Ferrari Introduces High Fashion Line While Trimming Licensed Merchandise by 50%
When it comes to recognizable brands that make you think “luxury,” there aren’t many that can rival Ferrari. The prancing pony logo is synonymous with wealth and status.
This past weekend, the Italian automaker debuted its first in-house fashion collection, bringing its brand perception to more than just supercars. It’s also part of the company’s plan to invest outside of its automobile business, with the goal of non-auto revenue accounting for 10% of its revenue within the next decade.
Ferrari have officially entered the high fashion sphere. And I’m here for it. - I pic.twitter.com/JgIQObOvGw
— IMONATION (@THEIMONATION) June 13, 2021
The apparel designs were created by Ferrari creative director and former Armani designer Rocco Iannone, and debuted at Ferrari’s plant in Maranello, Italy, where a catwalk was set up on the automobile manufacturing assembly line.
“We want to attract young people and women,” Ionnone told CNN. “Our targets are not just those who buy a Ferrari, but also those who have awareness of the brand and of its values.”
Not everyone can buy a Ferrari. Very few can, actually. But the Ferrari brand is so wide-reaching beyond its actual customer base. And the growth of sports like Formula 1 racing in the U.S. now creates an even bigger market for Ferrari-branded products.
“Our offer will preserve its two souls, car buyers and supporters,” Ferrari’s chief brand diversification officer Nicola Boari told CNN.
— Fashion Week (@FashionWeek) June 14, 2021
Despite the company’s place in history, the line is progressive in that it doesn’t exactly adhere to traditional gender binaries, and is very inclusive in its sizing, ranging from XXXS to XXXL.
It’s also, you know, expensive. This is Ferrari, after all. A T-shirt will run you 200 Euros ($242.12) and a coat can run as high as 3,000 Euros ($3,633.90).
On the topic of that Formula 1 appeal, this high-fashion line comes at a time when Ferrari is actually cutting back on its licensing for the Formula 1 team. The company said it will still create products like T-shirts and hats, but plans to scale back its licensed merchandise by 50%.
It’s sort of a bold move, choosing to appeal to a specific market with high prices, but Ferrari obviously knows what it’s doing by now.