Since the year 1947, Ferrari has been seen as a symbol of speed, luxury, and wealth. They are a brand synonymous with the world’s most desired cars. However, evolution is the name of the game and the Italian luxury sports car manufacturer is speeding into the fashion front with its first high-end clothing collection in June. the fashion industry has geared up, pun intended, for some speedy collections from Ferrari beginning with luxury men’s, women’s, and children’s collections in June. Interim president and chief executive officer of Ferrari Group John Elkann announced the plan at the shareholder’s meeting. Elkann said: “Our project is intended to create new and major opportunities for the Ferrari brand through active advancement. The clothing series will tell the unique values of the Ferrari brand craftsmanship, elegance and innovation, and will provide brand fans from all over the world. Salute to fashion lovers.” John Elkann is also the chairman and CEO of Ferrari’s parent company Italy Exor Group.
Ferrari seems to be on the road to growth as the popularity of Ferrari has drastically dipped over the last decade. They have ventured out and invested in two luxury brands in less than three months. First, in December last year, Ferrari invested 80 million euros in the Chinese luxury brand “Shang Shang” under the French Hermes Group. Exor also invested a total of $640 million and acquired a 24% stake in the French luxury footwear brand Christian Louboutin.