NexTV Africa & Middle East

Complete News World

Clothes and food should raise Ferrari

Once upon a time, founder Enzo Ferrari sat and dined in the restaurant with Ferrari racing stars. It is now believed that she will get a new life again in the hometown of Maranello, where the Ferrari factory is located. The company brought in star chef Massimo Bottura – with Michelin Guide stars on her resume – in connection with the reopening, and in addition to this investment, a clothing line will be launched with former Armani designer Rocco Iannone as the creator.

It may sound like a cheap PR hoax, but Ferrari expects that within ten years, new operations will account for ten percent of the company’s total profit, Reuters writes.

strong brands

Ferrari brand manager Nicolas Bure told the news agency that they hope to reach new customers who don’t necessarily buy Ferrari’s Formula 1-inspired apparel with the classic bullhorn crest.

Ferrari is one of the most powerful brands in the world. It has the potential to succeed in the luxury apparel sector, too, a brand strategist at Brand Finance tells Reuters.

Ferrari, which makes fewer than 10,000 cars a year, is just like the rest of the automotive sector under pressure to undergo change work with its electrification requirements. Ferrari previously launched a hybrid variant but also announced that the first electric variant won’t be suitable until 2025 at the earliest.

New CEO

Plans to expand its operations came early in 2019, but the launch was postponed due to the Covid pandemic. Now with a new CEO at the wheel, 52-year-old Benedetto Vigna, he has once again come out on top.

READ  Gas pipeline marks Merkel's swan song in the United States

However, Ferrari is not alone in such activities. American motorcycle maker Harley-Davidson has always had its own clothing line and that piece made up 5.7 percent of the company’s revenue last year. Ferrari’s Italian competitor, Lamborghini, owns both men’s and children’s clothing, and Bentley sells accessories and luxury home furnishings details.

The new Ferrari range will be officially published on Sunday.

Classic Ferrari logo. Photo gallery. Photo: Marco Vasini/AP/TT