There has been some upheaval in Italian business circles in recent days with the resignation of Diego Della Valle, the man behind the Tod’s fashion house, from the board of Ferrari, after a dispute with Sergio Marchionne, the Fiat boss, and the Agnelli family. Della Valle was upset that Fiat has cancelled plans to invest in its Italian factories and was vocally unpleasant about the abilities of Marchionne and John Elkann, the Fiat chairman. Ferrari chairman Luca di Montezemolo leapt to the defence of the pair saying that Dalla Valle’s remarks were “absolutely unacceptable”. Montezemolo said that Fiat has successfully weathered the recent crisis and is slowly strengthening its position.
Montezemolo reported at the Paris Mondial de l’Automobile that things were going very well for Ferrari and launched five new models. The company has had its best year yet with the first half results showing record revenues and a significant increase in Ferrari sales. Up to June 30 the company revenues were €1,2 billion, an increase of 11.9 percent, while a total of 3,664 road cars had been sold, an increase of 7.4 percent. Trading profits were more than €100 million, up 10 percent. Sales around the world were interesting with the US market jumping 17 percent to 851 cars, which is 23 percent of the company’s total. There were 393 cars delivered in the UK, an increase of 43 percent, while there were also hikes in Germany and Switzerland. Sales in China came close to 400, up 10 percent and 190 cars were sold in the Middle East, an increase of seven percent. There was a significant drop in sale in Italy, where only 187 cars were sold, almost half as many as a year earlier. Ferrari’s retail activities grew by four percent, with 52 stores now in operation around the world. There was also significant growth online with e-commerce revenues up by 24 percent.