At a time when parts of both the leisure marine industry and wider luxury sector are grappling with softer demand, economic uncertainty and shifting consumer confidence, the UK representative for Italian shipyard Sanlorenzo is investing in expansion.
While a number of high-end marine and luxury businesses have reduced their physical presence in London in recent years, Sanlorenzo Yachts UK has opened a new showroom in Mayfair – one of the world’s foremost luxury retail and wealth hubs – as it seeks to capitalise on continued demand from the UK’s ultra-high-net-worth community.
The move comes as the wider yacht sector continues to navigate inflationary pressures, geopolitical uncertainty and changing purchasing behaviour. Yet Sanlorenzo Yachts UK, part of the Ancasta Group, says it is continuing to grow, gaining market share and attracting owners away from the British brands that have historically dominated the domestic luxury yacht market.
Nick Hatfield, managing director of Sanlorenzo Yachts UK, believes the company’s performance reflects broader changes taking place at the upper end of both the luxury and marine sectors.
“Given the current geopolitical and economic climate, you might reasonably ask: why London, and why now?” says Hatfield.
“We are seeing a growing interest in yacht culture among the UK’s ultra-high-net-worth community – from clients newly discovering the sector to experienced owners who are becoming increasingly informed, design-aware and selective. Many of these individuals live or work in London, or pass through the capital frequently, so we’re simply going where they are. It’s all about a customer-centric approach.”
He adds that London remains a critical global centre for wealth, luxury services and international mobility, despite well-publicised challenges facing some parts of the UK luxury market.
“For our clients, London continues to be a natural meeting point. Whether they are based in the UK, Europe or further afield, it remains one of the places where international wealth converges.”
Hatfield, who has more than 20 years’ experience in the marine industry, has overseen significant growth since becoming managing director of Sanlorenzo Yachts UK.
Since becoming the UK representative for Sanlorenzo and Bluegame in 2020, the company has sold more than 30 yachts across the Sanlorenzo Group portfolio, while also expanding its pre-owned yacht and superyacht brokerage activity and introducing Sanlorenzo yacht charter services to the UK market.
According to the company, more than 95 per cent of its new yacht buyers are first-time Sanlorenzo customers, with many making the switch from established British – and other well-known European – manufacturers.
“We’re not seeing growth because the market itself is expanding dramatically,” Hatfield says. “Much of our growth is coming from gaining market share. The vast majority of our clients are new to the brand, and many have previously owned yachts from British luxury yacht manufacturers.”
Hatfield believes one reason for this shift is a growing expectation among owners in the 70ft to 100ft segment for the same levels of design, quality and customisation traditionally associated with much larger yachts.
“For many years the industry focused on bringing production yacht concepts up into larger vessels. Sanlorenzo has approached it from the opposite direction, deliberately bringing superyacht standards and thinking down into smaller yachts.
“Owners are looking for quality, individuality and design integrity regardless of size. They’re not necessarily aspiring to own a much bigger yacht; they’re aspiring to own a better one.”
He argues that this positioning has become increasingly relevant as affluent buyers across the luxury sector place greater value on craftsmanship, bespoke experiences and personal expression over simple scale or conspicuous consumption.
The company’s position is also supported by a shipyard that, while publicly listed, remains under stable long-term ownership and is financially robust at a time when ownership changes and restructuring have affected a number of businesses across the global marine industry.
“The strength of the shipyard is an important factor for buyers today,” Hatfield says. “Clients are making long-term purchasing decisions and they want confidence in the company’s future, its investment strategy and its ability to support them over the lifetime of ownership.”
While Sanlorenzo is one of the world’s leading luxury yacht and superyacht builders, producing vessels up to 74 metres in length, Hatfield suggests the company’s future growth is unlikely to come from pursuing ever-larger projects.
“There is a clear understanding of what Sanlorenzo does well. The focus remains on refining the product, enhancing the ownership experience and continuing to innovate within the segments where the brand already has a strong reputation.”
Looking ahead, Hatfield identifies several trends shaping demand among UK yacht owners, many of which mirror broader developments across the luxury lifestyle sector.
These include increased demand for longer-range cruising capabilities, growing interest in charter experiences in more remote and less accessible destinations, and the evolution of yachts into multi-functional environments that support family life, wellness and even remote working.
Above all, he sees personalisation continuing to drive purchasing decisions.
“Owners increasingly want yachts that reflect who they are,” he says. “The demand for individuality is stronger than ever. Clients want spaces, layouts and experiences that feel uniquely theirs, and that trend shows no sign of slowing down.”
For Sanlorenzo Yachts UK, the decision to expand appears to reflect its confidence not only in its own growth trajectory, but also in the resilience of the ultra-high-net-worth market.
Whether the move signals a broader recovery at the luxury end of the marine sector remains to be seen. What it does highlight, however, is that the industry’s wealthiest customers continue to be driven by different priorities – favouring quality, individuality and long-term value over short-term economic concerns
Sanlorenzo Yachts UK is the exclusive representative of Sanlorenzo and Bluegame in the United Kingdom and Ireland and is part of the Ancasta Group.
For more information, please contact the Sanlorenzo Yachts UK team via [email protected] or use the form below.