MARANELLO, Italy — Ferrari is putting the focus on exclusivity.
The strategy, unveiled by Ferrari president Luca di Montezemolo on Wednesday during a press conference held at Ferrari’s headquarters in Maranello, Italy, not only involves the company’s core automotive business, but also the brand’s various extensions.
This year, aside from cutting its supercar production, which Montezemolo said would “put a limit on the introduction of our cars in the market and exalt the concept of exclusivity,” Ferrari launched a new luxury men’s wear fashion label, called “Pr1ma.” The first capsule collection has 15 pieces including jackets, polos and t-shirts, all made in Italy using high-end materials. The collection is currently available exclusively at the newly revamped Ferrari flagship in Maranello.
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“We will also present it on the special Web site dedicated to Ferrari owners, who can take a look at the products and then buy them when they come to visit us,” said Ferrari brand director Andrea Perrone.
Ferrari will wholesale the collection to a very restricted number of multi-brand stores starting this June.
The directly controlled luxury fashion line is the last addition to a wide range of Ferrari products produced through licensing agreements with a number of major labels, including Tod’s for shoes, Hublot for watches and Vertu for phones. Those are sold both through the company’s e-commerce and at the 50 Ferrari stores located in key locations such as Milan, Venice, London, Barcelona, New York, San Francisco, Miami, Macao,Johannesburg and Dubai, as well ash Abu Dhabi’s unique Ferrari theme park, Ferrari World.
In the first four months of the year, Ferrari posted trading profits of 80.5 million euros, or $106 million at current exchange rates, up 42 percent over the same period last year. Revenues increase 8 percent to 551 million euros, or $726 million.