Canelo Alvarez's Italian vacation continues ... the boxing superstar and his wife ditched their clothes for a couple of tiny swimsuits, hopping aboard a luxury yacht for a day of fun in the sun near Portofino!
32-year-old Alvarez and his 26-year-old wife, Fernanda Gómez, are vacationing in Northern Italy ... and after some luxury retail therapy earlier in the week, the couple decided to take things to the water.
Canelo, wearing red trunks, and Fernanda, in a teeny bikini, were spotted jumping off the back of the yacht, before going for a dip.