For Italy, the boatbuilding industry is an inestimable asset, a sector of outstanding excellence that must be safeguarded at all costs, even in the face of crises affecting individual companies
by Francesco Michienzi
My April editorial sparked mixed reactions. Back Row served as a reflection, beginning with the analogy of a boat and a metaphor for life, encouraging readers to reflect on certain aspects of human behaviour. As you read this, it is possible that many of the developments we are discussing have taken a different path – or the opposite.
Consider the events surrounding the fate of the Ferretti Group, which is listed on the Hong Kong and Milan stock exchanges. Amid all the manoeuvring, what do we truly know? Certainly, there is a fierce battle between the group’s main shareholder, the Chinese industrial giant Weichai Group, and the Czech entrepreneur Karel Komárek, via KKCG Maritime, who aimed to increase his stake to 29.9% of the capital. Regardless of the outcome, I ask myself – and I ask you: “Shouldn’t the interest in one of the world’s most renowned yachting groups instil a sense of pride in all Italian professionals working in the yachting industry?”.
Komárek is seeking control of the Ferretti Group because it is a highly valuable, well-organised company with prestigious brands and top-tier production capabilities. In a recent interview with Forbes, he said: “What attracted me to Ferretti from the very beginning was the combination of engineering excellence, design leadership and an extraordinary Italian industrial heritage. It is a company where craftsmanship, innovation and the brand’s international prestige come together in a way that is rarely seen”.
// Our country has a remarkable tradition of craftsmanship, engineering excellence, and design. The Italian yachting industry embodies all of these qualities: precision, beauty, innovation,
and a global reputation for quality. Some companies build not just yachts, but works of art. //
If the attempt to acquire ownership and management of the property proves unsuccessful, I believe Komárek could also consider other organisations within our country to utilise his financial stability and his vision as a young, modern entrepreneur in areas with greater need. Along the Tyrrhenian coast, a group is in urgent need of individuals possessing these qualities. Perhaps he has already shown interest in the case, or perhaps he has not been permitted to do so. The fact remains that the managers of this struggling shipyard have chosen a negotiated resolution to the crisis, marking the formal shift to a structured phase of crisis management. The process, which began in mid-March, involves appointing an independent expert, Enrico Terzani, president of the Florence Association of Chartered Accountants, and implementing measures to protect the company’s assets from creditors, with the aim of securing business continuity and restoring economic and financial stability. This move effectively places a temporary hold on potential legal action by creditors, postponing enforcement measures against the company. In addition to the disappointment felt by the company’s own employees, countless small- and medium-sized business owners and artisans see the future of their businesses at serious risk. I have heard rumours of a possible write-off of part of the receivables, with payment deferred over three years, to allow the company to complete its current contracts. I hope this isn’t true, even if it is entirely legitimate from a formal, administrative, and legal standpoint. However, I am horrified once again. I find it inconceivable that these people, who have staked everything on those contracts, still find themselves in this situation today.
“Italy is important to me on several levels: strategically, professionally and personally. From a business perspective, Italy has long been one of our most significant markets in Europe”. Karel Komárek //
I wonder, though: did the 9/11 attacks and the financial crisis caused by the collapse of Lehman Brothers in 2008–2011 – which nearly destroyed the Italian shipbuilding industry – teach us nothing? How can we find ourselves in this situation after such painful experiences? Of course, the glamour, the glitz, and the spin are hard to see through when everything appears to be going smoothly. Endless contracts, order books worth billions, grandiose proclamations and financial statements can deceive even the most experienced. But in this case, people chose to turn a blind eye. The issue at hand is not only saving the jobs of thousands of people, but also preserving the expertise of artisan businesses, the loss of which would cause enormous damage to the entire supply chain.
The Italian shipbuilding industry, through its representative bodies, should create a fund to assist in such situations and support small businesses, which represent an intangible heritage shared by us all. If this external administrator’s efforts fail, there is a risk that operations could be halted or scaled back; the shipyard might reduce shifts or suspend ongoing contracts. It is vital to explore industry solutions that examine the market for business unit divestments and identify investors capable of developing credible restructuring plans that safeguard jobs and value.
For all these and other reasons, I would like Mr Karel Komárek to undertake this challenging task. After all, he has already shown what the founder of KKCG is capable of: an investment firm with over 300 companies across more than 40 countries, with interests in energy, artificial intelligence, and property. He is the third-richest person in the Czech Republic, with a fortune of $10.3 billion. For this entrepreneur, who has a passion for both engineering and culture, this could be a very compelling opportunity. Clearly, many other entrepreneurs possess the potential to compete in this race and come out on top. I am rooting for all of them and hope for a swift solution to help sustain the high standing of our boating industry’s international reputation, which is currently at risk of being compromised.
(Opposing reactions – Barchemagazine.com – Excerpted from Barche, May 2026)
