We love everything Italian; right from their men, food, their Ferrari’s and Giorgio Armanis. It’s time to throw a pizza party as these two Italian giants have decided to join hands and woo the world some more. News is the luxury sports car manufacturer has teamed up with the fashion house to increase sales of their premium-priced handbag and clothing lines. Apparently, they weren’t as exclusive as the vehicle itself and it’s about enhancing brand equity and the vitality and vibrancy of the brand. There is a lot of speculation as to what will Armani bring to the Ferrari Ferris wheel of fashion. We do know they are a collection of clothes and the fashion house is no stranger to functional athletic gear. In the past, Armani has dressed runners and the Italian national soccer team. What we do know is that the clothes will be produced by Armani in Italy with a multi-year commitment agreed to by both companies.
Ferrari CEO Louis Camilleri told analysts it is a company goal to make 10 percent of its earnings (before interest and taxes) come from three new lifestyle pillars: apparel, luxury services and entertainment all within the next seven to 10 years. In order to achieve this, the new business strategy involves slashing its licenses in half and cutting a third of the product categories currently sold.
[Via:Bloomberg]
