Ferrari, the renowned Italian brand famous for its luxury sports cars, is embarking on a bold endeavor to reposition itself as a lifestyle brand. With its name instantly recognizable and its reputation for excellence and heritage, Ferrari is now venturing into the world of fashion.
The brand recently launched its first-ever fashion collection, which was designed by Rocco Iannone, an experienced veteran of esteemed fashion houses such as Armani and Dolce & Gabbana. The collection made its debut at Ferrari’s car plant in Maranello, where prominent Formula One drivers Carlos Sainz and Charles Leclerc were seated in the front row. John Elkann, CEO of the Fiat Group and Ferrari owner, expressed his vision for the brand, stating that Ferrari aims to promote Italian excellence and showcase the best of the country’s creativity.
This move into the high-fashion industry is not unfamiliar territory for Elkann’s group. In the past year, their division Exor acquired a stake in Christian Louboutin and gained control of Chinese luxury brand Shang Xia from Hermes. Speculations have also surfaced about Exor potentially acquiring a significant stake in Giorgio Armani. However, Elkann focused solely on the current fashion project, sidestepping questions about future acquisitions.
The repositioning of Ferrari holds immense significance, as the brand has traditionally relied on licensing agreements to produce an array of products, including toy cars and Lego race-car kits. These toy cars have held a special place in the hearts of Ferrari fans. Additionally, the value of Ferrari’s actual cars themselves is noteworthy, with the 1963 250 GTO model reportedly sold for a staggering $70 million, making it the most expensive car in history.
Now, Ferrari aims to surpass its status as a licensed brand and transform into a lifestyle brand. The fashion sector will take center stage, with plans to introduce collections for women, men, and children. These collections will be released in six installments over the next year, starting with an online launch on Ferrari’s website as well as on prestigious fashion e-tailer, Luisa Via Roma.
The success of this ambitious project depends on Ferrari’s performance in the global retail space. The brand has scheduled meetings with major retailers such as Harrods and Neiman Marcus, which may potentially lead to the establishment of boutique stores within department stores. Significant capital investment, estimated to be in the tens of millions of euros, will be required to support this diversification.
During the fashion show, Elkann was accompanied by Sir Jony Ive, the esteemed product designer formerly associated with Apple, and Marc Newson, an Australian design luminary known for his work on Ferrari’s innovative luggage. Their presence underscores Ferrari’s commitment to expanding its product range beyond automobiles.
As Ferrari embarks on this journey of repositioning, Nicola Boari, the executive overseeing the brand’s transformation, acknowledges that it entails substantial financial commitment. However, the potential for growth and the opportunity to express Ferrari’s essence through fashion is an exhilarating prospect for this iconic brand.
Useful links:
1. Ferrari Official Website
2. Luisa Via Roma Fashion E-tailer
