According to Mr. Boari, the ready-to-wear collection is also a way into new markets, especially those that are younger, female and mostly Chinese. He said that Ferrari’s fashion sights are set on distant dividends, on slow growth that will sprout in seven to 10 years, eventually contributing 10 percent of the brand’s earnings. (Ferrari, one of Italy’s most valuable public companies, had revenue of nearly $4 billion in 2020 despite the pandemic and a seven-week factory shutdown.)
“But if our concern were just profits, we’d stick with licensed goods, which are extremely profitable,” Mr. Boari said.
Emanuele Farneti, the editor in chief of Vogue Italia, who attended the show, said that it was “significant, and not at all obvious, that Ferrari would pick an Italian designer, and do something with a very Italian style and Italian production.” Mr. Farneti noted that he’d read a McKinsey report on corporate longevity and was distraught to see so few Italian companies projected to endure over future generations.
The fashion line will go on sale this month at the powerhouse etailer Luisa Via Roma as well as in Ferrari’s own network of a dozen shops, which are each being remodeled to reflect Mr. Elkann’s vision of a brand-wide upgrade. The Maranello flagship, for example, was overhauled by London’s Sybarite studio and given an undulating facade of red glass and white brick walls.
As part of the new image making, even Cavallino, the Maranello restaurant owned by Ferrari where Enzo Ferrari ate and took meetings, has been rebooted with polychrome interiors by India Mahdavi and updated menus by Massimo Bottura.
“It’s about changing a licensing model into a controlled model,” Mr. Elkann said. “The quality has to be on par with what we do in cars.”
Article source: https://www.nytimes.com/2021/06/16/style/ferrari-fashion-collection.html