Ferrari's Formula One Success Little Help in Fight With Fendi
Chairman Sergio Marchionne seeks to expand the brand into luxury goods such as apparel and accessories.
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The company sells its Ferrari-branded goods online and via about 20
franchised and 12 company-owned stores from Miami to Macau. But Ferrari
reported just 21 million euros in merchandising revenue last year, or
0.9 percent of its total sales of 2.5 billion euros -- and that fell
from 25 million euros in 2013.
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The branding effort ... doesn’t exhibit the consistency in pricing and quality needed to earn
Ferrari a place alongside the global leaders in luxury, according to
Armando Branchini, founder of consultant Intercorporate. It can’t keep
selling the $18 key rings, $41 baseball caps, and $65 Ferrari-red
swimming trunks its Formula One fans want while also charging $570 for
sunglasses and $2,700 for a bomber jacket.
It’s now valued at 20 times its 2014 operating profit, much closer to
the likes of Hermes and Prada than even upscale automakers such as BMW
AG and Daimler AG.
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