Italian sportscar maker Ferrari announced early this week a fashion collaboration with Giorgio Armani to launch an apparel line to be produced in Italy as part of a strategy to derive more value out of its brand appeal. As part of the strategy, it will reduce licenses by half and eliminate a third of the product categories currently available.
Ferrari will also expand its entertainment offerings, which currently comprise theme parks in Abu Dhabi and Barcelona and two museums in Italy, with driving simulation centres to leverage its Formula 1 racing heritage.Italian sportscar maker Ferrari announced early this week a fashion collaboration with Giorgio Armani to launch an apparel line to be produced in Italy as part of a strategy to derive more value out of its brand appeal. As part of the strategy, it will reduce licenses by half and eliminate a third of the product categories currently available.#
Ferrari aims to earn 10 per cent of earnings before interest and taxes within a decade from three defined brand extension areas: apparel, entertainment and luxury services, chief executive officer Louis Camilleri was quoted as saying by European media reports.
The Italian company aims to both increase and retain a greater portion of the $892 million in products bearing the prancing horse logo, he said. That will include jettisoning licenses that don't properly represent Ferrari.
Fibre2Fashion News Desk (DS)
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