Piaggio is seeking to continue its resurgence in recent years with a new 'retro' Vespa scooter styled on the classic 1970s version of the famous two-wheeler.
The new Vespa S, with its rectangular headlamp, trimmed down mudguard and racy-looking back light, is designed to appeal to Italian youths who have heard about the famous 50 Special model from parents or grandparents.
"This Vespa is still a myth," said Piaggio Chairman and CEO Roberto Colaninno during the official presentation at the group's Pontedera headquarters on Wednesday.
"We haven't re-made an old Vespa though. It's a new one whose design is inspired by the model of that time".
The Vespa 50 special first appeared in 1969 and rapidly became a favourite because it was light, sporty and seemed to represent the freedom of youth.
Original models are still highly sought after and the bike's cult status was confirmed a few years ago when teen band Lunapop sang its praises in their smash hit '50 Special'.
The scooter's modern version comes in 50cc and 125cc versions which sell respectively for 2,500 and 3,200 euros.
The nod to the past in the Vespa S reflects Colaninno's strategy of exploiting the iconic status of Vespa bikes to relaunch a company which was close to bankruptcy when he took over in 2003.
The company clawed its way back into the black in 2004 and last year it posted net profits of 70.3 million euros and sales worth 1.6 billion euros.
Colaninno said on Wednesday that first half sales for 2007 were up 7.2% and that total debts were down to 280 million euros, compared to 326 million a year earlier.
BORN IN A BOMBED PLANE FACTORY.
The first Vespa mopeds appeared shortly after World War II when Enrico Piaggio was looking for a way to convert his bombed out airplane factories to civilian use.
Corradino D'Ascanio, an aircraft designer, came up with the idea of producing a cheap, small-engine bike with its gear shift on the handlebar and the motor over the back wheel.
Thanks to its protective front shield and mud guard on the floor, the Vespa kept the rider cleaner and drier than on a traditional motorbike.
The scooter was an immediate success, acting as the prototype for all scooters to follow. By 1949, over 35,000 scooters were produced and by the mid-1950s Piaggio was producing the Vespa throughout Europe.
For many the Vespa came to symbolise Italy's struggle to rise from the catastrophe of the war. Its revolutionary design made the Vespa a simple, reliable and affordable vehicle which gave the masses mobility in the difficult post-war period.
In Britain the Vespa became a cultural icon and in the early 1960s it was the preferred transportation for the young people who defined themselves as 'Mods', compared to the 'Rockers' who rode motorcycles.
This period was captured in the 1979 British cult film Quadrophenia.
But The Vespa's most famous movie cameo was in the 1953 film Roman Holiday, in which journalist Gregory Peck gives princess-in-disguise Audrey Hepburn a tour of the Italian capital on the back of his Vespa.
