The Italian Sea Group industrial and financial crisis

The Italian Sea Group (TISG), a luxury yacht manufacturer, is experiencing a deepening financial and industrial crisis. By late July, the company reported a debt of 179.59 million euros, including 148.87 million euros in short-term bank debt, marking a significant increase from the 129.6 million euros reported at the end of 2025.

To manage the reduction in work activity and safeguard employment, management and trade unions (Fim, Fiom, and Uilm) have moved to implement solidarity contracts. This measure is expected to cover approximately 500 employees. Union representatives have demanded specific protections, including the direct payment of solidarity quotas to avoid INPS processing delays, wage integration to reach 100 percent of gross pay, and the full accrual of benefits such as holidays and thirteenth-month salaries.

A high-level meeting was held on September 9 at the Tuscany Region Presidency in Florence to address the group’s industrial prospects and the potential impact on employment in the Massa Carrara area.

Following the meeting, TISG issued a formal denial regarding reports of 270 potential layoffs, labeling such claims as misleading. The company clarified that the figure refers to employees transitioning to a ‘contratto di solidarietà’ (solidarity contract) to manage temporary workload reductions rather than terminations. Under a September 9 agreement with trade unions, the company intends to maintain its entire workforce of approximately 450 employees through staff rotation and wage guarantees.

Additionally, TISG rejected claims linking its president, Giovanni Costantino, to TISG Asia, describing the assertions as ‘priva di qualsiasi fondamento’ (devoid of any foundation). The company stated that TISG Asia, a former distributor, currently holds no relationship with the Group and noted that legal steps were taken in August to prevent unauthorized brand use by the entity.