In Mind Your Business, we speak with business leaders and thinkers who inspire their respective companies and industries. Here, we feature Peter Mahony, general manager of Benetti Asia
Those who’ve been around the block in the world of yachting have undoubtedly heard the words, “full personalisation” in abundance. There is, of course, nothing more alluring than limitless customisation possibilities when buying a yacht. The secret behind a good yacht, however, is knowing exactly what to customise and how to go about it. But secrets, just like this one, are elusive by nature—requiring seekers to have the tenacity and know-how to uncover them.
If you were to share a coffee with Peter Mahony, general manager of Italian shipbuilding company Benetti Yachts, you’ll have the distinct impression that he has done the hard yards to be part of this hush-hush group of secret keepers. This is, after all, a man who has spent over 25 years selling yachts and superyachts to the most discerning clientele. It helps that the sharp-witted Mahony is charming, disarmingly so, always ready to punctuate his insights into the industry with effortless quips (sometimes in the same breath).
Benetti is known for its ability to meet unique and challenging customisation requests. Can you provide some examples of the most demanding customisation projects Benetti has undertaken?
Demanding is probably not the best word as this implies difficulty. With over 150 years of experience and over 450 super and megayachts delivered since 1960, Benetti has unrivalled experience of how to solve this puzzle and create a fantastic yacht.
One interesting project that we took on was a request for optimal kitchen equipment for cooking dim sum. After a great deal of research and discussions with industry partners, we worked with Miele to customise a kitchen equipped with top-notch dim sum steamer that met the needs of the yacht owner.
Benetti has seen record sales in the Asia-Pacific region, accounting for a quarter of the company’s global sales. What strategies have been most effective in achieving this growth?
At Benetti, we strategically invest resources in fast-growing and emerging markets to establish a strong foothold and capitalise on growth opportunities. Specifically, we work very closely with the most respected brokers in the region and this has grown our coverage and penetration in this region.
Can you elaborate on the importance of the Singapore and Southeast Asian markets to Benetti’s overall business strategy?
Having lived in Singapore and worked in the region for over a decade, I have witnessed first-hand the evolution of yacht ownership. It takes time for a market to build and we have seen owners go from 40 footers to 40 metres in a very short time.
Now, the market is understanding the value of a new yacht ownership and we are seeing a significant increase in new builds ordered for this market.
How has the global pandemic affected the demand for luxury yachts in the Asia-Pacific region, and what long-term impacts do you foresee?
With such a growth in sales within the entire sector, a number of smaller yards were able to raise their place in the market and hence, there is more competition as well as some great designs being introduced to the market. This has inevitably become a force that pushes us to achieve better—be it performance, designs or our achievements.
With over 25 years of experience in the yachting industry, what key leadership principles have you found most effective in driving success at Benetti?
I have come to realise that there is no replacement for hard work and face-to-face meetings. Without both of these, it is not possible to share the skills or knowledge in your possession to help move ideas and decisions forward.
