Updated on 17 July 2026
China’s main role in Riva’s story is as an owner rather than a buyer: a Chinese engine maker controls Ferretti, while China’s yacht market grows slowly.
By Daxue Consulting
Ferretti Group, owner of Riva, made revenue of about €1.23 billion in 2025, up 5% YoY, with a net profit of €90 million and an order backlog of €1.7 billion, up 3.1% (Superyacht Investor, March 2026). Its controlling shareholder is Weichai (潍柴), the Chinese engine maker, which first invested in 2012 and has put €470 million into the group (Marine Industry News, March 2026).
Riva was founded in 1842 on Lake Como and has been part of Ferretti since 2000, known for mahogany runabouts such as the Aquariva and larger yachts. Ferretti listed in Hong Kong in 2022 and in Milan in 2023. In 2026, a dispute between Weichai and the second shareholder, KKCG, put governance in the spotlight. This analysis of Riva yachts in China examines Riva’s Chinese ownership, the state of China’s yacht market and the implications for ultra-luxury brands.
| Daxue Overview |
|---|
| Brand: Riva, founded in 1842 on Lake Como; part of Ferretti Group since 2000. |
| Owner: Ferretti controlled by China’s Weichai Group since 2012; listed in Hong Kong (2022) and Milan (2023). |
| Results: Ferretti revenue about €1.23 billion in 2025 (+5% YoY), net profit €90 million, backlog €1.7 billion. |
| Governance: in 2026, a dispute between Weichai and KKCG over the board. |
| China market: still small; Ferretti does not report Chinese sales separately in the sources reviewed. |
Riva yachts in China: key figures
Exhibit 1: A growing group with demand led by Europe and the Middle East
| Indicator | Figure | Period | Source |
|---|---|---|---|
| Ferretti revenue | About €1.23 billion, +5% YoY | 2025 | Superyacht Investor |
| Net profit | €90 million | 2025 | Same |
| Order backlog | €1.7 billion, +3.1% | End-2025 | Same |
| Order intake | €1.13 billion, stable | 2025 | Same |
| Europe’s share of revenue | From 51% to 44% | 2024 to 2025 | Same |
| Middle East and Africa revenue | About €372 million | 2025 | Same |
| Capital provided by Weichai | €470 million | Since 2012 | Marine Industry News |
| KKCG partial tender offer | Up to €182 million, rejected by Weichai | January 2026 | Same |
Source: compiled by Daxue Consulting.
A Chinese-owned Italian icon
Weichai’s investment is one of the most visible Chinese rescues of a European luxury manufacturer. Ferretti was losing money when Weichai entered in 2012; by 2025, it reported a €90 million profit and a €1.7 billion backlog, and had invested about €140 million in its San Vitale shipyard in Ravenna to raise capacity by about 30% (Superyacht Investor).
The relationship has become tense. In January 2026, Ferretti’s second shareholder, KKCG Maritime, launched a partial tender offer of up to €182 million, which Weichai rejected. Reports described a dispute about the role of Weichai’s directors and of CEO Alberto Galassi. In March 2026, Weichai’s holding company denied that it had blocked growth or acquisitions (Marine Industry News).
China’s yacht market remains small
China has many wealthy families, but yachting has grown slowly. Marinas, berths and regulations for private boats are still developing, and yachting culture is young. Most Chinese owners use yachts for business hospitality and short coastal trips around Hainan, Shenzhen and Xiamen, rather than for long holidays at sea, as analysed in China’s yacht industry. Ferretti’s 2025 results show where demand comes from: Europe fell from 51% to 44% of revenue, while the Middle East and Africa reached about €372 million, around 30% of the total.
Exhibit 2: Riva and other ultra-luxury brands in China
| Riva (Ferretti) | Rolls-Royce | Bentley | |
|---|---|---|---|
| China’s role | Owner (Weichai) and small buyer market | Major market, bespoke centre in Shanghai | Sales falling since 2021 |
| Key to success | Infrastructure, experiences, hospitality | Bespoke, younger owners | Product and price adjustment |
| Main constraint | Marinas and regulation | Luxury car tax | Competition from Chinese EVs |
Source: Daxue Consulting.
Related analyses: Rolls-Royce in China, Bentley in China and China’s ultra-luxury market.
Yacht brands sell the lifestyle before the boat
In China, yacht brands sell the experience first: sea parties, private events, boat shows and “yacht plus hotel” packages in Sanya or Shenzhen. On Xiaohongshu, the content that circulates is about chartering a yacht for a day, sunset trips and photo shoots rather than ownership. Charter acts as a gateway for younger wealthy Chinese before any purchase.
Matthieu David-Experton’s view. For Matthieu David-Experton, founder and CEO of Daxue Consulting, experiences of this kind are a starting point rather than a strategy: “the experience is just the entry ticket,” he writes in his analysis of brand education in China (July 2026). Many wealthy Chinese buyers did not grow up with sailing codes, and in his words, “A brand that teaches those codes is positioning itself as an institution of taste or knowledge.” Applied to yachts, brands that explain seamanship, destinations and etiquette to first-time charterers are in a better position to turn them into owners.
How Riva’s China story has changed over the past decade
Exhibit 3: From a possible new market to a Chinese shareholder
| Early 2010s | Today | |
|---|---|---|
| Owner | Ferretti, just rescued by Weichai (2012) | Ferretti, controlled by Weichai, listed in Hong Kong and Milan |
| China’s role | Possible new market for buyers | Shareholder and capital market first; buyers still few |
| Main markets | Europe, Americas | Europe 44% of revenue; Middle East and Africa about 30% |
| Competitors in China | Azimut, Princess and other European brands | Same European brands, plus Chinese builders |
Daxue Take: implications for ultra-luxury brands
Riva shows a side of China that luxury brands often overlook: Chinese capital arrived before Chinese buyers. As a market, China is still early for yachts; the wealth exists, but infrastructure, culture and rules for leisure boating are still being built. The Ferretti governance dispute also shows that Chinese ownership brings capital and patience, along with the need to align two business cultures.
- For European luxury manufacturers seeking capital, Chinese industrial investors can provide long-term support. Clear governance from the start reduces the risk of later disputes.
- For brands whose use depends on infrastructure, such as yachts, private jets or supercars, demand follows marinas, airports and regulations. Tracking these projects is likely to matter more than tracking wealth figures.
- For brands building future demand, charter, events and hospitality create the next generation of buyers. This fits brands willing to invest before sales follow.
- For brands choosing where to start, Hainan, the Greater Bay Area and the east coast are where yachting is most likely to grow.
Questions for leadership teams: Is China a market, a shareholder or a supplier for the brand? Which infrastructure projects condition demand? How can experiences convert into ownership?
What to watch next
- The outcome of the governance dispute between Weichai and KKCG.
- Ferretti’s full-year 2026 results by region.
- New marinas and yachting rules in Hainan and the Greater Bay Area.
- Chinese boat shows and charter growth.
FAQ about Riva yachts in China
Who owns Riva? Riva belongs to the Italian Ferretti Group, whose controlling shareholder is China’s Weichai Group, an investor since 2012.
Is Ferretti listed in Hong Kong? Yes. Ferretti listed on the Hong Kong Stock Exchange in 2022 and on Euronext Milan in 2023.
How big is Ferretti? Ferretti Group made about €1.23 billion of revenue in 2025, with a net profit of €90 million.
Do Chinese people buy yachts? Some do, but China’s yacht market is still small. Marinas, regulations and yachting culture are developing, and many people first try yachting through charter.
About Daxue Consulting
Daxue Consulting is a market research and strategy consulting firm focused on China. For ultra-luxury and leisure brands, Daxue Consulting interviews high-net-worth consumers, maps destinations, marinas and partners, and studies how experiences build demand in China. Learn more about our consumer research and business strategy services, or contact our team.
Author: Daxue Consulting
