Ferrari, the renowned luxury car manufacturer, has successfully navigated through the challenges of 2020 and even experienced a remarkable 53% increase in profits in the fourth quarter. As the flagship brand of the Exor group, led by the Agnelli family, Ferrari has set its sights on becoming the “Italian LVMH” – a leading luxury lifestyle brand. In a bold move to achieve this goal, Ferrari recently held its first-ever ready-to-wear fashion show at its assembly factories in Maranello.
The key to a successful reboot lies in reinventing oneself without denying one’s roots, and Ferrari has embraced this concept. Under the guidance of Rocco Iannone, the Brand Diversification Creative Director who previously worked for Armani and Dolce Gabbana, the brand is undergoing a transformation. Gone are the days of 80s-style caps and sweatshirts; Ferrari’s foray into fashion represents a natural extension of the brand’s unique automotive DNA.
The foundations of Ferrari’s reboot are built upon several principles. Firstly, the principle of reality dictates that Ferrari must offer extraordinary products that go beyond the typical offerings found in a luxury store. This is a necessary step in order for the automotive industry to reinvent itself, much like Tesla has done.
Secondly, circular creativity plays a crucial role in Ferrari’s fashion endeavors. The iconic design of a Ferrari, which draws inspiration from the human body, seamlessly translates into the world of fashion.
Furthermore, Ferrari shows great respect for its own codes and regenerates them in its fashion line. Everything starts with the car – from its vibrant colors to the impeccable craftsmanship and innovative material technology. The brand aims to appeal to a genderless audience by incorporating elements of sport, streetwear, and sustainability, evident in their use of laser cutting techniques.
Ferrari’s marketing strategy is also worth mentioning. The brand has diligently targeted millennials and Gen Z, evident in their partnership with the streetwear authority, Highsnobiety. Furthermore, Ferrari has employed an aggressive pricing strategy, with clothing ranging from €1,500 to €2,000, sneakers priced at €600, and accessories priced at €1,000. The annual fashion show operates independently of seasons, and its success triggers a reconfiguration of the dealership network. Within the next 10 years, Ferrari aims for its fashion business to contribute to approximately 10% of the brand’s overall revenue.
Ferrari’s reboot is an embodiment of the brand’s limitless desire for luxury diversification. The role of the Brand Diversification Creative Director holds great promise for the future, as Ferrari continues to expand its presence in the world of fashion.
For more insights and information on Ferrari’s fashion reboot, check out these useful links:
– Business of Fashion: Ferrari’s Ambitious Plans for the Luxury Market
– GQ Magazine: Ferrari’s Fashionable Transformation
