As part of a new strategy to increase brand value, the automaker will focus on creating luxury clothing.
Ferrari has announced a collaboration with Giorgio Armani to create a line of apparel emblazoned with the carmaker's famous black horse logo. It is expected that this will allow the automaker to gain a foothold in the luxury clothing market.
Ferrari brand today is one of the most recognizable. According to London-based consultants from Brand Finance, its value has grown from $4 billion in 2014 to $8.3 billion in 2019. It is currently ranked as the seventh most valuable luxury brand by Brand Finance. But even 5 years ago, the “black horse” occupied only 350th place. And now the automaker wants to get the most out of it.
As part of the new strategy, Ferrari will focus on raising the profile of its brand in an effort to become a diversified luxury company. In particular, it is planned to halve the number of licenses for its use, excluding a third of the available product categories. Anything that does not fit the Ferrari image will be excluded. It is stated that within ten years, branded goods will generate up to 10% of income.
In addition to the clothing line, which will be made in Italy as part of a long-term deal with Giorgio Armani, Ferrari will expand its entertainment business, which currently includes theme parks in Abu Dhabi and Barcelona, as well as two museums in Italy.
The third area in which the automaker will work is luxury services. It will include a new restaurant headed by celebrity Italian chef Massimo Bottura, considered one of the best in the world. So, his restaurant Osteria Francescana managed to get three stars from Michelin at once.
Naturally, Ferrari will not forget about its core business - the production of luxury sports cars. This year, 4 new models have already been presented and the presentation of the 5th is expected. At the same time, sales of Ferrari cars are constantly growing. Including in Russia, where this year 26 new Ferrari cars were sold, which is two more than last year. The most popular model in the world was the Ferrari Portofino - a total of 2474 of these cars were sold.