This year, Ferrari for the first time surpassed Hermès as the most valuable luxury company in the world as measured by stock multiple.
This year, Ferrari for the first time surpassed Hermès as the most valuable luxury company in the world as measured by stock multiple, which gauges growth and profit prospects.
Yet in a recent research report, Bernstein luxury analyst Luca Solca posits that Ferrari and Hermès are similar, since both"occupy the pinnacle of the pricing pyramid" in their categories and are"perfectly positioned" to benefit from the surge in the global wealthy. His appointment to the top job at Ferrari in 2021 was a sign that technology would be core to the supercar maker's growth, and in a sense, the future of luxury.The main topic of conversation, however, was on what makes Ferrari a leader in luxury, and what lessons other companies and executives serving wealthy clients could heed from its rise. Here are five main takeaways:As Solca points out in his research note, Ferrari and Hermès both"sell less than the market would take.
During CNBC's visit to the factory, a Ferrari customer took delivery of a new maroon 812 Superfast. He looked to be in his 70s or 80s. When he saw the car, and posed with it under the storied Ferrari entrance gates, his face lit up and he transformed into a 10-year-old on Christmas morning.
Clearly, those emotions are rising. The cheapest Ferrari in 2012 was the California, with a manufacturer's suggested retail price of $195,000. Today's entry-level Ferrari, the Roma, starts at $273,000, or 40% more. It's similar to the path Rolex buyers have to follow to eventually get a new Daytona, or Hermès customers have to take to eventually get a Birkin.
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