Ferrari Brings in Armani for Italian Boost to Its Luxury Brand
- Supercar maker wants to go premium with its luxury offerings
- CEO sees danger of dilution with current pricing approach
Ferrari’s prancing horse logo sits on the bodywork of Ferrari F12 Berlinetta luxury automobile.
Photographer: Akos Stiller/Bloomberg
Ferrari NV is aiming to move further upmarket with its branded accessories by teaming up with another iconic Italian name, Giorgio Armani SpA, to help push the supercar maker’s handbag and clothing lines into the premium-price space.
Chief Executive Officer Louis Camilleri is tackling a long-held goal of former Chairman Sergio Marchionne, who died in 2018: transform Ferrari into a fully fledged luxury brand. After raising guidance for 2019 sales and profit, the company said Monday that branded goods will contribute 10% of earnings before interest and tax within the next 7-10 years.