Altagamma Foundation names Giovanna Vitelli president, approves 2026-29 strategic plan

Change at the top for Italian luxury industry association Fondazione Altagamma: the AGM has appointed Giovanna Vitelli as the association’s chair for the 2026-2029 period. Vitelli, for the last three years the vice-president for Altagamma’s yacht-building sector, and president of the Azimut|Benetti group, succeeds Matteo Lunelli (president and CEO of wine-makers Ferrari Trento), who is stepping down after two mandates characterised by a focus on internationalisation and sustainability.

 
“I am honoured to be taking on this mandate and I would like to thank my predecessor, Matteo Lunelli, for his outstanding work in the last few years. I am assuming this role supported by a team of entrepreneurs and CEOs who are the true ambassadors of [Italian] lifestyle around the world,” said Vitelli. “Together, we will work to give greater visibility to our companies’ impact on our country, from an economic, social and cultural perspective. We will also commit to protecting craftsmanship skills, a theme that is genuinely interlinked with the continuity of Italian industrial excellence. The high-end sector deserves to be recognised as our country’s driving force. The first findings of a study we are conducting with SDA Bocconi show that, compared with the average of Italian companies, our companies contribute three times more to GDP growth, they hire five times as many people, and pay, on average, 300 times more in taxes.” 
 
Vitelli’s appointment coincides with a complex global macroeconomic juncture, characterised by geopolitical tensions and tariff wars. For the first time after a decade of steady growth (excluding the pandemic period), the personal luxury goods sector recorded a slump, with revenue down 2%; conversely, the experiential luxury segment posted positive results, driven by yachts and private jets (up 9%), fine dining (up 5%) and hotels and hospitality (up 3%), according to the Altagamma-Bain Worldwide Luxury Market Monitor 2025.

The performance was stronger in the USA and parts of the Asia-Pacific region, while consumption in China and Europe was weaker. Despite the current slowdown, the sector’s fundamentals are solid. The luxury market today is 45% bigger than in 2015, according to a Bain & Co study. The high-end sector is one of the mainstays of Italy’s economy, with revenues worth €140 billion, equivalent to 7.4% of GDP. Over 70% of these revenues come from exports.
 
Altagamma’s 2026-2029 strategic plan, as outlined by Vitelli, is based on three key elements: promoting the values underpinning Italian excellence; protecting craftsmanship skills and focusing on young people (the sector will need 276,000 new workers by 2028, and there is a real risk that 50% of these vacancies may not be filled); and growing the sector’s business, especially on international markets.
 
The AGM also approved a comprehensive overhaul of Altagamma’s board of directors, ensuring the seven industrial sectors represented within the association (fashion, design, jewellery, food, hospitality, automotive and yacht-building) are equally represented, with a strong emphasis on generational handover and a growing number of women members — now nine out of 25, or 36%.