Luxury decking

18 September 2019 By Lisa Jucca Follow @LJucca

Ferretti, the maker of boats beloved by stars like George Clooney, is cruising to a Milan listing a decade after its shipwreck. State-owned Weichai spent 470 mln euros to rebuild the brand from near insolvency. The Chinese group needs an LVMH-like valuation to double its money.

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Italian luxury yacht maker Ferretti, owner of the iconic Riva speedboats loved by movie stars and aristocrats, said on Sept. 16 it aims to list in Milan by the end of October.

Ferretti, whose clients include George Clooney, was delisted from the stock market in 2003. Chinese industrial conglomerate Weichai Group bought the business in 2012.

The Italian company’s revenue in 2018 was 609 million euros, up from 309 million euros in 2014.

In the first six months of 2019, Ferretti had revenue of 332 million euros and an adjusted EBITDA of 30 million euros.

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