In the annual financial report call this April, Guido de Boer, the Chief Financial Officer of Exor, the major shareholder of Ferrari, emphasized: “Now everyone recognizes that Ferrari is a luxury company, and a high-end luxury company at that.”
Ferrari’s ambition to transform into a luxury brand is not a recent development. As early as 2015, after being spun off from its parent company Fiat Group and listed independently, Ferrari began to seek transformation into a luxury brand. In the 2015 letter to shareholders in the financial report, the late former chairman Sergio Marchionne emphasized: “Ferrari is not just an automotive company and an F1 team; it is synonymous with a luxury brand. We are exploring ways to expand the Ferrari brand and create more value for our shareholders.”
Luxe.CO Intelligence has released a new brand research report titled “Ferrari: From ‘Luxury Car’ to ‘Luxury Brand’“, detailing the strategic deployment, evolution process, and execution details of Ferrari’s comprehensive transformation into a high-end luxury brand.
Founded by racing driver Enzo Ferrari in 1947, Ferrari started as a small racing car factory in Maranello, Italy, and gradually developed into a household name for supercars. Today, Ferrari is fully evolving into a luxury lifestyle brand.
In February this year, Ferrari released its latest Fall/Winter 2024 haute couture collection. Since its debut in June 2021, Ferrari has consecutively released six fashion collections, appearing on the official schedule of Milan Fashion Week for five seasons. As a leading global luxury car manufacturer, Ferrari has pioneered the development of its own haute couture line, marking a new chapter in its “upgrading” to a full-category luxury lifestyle brand.
In 2019, Ferrari appointed its first Creative Director for its fashion line, Rocco Iannone, internalizing the design work. Two years later, Ferrari launched its first complete haute couture collection. In an interview with the media, then Chief Brand Diversification Officer Nicola Boari stated that compared to the previous years of brand licensing, developing its own fashion line requires greater financial investment, but Ferrari “now needs to transition from a brand licensing model to a lifestyle brand.”
Nicola Boari also revealed that Ferrari’s fashion business is expected to grow slowly over the next 7 to 10 years, aiming for a revenue share of 10%. According to the latest annual report, Ferrari’s 2023 sales reached €5.79 billion, with the “Sponsorship, Commercial and Brand” segment (including income from sponsorship agreements of the Ferrari Formula 1 team, Ferrari’s share of commercial revenue from the Formula 1 World Championship, the haute couture series, Ferrari brand licensing, etc.) accounting for 9.6% of the sales (nearly €600 million).
In June 2021, Ferrari also opened its first lifestyle boutique with a new concept. According to the official website, as of May 2024, Ferrari has six new concept lifestyle boutiques worldwide.
Through the Luxe.CO Intelligence report “Ferrari: From ‘Luxury Car’ to ‘Luxury Brand’,” you will gain insights into:
- Key milestones in Ferrari’s development history
- Ferrari’s business composition and financial performance since its separate listing in 2015
- The holding company behind Ferrari
- Selection of brand licensing partners during different periods
- Strategic evolution of Ferrari’s luxury lifestyle business at various development stages
- Latest team building, retail store expansion, and marketing dynamics of Ferrari’s luxury lifestyle business
