Giorgio Armani

The specifics of the new apparel line have not been revealed however the clothes will be made in Italy as part of a longer term partnership with Armani.

Sports car manufacturer Ferrari has announced that it will collaborate with Italian luxury brand Giorgio Armani on an apparel line, as part of its brand and product diversification plan.

As reported by the Associated Press, Ferrari’s CEO Louis Camilleri told analysts that within 10 years, Ferrari aims to garner 10% of its earnings (before deducting interest and tax) from a diversified luxury portfolio of apparel, entertainment, and luxury services.

As part of the carmaker’s long term plan it will also be cutting its licences by half and as well as cutting one-third of its current product categories available. Louis also said he wishes to retain more control of the roughly USD892 million worth of Ferrari products available on the market currently.

“This is not just about profit, this is about enhancing our brand equity and the vitality and vibrancy of the brand,” Louis said.

The specifics of the new apparel line have not been revealed however the clothes will be made in Italy as part of a longer term partnership with Armani.

Besides the new apparel line, Ferrari will be adding driving simulation centres to its entertainment portfolio which currently already includes theme parks in Abu Dhabi and Barcelona and two museums in Italy. Under its luxury services arm, the brand will include a new restaurant in its headquarters in Maranello, Italy with the assistance of Michelin-star chef Massimo Bottura.

For more information, click on to Ferrari’s official website here.

(Photos: Ferrari)