On Monday, Ferrari announced a fashion collaboration with Giorgio Armani as the long-promised strategy to put more value into the company’s appeal continues.
CEO Louis Camilleri shared that Ferrari aims to earn 10 percent of earnings before interest and taxes within 10 years from three defined brand extension that’ll include apparel, entertainment, and luxury services, according to the Associated Press.
Ferrari’s goals are to increase and retain a larger portion of the $892 million in products, donning the brands’ logo, Camilleri said. This will also including removing licenses that don’t accurately represent Ferrari.
“This is not just about profit, this is about enhancing our brand equity and the vitality and vibrancy of the brand,” Camilleri stated.
The apparel line will be manufactured in Italy through a long-term deal with Armani. Ferrari will expand its entertainment offerings, adding driving simulations to it’s already built theme parks and museums in various locations.
Third, as far as luxury services go, the company will open a new restaurant with Michelin-star chef Massimo Bottura at the Maranello headquarters, which already has a Ferrari-themed hotel.