The Fifteenth Generation: A Conversation with Pietro Gussalli Beretta
15 minutes reading time
Published 11 Jul 2025
Interview host: Peter Westberg
Reviewed by: Emil Persson
In this rare and revealing conversation, the President and CEO of Beretta Holding shares what it means to carry the weight of nearly 500 years of family legacy on his shoulders. From rebuilding after World War II to entering the U.S. market with the 92 FS pistol and expanding a family business to an international conglomerate, Pietro speaks with clarity about the moments that shaped the group and the principles that continue to guide it. This is a story about tradition, without allowing heritage to become a constraint. It’s about patience, product excellence, and the power of thinking long-term when the rest of the world is in a hurry.
Beretta’s History: The Roots of the Group
Beretta is the world’s oldest active firearms maker, and one of the longest-running manufacturers in history. What does it mean to you personally to lead a family business that dates back to 1526?
To lead a family business that traces its roots back to 1526 is both a privilege and a responsibility I feel deeply. Each generation has a duty: to honor tradition while pushing forward. I often reflect on the values and vision of those who came before me. Their decisions enabled what Beretta Holding is today.
We’re proud of our legacy, but we’re not stuck in it. Our structure as a privately held group gives us a long-term horizon. We’re not beholden to quarterly earnings pressure or short-term gains. That freedom allows us to reinvest continuously, not just in operations, but in product excellence whether they are firearms, ammunition, optics, or clothing & accessories.
Profitability is crucial, yes, but it’s not about maximizing dividends for the family. It’s about building the best possible products, ensuring growth, and setting the foundation for the next generation. In the end, we measure success not only by financial return, but by whether we’ve upheld the standards that have defined Beretta for nearly five centuries, throughout our group of over 50 companies.
When you reflect on the family’s journey through nearly 500 years of history – through wars, political shifts, revolutions – which specific historical periods tested the company the most, and what internal characteristics allowed it to survive when others didn’t?
Looking at history, thinking of all families, there are always ups and downs – even for the royal families. It’s impossible over time for a family not to have any ups and downs. The same is true for the Beretta family.
The Second World War, for instance, was a devastating time for our family and the business. The Germans took over the company, and it was almost destroyed by bombing. At that time, the company was still only operational in Italy. So, the situation was very alarming. The factories were destroyed. So, my great-grandfather, with his two sons, had to decide where to go from there. Even though the business was almost destroyed, we had some money reserves. The three decided to try again, to rebuild the company.
This was a harder decision than it might seem. Betting the family’s money reserves to build up the company from the ground up. Brand and reputation did still exist however, which arguably acted as saviors here. And the family commitment towards future generations also played its part here. A strong family value has always been to work hard until the end and build for future generations.
So, after the successful rebuild, this generation also started internationalizing Beretta, first scaling into Europe after the war, and then later with my father Ugo Gussalli Beretta to the U.S. This expansion turned out to be very successful and forged the path for the creation of Beretta Holding in 1995.
Companies with long histories often walk a fine line between heritage and stagnation. How do you ensure that ‘tradition’ remains a strength and not an excuse for resisting change?
It’s true that heritage can be a double-edged sword. For us, tradition is not about doing things the way they’ve always been done. It’s about understanding where we come from, so we can decide more clearly where we want to go. That’s why one of our core values is a strong commitment to product excellence, and that partly means continued investment in research and development.
We don’t see tradition as a reason to stand still, it’s a foundation to build on. In fact, we treat innovation as non-negotiable. Last year alone, we invested around $100 million in combined capital expenditures and R&D with a strong focus on new products. These investments are entirely growth-oriented – focused on expanding our capabilities and pushing the boundaries of what we can deliver, rather than simply sustaining our current position.
Would you say Beretta Holding has any structural advantages that improve the chances of your capital investments being successful?
From a very young age, my grandfather and father instilled in me one core belief: as CEO, your most important responsibility is choosing the right people. That, I believe, is the cornerstone of any successful capital investment strategy. Over time, this principle has become deeply embedded in our group’s culture, enabling our companies to operate with autonomy while contributing to a shared vision.
Of course, strong brands alone don’t guarantee smart investment decisions. What also sets us apart is the depth of our client and supplier network, a resource developed carefully over time. This network gives us direct feedback that helps us make more accurate and informed capital allocation choices. We listen to our customers. And we adapt.
As a manufacturing group, our know-how has become one of our greatest structural advantages. It’s not just technical expertise, it’s a nuanced understanding of different markets, cultures, and expectations. A Swedish civilian customer will have very different needs from an American one. And military and law enforcement markets, with their complex regulatory environments, demand a different level of trust and expertise. Those kinds of relationships aren’t built overnight. They’re earned.
When it comes to our military clients in particular, they often come to us with very specific, pre-defined requirements. That means our R&D investments for this segment are often demand-driven. From a business perspective, that greatly reduces the risk associated with innovation, because we’re developing to fulfill a clear need. We’re not guessing.
In the end, it’s a mix of tradition, experience, and discipline. We don’t chase trends. We build patiently, with people, insight, and a long-term mindset.
What are some lesser-known but pivotal stories from Beretta’s past that you believe more people should know, stories that shaped the company’s culture or direction?
One of the most pivotal moments in Beretta’s history, though not widely known, was the adoption of the 92 FS pistol. It marked a major turning point for us. My great-grandfather had expanded our footprint across Europe, and my father later took the bold step into the United States. The 92 FS (M9) became our gateway into that market. It was a massive success and played a vital role in introducing the Beretta name to a whole new audience.
But what people often don’t see is the personal story behind that success. My uncle, Carlo, was one of the driving forces behind the 92 project. He followed it with deep commitment, right up until the very end of his life. Tragically, he passed away just a few months before we secured the license to sell the pistol to the U.S. Military. I remember, just days before he passed, he was lying in bed and still insisted on calling one of the engineers working on the project. He wanted to know exactly how far along it was. It represents the kind of dedication that defines this family business: total commitment, even when no one is watching.
There’s another story, one that dates back to the Second World War, which shaped our company and our values. In Gardone Val Trompia, where our roots run deep, the city and region suffered heavy bombings. Many lives were lost. At that time, my uncle Carlo was in charge of the facility. German forces had taken control of it, but after the bombing, he made a human decision: he allowed the workers to leave and go home to check on their families. The Germans were enraged. They accused him of betrayal and put him in prison.
My great-grandfather, desperate to preserve the business and protect the people, made a crucial decision. He handed over the last of the family’s gold reserves to German officers in exchange for the release of the facility. Why am I telling you this? Sometimes, history is rewritten by only a few crucial moments, and this one really captures the long-term commitment to the family business.
And it also challenges a common misconception, that war is always good for arms manufacturers. In our case, it brought tremendous hardship. What carried us through wasn’t profit, but perseverance. It’s those kinds of stories that shaped the culture of Beretta.
Are there any values passed down to you from earlier generations that still guide your decisions today?
The importance of preserving continuity. In a family business like ours, continuity isn’t just about keeping the company alive. It’s about honoring the work of those who came before while ensuring there’s something meaningful for those who come after.
That means hard work, yes – but also a deep sense of responsibility. Responsibility not only to the family, but to everyone who walks through our doors each day. Our employees, our partners, our suppliers, they’re all part of this journey.
Management and Lessons
How would you describe your management approach in a few words?
It’s difficult to capture a management approach in just a few words, because it touches so many different areas. But if I had to highlight two defining aspects, I’d start with international expansion through the creation of Beretta Holding. Over the past 30 years, expanding Beretta Holding’s presence globally has been a central pillar of our strategy, and one of the key drivers of our recent success. Understanding and adapting to new markets has made us stronger, more resilient, and more competitive.
The second, perhaps even more fundamental principle, is people. Giving independence to our companies and general managers has been essential. Great strategies mean little without great people to execute them. So whether we’re entering a new country or developing a new product, it all begins with building a team that shares our values and our ambition.
In short: think globally, and build around the best people. That’s how I’d sum up my approach.
How do you approach decentralization, and why is giving autonomy to the companies you own important to your strategy?
Today, we own around 20 different brands and operate across more than 20 countries. That kind of scale simply wouldn’t work without a deeply decentralized approach. We believe strongly in trusting the people who are closest to the action – the managers running each company day to day. Without that trust, and without giving them real autonomy, I don’t think the group would be nearly as successful.
We maintain structure, of course. We meet with the general managers of every company three times a year to align on strategy, to share ideas, and to make sure we’re moving in the right direction. But if things are running well, we don’t interfere. Our philosophy is simple: support, don’t control. The holding company steps in only when we believe we can genuinely add value or offer support that strengthens the business. This model has helped us grow without losing the entrepreneurial spirit that makes each company unique.
What are the biggest leadership lessons you’ve learned managing a global group with such a strong heritage?
When you’re managing a global group with deep historical roots, you have to respect tradition, but you also need to be ready to pivot when the world changes. You can’t let legacy become a limitation.
Equally important is investing in the future. That means putting capital, energy, and trust into the people and projects that will shape the next chapter, not just preserving what’s already been built. And above all, maintaining unity in decision-making across such a diverse group is essential. When your operations span continents and cultures, clarity and cohesion become vital.
One structural advantage we’ve found particularly helpful is remaining privately held. We’re not listed on the stock market, and that gives us the freedom to make decisions quickly if needed and with a true long-term focus. Of course, after a certain size, being listed can offer benefits, especially when it comes to attracting top-tier talent. But in our current situation, it simply doesn’t make sense. We’re in a strong financial position, and we’re deeply confident in the managers and employees we have today.
So, if I had to summarize the key lessons: adapt without losing identity, invest with patience, and build unity across borders. Those principles have served us well.
How many members of your family are currently active in the company, and in what roles?
We’re actually a very small family, which is quite unusual for a company with such a long lineage. Today, it’s me, my brother, and now his son who has recently started becoming involved in the business. My own daughter is still too young, but I hope one day she’ll find her own path within the company, if she wants.
Going back a bit, my great-grandfather had four children. But in the next generation, my father, Ugo, was the only one. So the continuity of the family within the business has always depended on a very tight-knit group.
In an era driven by data and metrics, how do you think about the role of judgment? When the numbers are inconclusive or incomplete, how important is instinct, principle, or lived experience in guiding critical decisions?
In business, instinct plays a vital role, but instinct alone can be dangerous if it’s not anchored in experience and principle. I’ve learned that the best decisions often come from listening to the people around me. I always speak with those closest to me, and with people inside the company who know more than I do about a particular area. That humility, I believe, is a strength, not a weakness. And over time, it’s proven to be a reliable approach.
I’m not a self-made man. I didn’t build every part of this business from scratch, and I don’t pretend to have all the answers. We own many different companies across different sectors, and it would be unrealistic to claim deep expertise in all of them. That’s why surrounding yourself with the right people is so essential.
Take acquisitions, for example. Whenever we’re sitting at the table with a potential seller, and I feel a sense of urgency to make a fast decision, I walk away. I always tell our team: if the other side wants to rush the deal, it usually means there’s something we don’t know – and likely wouldn’t like if we did. That’s where judgment comes in. Numbers are important, but they don’t always tell the full story. Sometimes, it’s what’s unsaid, what’s missing, that matters most.
How do you define success as President and CEO of Beretta Holding?
For me, success as President and CEO is defined quite simply: that Beretta Holding continues to grow, that we offer the best possible products, and that our customers are truly satisfied. If the people who trust us, hunters, sport shooters, military, law enforcement, collectors, if they are proud to use our products, then I believe we’re on the right path.
Beretta Holding and the Future
In recent years, you’ve expanded the group through some significant acquisitions, such as the luxury gunmaker Holland & Holland and the major ammunition business RUAG Ammotec. When evaluating a potential acquisition, what key factors do you consider?
When we evaluate a potential acquisition, the first and most important factor is product excellence. And for us, product excellence is about reputation. That’s why acquisitions like Holland & Holland and RUAG Ammotec made strategic sense for us. They brought not only strong products, but also respected names with deep roots in their respective markets.
Another key factor we look for is complementarity. We want any new brand or business we acquire to bring something fresh to our product portfolio, something that allows us to deepen our market presence or reach new segments. It’s not about adding for the sake of size, it’s about adding purpose and reputation.
There’s also a very practical but powerful principle we follow: the business should integrate naturally into our existing network. If a company makes products we can sell through the channels we already serve, that gives us immediate synergy. We’re not starting from scratch.
If you could imagine a “perfect company” for Beretta Holding to acquire, what would it look like?
If I told you what the perfect company looked like, it would probably mean I’m trying to buy it, so I’ll have to keep that to myself! [laughs]
But the truth is, at this moment, we’re not actively pursuing new acquisitions. We’re incredibly pleased with our most recent one, Ammotec, and our focus now is on developing and strengthening what we already have. For instance, Norma Precision, part of the Ammotec acquisition, is a strategic asset, especially for your country, Sweden. We see real potential there. We’re ready to invest, to grow it, and to build something meaningful over the long term.
Sometimes the best move isn’t to look for the next opportunity, but to fully commit to the one you’ve just made. That’s exactly where we are today.
Can you give us an inside view into how large decisions are made at Beretta Holding?
When it comes to major decisions, I always speak with my brother, Franco Gussalli Beretta, Vice-President and co-CEO. We decide together. There’s a deep trust and understanding between us built over a lifetime, and that dynamic plays a central role in how we lead the group.
We’ve naturally gravitated toward different areas of focus. My brother, who leads Fabbrica d’Armi Pietro Beretta, is more involved in the industrial and commercial side of the business, he’s close to the factories, the operations, the day-to-day rhythm of production and sales. I concentrate more on the holding company and the strategic investments.
We maintain an ongoing dialogue, built on shared values and a common vision for the group. It’s not a formal process and when something significant arises, something that could affect the direction of the group, we always discuss.
That’s one of the advantages of being a family-led business: the decision-making can be fast and deeply aligned with who we are.
What excites you most about the next chapter for Beretta Holding?
To see Beretta Holding grow even stronger on the international stage. Over the past years, we’ve worked hard to build the right structure, one that allows us to scale efficiently. That foundation is now in place.
We’ve developed a clear international strategy, and what motivates me is continuing to execute on that playbook. The world is changing quickly, but we’re ready for it.
