Riva's New CEO Was President of Duracell. Here's Why That's a Problem.

Added: 2026-05-23

[00:00:00]I told you this story wasn't over. I was right, but I was wrong about the ending.

[00:00:06]In the previous two videos and the live stream, I laid out the scenarios. Some of them did not materialize. I want to be candid with you about that. If you have seen my previous videos about Ferretti, the one about the scandal with wiretaps and 111 million euros in cash and the one about Pierro Ferrari's resignation, you know how much this story has evolved. At the time I was discussing possible scenarios that Kare could take control, that KKCG was building a position for a full takeover, that Galassi would stay in the game.

[00:00:44]None of these scenarios played out in full. Beijing won. And this is exactly that video, the final chapter of this story. But not only about what happened, above all about what it means for the brands, for Reva, for Persing. I have a question that has been on my mind since the 14th of May. What becomes of a brand's soul when the last person who truly understood it walks away? To understand what happened, one must first understand why it worked. Because Ferretti performed exceptionally well under Chinese ownership for several years. I have worked in this industry for 20 years, including five years as an authorized Fereti dealer. I saw this company at close quarters. The secret was straightforward. Why let the Italians run the show? Galassi traveled the world. sold dreams, open new markets, built yachts people actually wanted to buy. The Chinese sat in the background quietly, patiently, and collected dividends. It was a model that worked. But, and this is my personal observation after all these years, I believe the Italians grew overconfident that they forgot who ultimately controlled the money. Alberto Galassi, CEO for 12 years, architect of the group's financial turnaround, a man who genuinely loved yachts. Under his leadership, Ferretti doubled its revenue. Wai stated the back. The Chinese did not interfere with design, brand identity, or yard culture. They simply collected their dividends. And here is the observation that I cannot describe with any financial report.

[00:02:35]Galassi and Pierro Ferrari both wanted to build fantastic yachts not only to earn money. For them, Riva was pride, craftsmanship, heritage. I remember how in this industry it was said that Fereti is one of the few great shipyards where the passion for the sea is still alive in the management. And that is exactly what attracted clients like those I am talking about. Not just the technical specification, but the feeling that behind this yacht stands a man who would like to sail it himself. Pierro Ferrari, son of Enzo, a man who understood what the legend is. Both Galassi and Ferrari saw something more in Reva than just a product line. They saw in it a symbol of Italian identity at sea. But there is a second side to this story, the one I mentioned in the first video. On Ferret's accounts lay1 million in pure cash. And it was this number that changed everything. In the world of corporate takeovers, 111 million in cash at the shipyard producing luxury yachts is not a mark of quality. This is an invitation for Kumar, for hedge funds, for Wall Street.

[00:03:57]It was a signal. There is free cash here. Someone is sitting on a treasure.

[00:04:02]And this is exactly the observation that I want to leave you with because it concerns every sector that I love. The corporate mindset destroys passion always without exception. 111 million euros in cash on the company's counts for yatin purists. a healthy company for corporate predators. The target Carell Kumar did not come to Fereti because he loves yachts. He came because he saw the financial potential and cash. Wall Street is always looking for the same thing, free capital to deploy. The yacht is just a carrier for numbers in Excel.

[00:04:44]And this is the moment when as someone from this industry, I feel deeply uncomfortable. But I have seen it before. Shipyards are being bought by fans that look at IBIDA, not at launched hulls. Brands taken over by conglomerates that understand Q but do not understand the soul. And every time, every time something dies, not necessarily right away, but it is dying.

[00:05:13]The history of the luxury industry is full of such moments. The moment when passion becomes a product, when the soul becomes a market segment. In my previous videos, I laid out various scenarios that KKCG might build a coalition with minority shareholders, that Galassi would find a way to stay, that the Italian government would block the vote before it took place. None of these scenarios came to pass. On the 14th of May, the Chinese proved that the mathematics was firmly in their favor.

[00:05:49]They secured 52.3% of the votes. They filled eight of the nine board seats. Galassi stepped down after 12 years and the market reacted with one word sell over 6% down in a single day. The 14th of May 2026, Farit's general shareholders meeting closed to the media. 95% of the share capital represented the checks attempt to block the vote charge illegal silent collusion and the coordinated acquisition of shares below the disclosure threshold the chairman white's man rejects the motion 52.3% for white 47.4% 4% for KKCG. The mathematics is merciless. The Chinese take eight of the nine board seats. Fet group share price minus 6.12% in a single day. Kepler Shu analysts downgrade their recommendation. The market has no face in a smooth continuation. Before the vote, Pierro Ferrari and Stefano Dominicali had already left the company. two men who had built this company's credibility with Western investors. And here I want to stop for a moment. The letter from Pierro Ferrari, the one I described in the previous video, was not a PR statement. It was an act of the heart.

[00:07:17]He wrote that he could no longer associate his name with this company.

[00:07:22]This is something you only feel when you have truly loved something. This is not a resignation for financial reasons.

[00:07:30]This is a resignation born of pain. I can no longer associate my name and the heritage it represents for the Italian industry with this company. Pierro Ferrari, May 2026.

[00:07:43]There is one more dimension to this story, one that elevates it well beyond a mere corporate dispute. The Fereti Group has a division rarely discussed in public, the Fereti Security Division, producing fast patrol boats for the Navy and NATO forces, just 0.4% of revenues.

[00:08:02]But it was precisely this that prompted Italy's Ministry of Defense to sit at the same table as the Ministry of Industry and brought the golden power clause into play. Ferretti security division boats for the navy dulus technology NATO Vai a Chinese state-owned entity tried to marginalize this division KKCG wanted to develop it and this is one of the reasons why the conflict went well beyond the boardroom.

[00:08:32]The 15th of Mayo confirms the government is actively investigating the matter. The Ministry of Defense is involved. The relevant offices are working very quickly. Golden power. Italy's supreme veto instrument, a legal tool that can retrospectively invalidate the results of the 14th of May vote. Rome has not yet set its last work. And now I want to share something that moves me more than any stock market data. The new CEO of Fereti Group is Tasi Anastasov, a man with 30 years experience running global corporations.

[00:09:11]He was president of Darasel batteries.

[00:09:14]He is not Italian. He is not from the yaching industry. He is not from the maritime industry. And I say this without malice. He may well be an excellent manager. But this is precisely the moment that gives me pause because when the company that builds river is led by someone from the battery industry and not someone who dreams of horse at night something shifts not necessarily tomorrow but it is shifting. New CEO of Ferreti Stasi Anastasov previous role president of Duracell yet industry experience none. This is not an assessment of his competence. This is an observation. When a company stops being run by someone who loves it, it becomes just a product. Throughout my years in the yaching industry, I have observed what draws a client to choose REA over the competition. It is not the specification sheet. It is not the price to deck area ratio. It is something that cannot be recorded in Excel. It is the feeling that someone on the other side in that shipyard does it out of love.

[00:10:25]That this vessel is not skew number 4,372.

[00:10:30]That it is exceptional. And now as I watch what is unfolding at Ferrari in May 2026, Galassi leaving, Ferrari leaving, Dominica Ali leaving, a man from Durasel arriving. I find myself asking one question. Rivera has existed since 1842. She survived two world wars, several financial crisis, and multiple corporate takeovers. But there has never been a moment when everyone who understood her left at the same time. Is Reva without an Italian soul? Still Reva is a Persing designed to corporate KPIs approved by a board where eight of nine members are from Beijing. still a pering from faro. I don't know. I truly don't know. Perhaps I am too sentimental. But after 20 years in this industry, I have learned one thing. Clients who spent several million euros on a yacht, the real ones are buying a story. They are buying a soul. And if that soul disappears, they will feel it. Even if no one tells them directly, this is a question this story leaves unanswered.

[00:11:43]There is no answer today. Rome has not yet said its last word. Golden power still on the table. Ferretti is in non-compliance with the Hong Kong stock exchange. This story is not over. I will be here first with every new development on this channel. If this story resonated with you, share your thoughts in the comments. Are corporate takeovers in the luxury sector an inevitability?

[00:12:12]Can brands like Riva survive without an Italian soul in the boardroom? I want to know because this is a conversation that concerns all of us as people who love the sea. As yacht owners, as clients, subscribe and turn on notifications. The moment the Italian government announces its golden power decision, I will be back. See you on the water. Jablo Yats Monaco. 20 years at sea. First time knowledge.