Ferrari’s head of brand development and partnerships has revealed at the F1 Sponsorship Forum that Ferrari’s income from merchandising and licensing deals, including the new Ferrari shops around the world is now worth $700m a year to the Italian car company in terms of revenues.
He said that racing is “absolutely mandatory for the brand and the product” but says that the company is planning a chain of 50 stores around the world, despite the dangers that exist in diluting the company brand.
He would not go into further detail but estimates of Ferrari’s income from merchandising are around $70m, which is about five times that of any of the other F1 teams.