On a recent conference call, the CEO of Italian automaker Ferrari announced plans to diversify beyond its signature stylish supercars… by launching a high-end fashion line and an upscale restaurant.
Ummm… what?
More specifically, the carmaker plans to launch 2 high-profile partnerships: one with the Michelin-rated chef Massimo Bottura to launch a Ferrari restaurant, and the other with fashion house Giorgio Armani to expand a line of Ferrari-branded apparel.
These ventures are intended to draft off Ferrari’s iconic brand.
It’s all part of the (race car-themed) road map
Ferrari has been a name brand in Italy since it was founded in 1939. But the company really doubled down on its branding efforts in 2016, when Ferrari separated from its former owner Fiat.
Ferrari started its big branding efforts where most brands do: merch. The company’s store has sold an increasing amount of high-end apparel emblazoned with Ferrari’s famous prancing horse in its store for years.
These new partnerships, however, are the automaker’s boldest fashion and food moves yet.
But Ferrari has made some strange business bets before…
And the last one involved a massive theme park.
That’s right: In 2010, Ferrari launched Ferrari World Abu Dhabi in the United Arab Emirates. The theme park — which, fittingly, features the world’s fastest roller coaster — has been successful so far.
Now, the Italian carmaker just has to find a way to get its ravioli to move as fast as its race cars and roller coasters — and Ferrari will really be off to the races.