Ferrari setting up shop in Japan

Ferrari 60 Relay passes through Kyoto, Japan

Ferrari has wholly-owned local subsidiaries in the United States, Great Britain, Germany, France and China. Yet despite being its second-largest market in the world for years now, Ferrari's interests in Japan have until now been represented by an independent importer. That's about to change, as Ferrari is taking matters into its own hands and opening a Japanese office on July 1. The erstwhile exclusive importer, Cornes & Co., will continue to sell and service Ferraris alongside Maseratis, Rolls-Royce and Bentleys.

Maranello considers Japan to be the world's largest luxury market, with a high concentration of wealth. Despite slowing automotive sales in the country, sales of Ferraris rose 38.7% last year, a trend which Ferrari evidently hopes to help along by directly controlling its sales in Japan. Press release after the jump.

[Source: Ferrari]

PRESS RELEASE

Ferrari Japan KK

Maranello, 22nd February 2008 - Ferrari decided to establish Ferrari Japan KK, a fully-owned subsidiary, that will become the official importer of new Ferraris, from 1st July 2008. With this decision Ferrari wants to strengthen its link to one of the most important markets for the Brand and for the whole luxury industry.

In 2007 Japan confirmed to be the first market in the Asia Pacific area with 376 cars delivered to the final customers, which represent a growth of 38,7% over 2006 and 5,8% of the total cars delivered to the final customers in the world.

Ferrari Japan KK will import Ferrari vehicles into the Japanese market under the supervision of the Ferrari Asia Pacific Division Headquarters, directly managed by Ferrari Asia Pacific CEO, Marco Mattiacci.

Ferrari Japan KK will continue its strong partnership with Cornes & Co.Ltd, M-Auto Ltd, and European Version Co. Ltd. on the retail side for the Japanese market.

Ferrari expresses its deep appreciation to Cornes & Company Ltd and the other affiliates for their outstanding contribution to successfully establishing the Ferrari culture in Japan over the past 30 years.