As Ferrari looks for ways to boost profits without putting the exclusivity of its road cars in jeopardy, the automaker has announced it will soon introduce new luxury goods and merchandise in 2017.
According to Fox Business, Ferrari will soon expand its luxury goods catalog beyond the current line of apparel and accessories. With its stock now trading publicly, the Italian automaker is looking to re-position itself as a purveyor of luxury goods like Hermes or Prada in an effort to grow revenue and become more desirable in the eyes of investors.
“As indicated during the IPO process, Ferrari is aggressively exploring the luxury goods space that extends beyond luxury performance sport cars, while nurturing and expanding the Scuderia Ferrari merchandising concept, which is inextricably linked to its racing activities in F1,” Ferrari said in its earnings report Monday.
Ferrari reported a net profit of $89.8 million in the first quarter of 2016, representing a 19% jump year-over-year. Newly christened Ferrari CEO Sergio Marchionne will be looking to continue the forward momentum with the new luxury goods line, but also with new Ferrari theme parks opening in Spain and China and eventually the U.S. Ferrari World, the first-ever Ferrari theme park, opened in Abu Dhabi in late 2014.