According to Ferrari, the third-quarter results were driven by a 9.5% increase in sales of its 8-cylinder models (V8) and an 8.9% increase of its 12-cylinder models (V12). The performance is said to have been mainly led by “robust deliveries” of the Ferrari Portofino, as well as the 812 Superfast, and partially offset by lower volume from the 488 family, with the 488 GTB and the 488 Spider now phased out, partially compensated by the 488 Pista and the ramp up of the 488 Pista Spider. Very first deliveries of the Ferrari Monza SP1 and SP2 also began towards the end of September.
Deliveries in the EMEA grew 13.7%, but were “substantially flat” in the Americas, while Mainland China, Hong Kong and Taiwan were down by a few units as per the decision to concentrate client deliveries in the first part of the year to anticipate the early introduction of new emission regulations. Deliveries in the rest of APAC was up 23.1%. Net revenues for the third quarter 2019 increased 9.2% to €915 million, at current currency, and up 7.1% at constant currency. Third-quarter Adjusted EBIT was €227 million (+11.7% at current currency) attributed to higher volumes (€20 million) and a positive mix/price variance (€23 million).
On November 5, Ferrari announced the appointment of Rocco Iannone as its Brand Diversification Creative Director, who takes responsibility for developing the creative content, design and image of all of Ferrari’s own and licenced apparel and accessories collections. Iannone holds a Fashion Degree from Milan’s Marangoni Institute and, for the last two years, was Creative Director at Pal Zileri. Previously, he was Head Men’s Designer at Giorgio Armani and Designer at Dolce & Gabbana. The Ferrari Brand Diversification is the Prancing Horse division dealing with the development of Ferrari-branded non-automotive products, including men’s and women’s apparel lines, and accessories, of which much is made of leather.
