Ferrari Teams Up With Armani To Push Handbag And Clothing Lines Further Upmarket

Ferrari is looking to morph into a fully fledged luxury brand and in order to achieve their goal, they have decided to team up with Armani, another iconic Italian company.

The Maranello-based automaker stated that branded goods will contribute 10% of earnings before interest and tax within the next 7-10 years, reports Autonews Europe. This means that accessories such as sunglasses could now carry more imposing price tags.

“Our current offerings are too stretched and are in danger of diluting our very precious brand equity,” said Camilleri during a conference call with analysts.

Also read: Bespoke McLaren Eyewear Can Set You Back Up To $2,000

Ferrari has in many cases relied on mall and airport stores to sell products such as polo shirts and handbags at reasonable prices (arguably), given how expensive their cars are nowadays. However, $150 watches and $30 caps are clearly not cutting it anymore.

“We will reduce our current licensing agreements by some 50 percent. We will also eliminate some 30 percent of the product categories in which we participate,” added the Ferrari CEO.

Armani’s strategy as far as refocusing on its luxurious image has been to discontinue mid-range department-store lines, while also making “fast-fashion” products under the Armani Exchange brand.

Still, even if Ferrari do increase pricing on fashion items by considerable margins, genuine car customers should have no problem with purchasing $1,000+ euro eyewear, handbags or watches. Besides, companies like McLaren are already doing the same, selling ultra-expensive $2,000 sunglasses through their bespoke range – it’s no wonder Ferrari wants a piece of that pie.