With a catwalk set up on the V12 assembly line, Ferrari makes its debut in prêt-à-porter under the creative direction of Rocco Iannone. At the same time, the historic Cavallino restaurant was relaunched under the management of Massimo Bottura. The brand thus initiates a massive brand diversification project. It took 24 months to arrive at the official launch of the Ferrari prêt-à-porter collection from the conception of the project. In between, there was the appointment 20 months ago of the creative director, the thirty-seven-year-old Calabrian Rocco Iannone.
The Italian company renowned for its Formula 1 racing team and high-powered sports cars adorned with the Cavallino Rampante logo has launched a fashion collection on Sunday and reopened its restaurant in its hometown of Maranello two days later.
The clothing line comes from creative director and former Armani designer Rocco Iannone while Michelin-starred Italian chef Massimo Bottura is relaunching the restaurant where founder Enzo Ferrari once dined with friends and Formula 1 stars. Nicola Boari, Ferrari’s chief brand diversification officer, told Reuters the aim was to reach new clients “in terms of both age and culture” – beyond its racing fans and sports car clients who already covet its branded jackets, T-shirts and hats. The customer base for Ferrari’s cars is limited by design to under 10,000 vehicles a year – fewer clients than Bottura’s new restaurant could serve in the same time – and the luxury carmaker has said it hoped its so-called brand extension strategy would account for 10% of profits within a decade. “Ferrari is one of the strongest brands in the world and definitely the strongest brand in the luxury industry,” said Massimo Pizzo of Brand Finance, a brand valuation consultancy. “It has the potential to succeed even in the luxury apparel industry.”
Ferrari’s former chief executive Louis Camilleri unveiled the brand extension strategy, which includes fashion, restaurants and other luxury experiences, in 2019 just before the coronavirus pandemic struck and delayed the plans. The launch now comes days after the appointment of new Chief Executive Benedetto Vigna, a 52-year-old physicist who has spent 26 years at semiconductor maker STMicroelectronics and is expected to drive Ferrari into the era of electric cars.