Ferrari Targets South Korean Wealth, Casts Eye on Vietnam

By Park Sae-jin Posted : April 22, 2012, 09:22 Updated : April 22, 2012, 09:22
Ferrari SpA (F) said it expects South Korea’s economic growth to make the country a standout for sports car demand. “A surprise over the next five years will be South Korea,” Herbert Appleroth, Ferrari’s Asia Pacific (FAX) (FAX)chief executive officer, said in an interview.

“It has an abundance of wealth and economic prosperity, and there is appreciation for supercars. I think you will see very strong growth.” As U.S. and European markets mature, Appleroth’s projections point to pockets of growth for luxary carmakers. Vietnam increased the number of high net-worth individuals by 33 percent in 2010. “The next on the radar in this region that I look after will be Vietnam,” he said.

Appleroth oversees 17 dealerships in Japan, South Korea, Malaysia, Indonesia, Singapore, Thailand, New Zealand, Australia and, as of last month, one in the Philippines. With a record 7,195 cars last year, Ferrari’s global deliveries rose by 9.5 percent. Japan orders will grow about 10 percent and the deliveries will average about 400.

Japan hasn’t lost its taste for luxury and exclusivity, something Ferrari can provide with its new tailor-made program, Appleroth said.

“We have customers more and more who want to tailor their cars,” he said. “They spend on average in Japan around 45,000 euros ($59,000) per car on tailored options. From that, we have growing revenue


(아주경제 송지영 기자)
기사 이미지 확대 보기
닫기