it to be a significant growth territory for the superyacht industry.…
“The Latin American market is growing fast and we know it’s becoming one of the most important future markets for superyachts,” Francesco Carbone, sales director and vice chairman of The Italian Sea Group, said of the decision. “We already have yacht owners coming from those territories and understand the importance of having a partner who has a solid structure in Latin America and offices in Florida and the US, which remains the favourite destination for many South American buyers. Florida Yacht International is very well known and organised and will be looking after the Venezuela, Colombia and Peru markets. They have a big database of repeat clients who want to upgrade, so the choice was very easy to make.”
"I think in the next five years you will probably see an emerging market in Latin America very comparable to the Asian and Middle-Eastern market.”
Commenting on the trends in this growing market, Navarro believes that a new generation of owners is emerging due to inherited wealth. “What is happening is that there is a new generation that is coming up in Latin America and their wealth is compounded with the money that their parents made,” he explains. “So that is creating a more active market on the superyacht side of things. It is also bringing some younger owners into the game that love boating and want to enjoy the lifestyle. I think one of the main reasons why they are moving to the larger vessels is to have the flexibility to move the boat around and just meet the boat wherever it is.”
But what is the region’s growth potential in comparison to other identified emerging markets in the superyacht industry? “It is still in its infancy but it is moving at a very rapid pace,” Navarro believes. “I think, in the next five years, you will probably see an emerging market in Latin America very comparable to the Asian and Middle Eastern market.”
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ADMIRAL TECNOMAR - Yachting Hub of The Italian Sea
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