It’s hard to argue with Rocco Iannone’s opening remarks. “Ferrari is mythical,” said the brand diversification creative director. “Ferrari’s community recognizes itself in a series of values that is unique to the label and that need to be understood to be translated into fashion.”
On Sunday, this translation will be unveiled with Ferrari’s first runway fashion show in Maranello, at the headquarters of the storied luxury sports car maker. Iannone, who was tapped to the role in November 2019, will present the brand’s fashion manifesto with a collection for men, women and children. However, in an exclusive preview interview here, both Iannone and Nicola Boari, chief brand diversification officer, underscored that Ferrari’s new statement is meant to reflect a lifestyle label rather than a fashion one.
Boari initiated the project two-and-a-half years ago with chairman John Elkann, with the goal to “put brand diversification in order. It was an opportunity but also an urgent necessity.” Boari, who joined Ferrari in 2010 as director of product marketing and market analysis, said brand diversification, including licenses and merchandising, was estimated to total 1 billion euros at retail value in 2019. However, product and distribution were not up to Ferrari’s standards, he emphasized.
In 12 to 18 months, he closed 50 percent of stores, slashing licenses and reducing the offer. “We perceived there was legitimacy in launching a luxury apparel collection and that it was not an excessive stretch that would damage the value of the brand. But we needed to proceed with a carefully controlled and precise plan, much more so than in the past,” Boari explained. As a result, he projects this business could account for 10 percent of Ferrari’s profitability within the next seven to 10 years.