A major part of Ferrari’s plan to boost profits now that it’s a publically traded company is to open more Ferrari theme parks. The automaker already has Ferrari World in Abu Dhabi, which will soon be joined by Ferrari Land in Spain, and according to Bloomberg, there’s a North American site in the automaker’s plans as well.
We first heard Ferrari would open a theme park in North America in January, when the company noted that it would like to have a theme park in every major geographical region it does business. The theme parks help bring in money for the company, but also improve and promote the brand’s image, with Ferrari’s trademark red color and prancing horse logo featured prominently throughout the parks.
Ferrari theme parks are beginning to look like an increasingly important part of the Maranello-based company’s strategy. Bloomberg notes Ferrari’s stock has tumbled almost 20 percent since its IPO in October and it has made little headway in promoting itself as the “luxury goods” company it sold as to investors. Ferrari hoped to be viewed in the same was Louis Vuitton or Hermes, for example, but analysts aren’t convinced it has the same cache.
Ferrari’s current retail product line is very far away from the business of LVMH, Hermes and Richemont,” Kepler Cheuvreux analyst Thomas Besson wrote. “We don’t immediately see other ways to expand the revenue stream from licensing and branding activities and look forward to a potential complete review of these activities.”