Ferrari starts fashion collaboration with Armani

A group of Ferrari owners park their cars to show on display at the SVGT car enthusiast gathering in San Diego, California. The company announced on Monday a collaboration with Giorgio Armani. (Reuters/ File Photo)
Updated 04 November 2019

Ferrari starts fashion collaboration with Armani

  • The Italian company aims to both increase and retain a greater portion of the 800 million euros in products bearing the carmaker’s name, the CEO said
  • Italy, with driving simulation centers to leverage its Formula 1 racing heritage

MILAN: Sportscar maker Ferrari said Monday it was starting a fashion collaboration with Giorgio Armani as part of its long-awaited strategy to spread its brand to other sectors and squeeze more value out of it.
CEO Louis Camilleri told analysts that Ferrari aims to earn 10% of earnings before interest and taxes in seven to 10 years from three new areas: apparel, entertainment and luxury services.
The Italian company aims to both increase and retain a greater portion of the 800 million euros ($892 million) in products bearing the carmaker’s name, the CEO said.
“This is not just about profit, this is about enhancing our brand equity and the vitality and vibrancy of the brand,” Camilleri said.
He said Ferrari will focus the use of its brand, reducing licenses by half and eliminating a third of the product categories currently available.
Besides the apparel line to be produced in Italy through a long-term deal with Armani, Ferrari will expand its entertainment offerings, which currently comprise theme parks in Abu Dhabi and Barcelona and two museums in Italy, with driving simulation centers to leverage its Formula 1 racing heritage.
The third category, luxury services, will include a new restaurant with Michelin-star chef Massimo Bottura at the Maranello headquarters to open at the end of 2020.
Ferrari raised its earnings forecast, citing a robust third-quarter performance including a 9% increase in deliveries.
It raised its full-year forecast for net revenues to 3.7 billion euros, from 3.5 billion euros previously. It lifted its prediction for earnings before interest, taxes and amortization to 1.27 billion euros from 1.25 billion euros.
In the third quarter, earnings before interest, taxes and amortization rose 11% to 311 million euros. Revenues rose 9% to 915 million euros.
Deliveries hit 2,474 vehicles, lifted by the Ferrari Portofino and the 812 Superfast. They were up by double-digits in Europe, were flat in the Americas and dipped 2% in greater China. Full-year volumes will be in the 10,000-region.
Ferrari has unveiled four new models this year as it renews a product portfolio, and will preview a fifth next Wednesday at an event in Rome.


Italian jewelry house pledges profits from new ring to Beirut blast victims 

Updated 06 August 2020

Italian jewelry house pledges profits from new ring to Beirut blast victims 

DUBAI: An Italian jewelry house has pledged to donate all of its profits from the sale of a new ring to the victims of the Beirut blast.

Bosses at Repossi said 100 percent of takings from its Berbere Chromatic ring, which retails at around $3,438, would go toward helping those left homeless by the deadly explosion at the Lebanese port.

Writing to its 224,000 Instagram followers, the brand said: “In response to the tragic event in Beirut, Lebanon, Repossi unveils the new Berbere Chromatic ring. All profits from the sale of this ring will be donated to the Lebanese Red Cross.”

Founded in 1945, the humanitarian organization has been on the frontline providing emergency medical aid to victims of the massive blast.

Meanwhile, celebrities such as Kylie Jenner, DJ Khaled, and singer Dua Lipa, have been taking to social media to show their support for victims and online influencers around the world have been urging their followers to make donations toward rescue and recovery work.