The social superyacht

In February 2023, Italian superyacht builder The Italian Sea Group held a spectacular gala event at its headquarters in Marina di Carrara to celebrate its collaboration with fashion design house Armani on two new yacht models. The evening, attended by a crowd of 650 comprising yacht owners, VIP guests, key industry players and the press, included a spectacular laser show, a dinner overseen by a 3-star Michelin chef, and a fashion show by Giorgio Armani showing off the Spring/Summer 2023 men’s and women’s collection.

The extraordinary evening was not only enjoyed by those who were there, but also feted on social media and elsewhere – helped, of course, by the iconic status of Armani (and with Giorgio Armani himself being a superyacht owner). It seemed for a moment that the superyacht industry itself was being celebrated by those who otherwise might have little connection with or understanding of it, and perhaps in stark contrast to some of the more selectively negative headlines that occasionally appear in the mainstream media.

Perceptions and misconceptions

It brought me to consider an interesting phenomenon around the idea of perception. There have been times recently when I have thought that the superyacht sector has been unfairly targeted by those who don’t understand what it does, or how what it does impacts positively on the lives of everyday people. But equally, the popularity of social media accounts that feature superyachts and the popularity of yachts themselves among popular heroes means perhaps that superyachts are not as universally hated as we might think.

Take the high-profile personalities who have spent time on yachts in recent years, from Michael Jordan holidaying aboard the 95-metre O’Pari to the Kardashians spending time on a luxury Indonesian phinisi yacht; from Tyson Fury and Magic Johnson to Jennifer Lopez and Beyoncé and Jay Z and Paris Hilton and Kylie Jenner and countless more – A-list influencers are stepping out and stepping on board, and that in turn is changing the idea of what a superyacht is or can offer with a new, young demographic.

That this celebrity side of superyachting so often garners public attention is hardly surprising when one considers the legions of fans who follow these people and their social media accounts, and at the same time it encourages what superyachts always used to engender – aspiration. For those of us who grew up as the MTV generation, this idea of aspiration was reflected in shows like Cribs where we would be taken on behind-the-scenes tours of the vast houses of the rich and famous and believe that one day, we too would be able to live somewhere like that.

It’s reflected, I think, in a change in attitude toward wealth and superyachts and private jets in the thinking of the younger generations of today, because once again it becomes an aspiration to do what their icons are doing and to enjoy the trappings of success and hard work that their icons enjoy.

Conscience not excluded

That’s not to say that the youth of today don’t also have a social conscience, and it is here that the challenge lies for all industries that revolve around the ultra-luxe lifestyle – how to show that it’s okay to indulge, but also that those things you indulge in are trying to find solutions to reduce their footprints and to create some positive impact on society.

It is here that superyachting sometimes suffers. While celebrity gossip and social media is rife with the yachting exploits of the stars, the other side of yachting – where yacht owners use their yachts for philanthropic ends – goes unseen and unknown because most yacht owners prefer to keep their charity work out of the spotlight.

Equally, the full-bore party with Girogio Armani at The Italian Sea Group’s shipyard early in 2023 should be seen not just as a lavish celebration of a new model and the yard’s collab with a famous designer, but also as a celebration of the yachting industry itself and the vast numbers of people who are employed by it or derive part of their income from it.

The importance of the spend

As Rupert Nelson – Senior Partner and Director at Burgess Monaco – told me recently, the impact of the spend of the ultra-rich is often just not realised by the public because they only see headline numbers of what things cost rather than the detail of how it is shared out. “I think people don’t quite understand the numbers attached to ultra high net worths and billionaires,” he said. “We see it spent, as brokers, as managers, as shipyards, as suppliers, as furniture makers, as myriad more, because it feeds a phenomenally large amount of people with an income and a lifestyle, and those families pay taxes and spend money in shops and on services and it all feeds the system under which we thrive as human beings.

“And of course,” he added, “most owners are also great philanthropists – they support the development of new technologies and ocean conservation, but also education, health, poverty and all kinds of sectors.”

It’s an important point to realise, because it shows that superyachting has more than one side. It can not only be good for those who own, charter or enjoy time with family and friends on board them, but it can also do good both for the communities that support yachts and the communities that yachts support.