Pietro Gussalli Beretta, CEO of Beretta Holding, steers a 499-year-old family empire into a new era, capitalizing on Europe’s surging military spending, a source close to the company reveals.
Now in its 15th generation, the Italian gunmaker generates $1.7 billion annually, outpacing rivals Sig Sauer and Smith & Wesson. With defense budgets soaring, Beretta expands beyond firearms into ammunition, optics, and luxury clothing.
Bartolomeo Beretta launched the business in 1526, selling 185 arquebus barrels in Gardone, Italy, a trade his descendants uphold today. The firm armed every European war since 1650, evolving from muskets to semiautomatic pistols.
Pietro’s father, Ugo, cracked the U.S. market in 1978, securing a $580 million Army contract in 1985. Pietro drives growth through bold acquisitions, starting with the Finnish rifle maker SAKO in 2000.
He adds optics firms Burris and Steiner, then snaps up Britain’s Holland & Holland in 2021. The 2022 purchase of RUAG Ammotec, including Germany’s RWS, boosts sales by $600 million.
RWS produces 3 billion ammunition components yearly near Nuremberg, testing explosives daily. This deal completes Beretta’s supply chain, serving hunters, soldiers, and police globally.
Beretta’s Strategic Growth
Meanwhile, European defense spending hits $350 billion in 2024, spurred by Russia’s Ukraine invasion. The shift pays off as defense sales rise from 14% to 34% of revenue in four years. U.S. civilian sales, 37% of Beretta’s market, spiked 62% from 2019 to 2021 during the pandemic.
Yet, Pietro pivots after losing the U.S. Army deal to Sig Sauer in 2017. Now, Beretta’s EBITDA climbs 2% to $245 million in 2024, tripling competitors’ figures. The family-owned company, valued at $2.2 billion, reflects a long-term vision. Pietro, Ugo, and brother Franco hold a $2.7 billion fortune, including vineyards and properties.
Unlike Germany’s Heckler & Koch, which sticks to firearms with $320 million in sales, Beretta diversifies aggressively. Glock and Colt CZ chase similar ammunition plays, but Beretta’s scale stands unmatched.
Investments in automation at Benelli Armi sharpen efficiency further. Europe’s $160 billion military loan plan, announced in March 2025, fuels Beretta’s growth, alongside Middle Eastern deals.
The company employs 19 brands across 23 countries, ensuring no unit dominates revenue’s revenue. Workers at RWS invest 8% of earnings yearly to boost output.
Pietro eyes the next five years pragmatically, leaving the firm’s 500th anniversary in 2026 to future generations. His focus remains steady: fortify Beretta’s lead in a consolidating industry.
The family’s direct control sets it apart, meeting presidents personally when rivals cannot.
This enduring legacy, now nearing half a millennium, navigates a tense world, balancing tradition with modern demands. Beretta adapts, thrives, and leads, proving resilience drives success in the arms trade.