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ÔĶÁ±¾ÎÄÕÂÓ¢ÎÄ,Çëµã»÷ AZIMUT-BENETTI HOPES RISING CHINA INCOMES WILL POWER LUXURY BOAT SALES
AZIMUT-BENETTI HOPES RISING CHINA INCOMES WILL POWER LUXURY BOAT SALES
By Peter Marsh
Thursday, June 05, 2008
Azimut-Benetti of Italy, one of the world's biggest makers of luxury boats, is planning a marketing drive in China in an effort to gain up to 10 per cent of its sales from the country in the next five years.

Paolo Vitelli, the chief executive and owner of the company based in Turin, said that China promised to be a ¡°key market¡± for his company in the light of rising levels of income. In addition, said Mr Vitelli, there were signs that the Chinese might gradually be overcoming their traditional aversion to spending leisure time at sea.

As part of this summer's Olympic Games, being held in China for the first time, the country is building a lavish centre for sailing events at Qingdao on its eastern coastline.

Separate to this ¨C but in a move which Mr Vitelli thinks will also stoke Chinese people's interests in boating ¨C a series of developers is constructing about 10 new marinas in China, mostly around Qingdao, Shanghai and the island of Hainan in the south of the country.

This will mean that by 2013, the number of marinas in China will have tripled, making it much easier for owners of large boats to plot a voyage along their country's extensive coastline.

¡°If you ask a millionaire in China about buying one of our boats, there's a 1 per cent chance he will do this,¡± said Mr Vitelli. ¡°If you ask the same question in the US, the chance is 10 per cent.¡±

In an effort to boost its presence in China, Azimut has set up a sales office in Shanghai, and signed up five dealers around the country.

From negligible sales now in the country, Azimut hopes to boost this figure to 5-10 per cent of its annual revenues by 2013, Mr Vitelli said.

Azimut hopes in the year to this September to increase its revenues to more than €900m (.4bn), from €830m last year. This is part of the plan to increase sales by 12-15 per cent a year over the next five years. Mr Vitelli reckons that by 2013, Azimut could gain annual revenues of €70m from China, selling 30-60 boats a year there.

Last year, Azimut had earnings before interest, tax, depreciation and amortisation of €128m. In spite of the worries about a possible economic downturn, and as part of a long-term growth plan, Mr Vitelli hopes to boost Azimut's ebitda to more than €200m by 2009/10.
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