Italian supercar manufacturer Ferrari has inked a deal with the Giorgio Armani group. “We aim to diversify our brand by extending into apparel and entertainment,” said Ferrari’s CEO Louis Camilleri in a conference call on the automobile group’s quarterly results (Ferrari closed the quarter with a net revenue of €915 million and a net profit of €169 million).

“The deal with Armani is a long-term one, and through it we want to raise the quality of our entire range and focus on made-in-Italy products,” added Camilleri.

Ferrari’s brand extension plan focuses on three areas: a curated selection of apparel and accessories, also through the deal with Armani; entertainment for the younger generations, leveraging Ferrari’s motor-racing DNA via theme parks and driving simulators; and a series of exclusive products and services for Ferrari car owners.

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Camilleri said that the theme-park licence business, which operates venues in Barcelona and Abu Dhabi, is likely to expand, and revealed that Ferrari will open a restaurant with Michelin-starred chef Massimo Bottura in Maranello, home to the Ferrari factory.

“The market value of Ferrari-branded products is currently in the region of €800 million,” said Camilleri, who announced a halving of the existing licence agreements, regarded as too many, and a 30% cut in product categories. “We expect to generate 10% of total profits within the next 7 to 10 years from our brand extensions, aiming to boost the overall quality of the range,” added Camilleri.