Luxury car maker Ferrari raised its outlook on Monday, after strong sales of its Portofino and 812 Superfast models drove “solid” results for the third quarter.
The company nicknamed the Prancing Horse said a new brand strategy would help it navigate to even more growth, as its Milan-listed shares hit an all-time high today of €155.15.
As part of the plan, Ferrari has struck an agreement with Italian fashion house Giorgio Armani, and opened a restaurant with star chef Massimo Bottura in its hometown of Maranello in northern Italy.
The company expects the initiative to make up about one-tenth of its profits in the next seven to 10 years, in what chief executive Louis Camilleri called an “ambitious but realistic target”.
Core earnings for the year are expected to hit €1.27bn (£1.10bn), topping a previous forecast of €1.2bn-€1.25bn.
Camilleri said that this year Ferrari would match what it forecast last year for 2020. “I think it’s rather premature for us to address 2020 at this time. But clearly, we do anticipate a strong year,” he said.
The carmaker also increased its outlook on 2019 revenues to about €3.7bn, from a previous forecast of more than €3.5bn.
Ferrari’s new branding strategy builds on the group’s aggressive roll-out of new premium models. It will present its latest new car in Rome next week, taking the total to five this year.
Camilleri’s announced the strategy last year that the firm would launch 15 new models between 2019 and 2022.