Feb. 2 - It's fast and fabulous and now officially a top brand. Hayley Platt looks at what Italy's Ferrari is doing right after it posted a 5 percent rise in 2013 revenue to a record 2.3 billion euros.
It's a legend among automakers and the sports car of choice for many enthusiasts. But Ferrari's power isn't just in the engine - it's also the world's most powerful brand. The company's President is Luca di Montezemolo. SOUNDBITE: Luca di Montezemolo, President Ferrari, saying (English): "It means that despite the dimension of the company we have done a very good job in recent years to improve the exclusivity, the brand awareness and the strong capacity of this fantastic brand." After topping Brand Finance's Global 500 list the 70 year-old Italian car maker also showed it can make money too. Not as much as Apple but still not bad. With revenues up 5 percent to 2.3 billion euros, 2013 was in fact Ferrari's best financial year ever. It's strategy, deliberately reducing output to make its brand even more desirable, is a clever one says Brand Finance's David Haigh. SOUNDBITE: David Haigh, CEO Brand Finance, saying (English): "They actually cap the number of cars they produce at 7,000 and up the price, they actually managed to increased their turnover, increased their profits and probably increased their customers love for them by making themselves more exclusive." Ferrari says the decision to put the brakes on building new cars will help maintain the value of its used cars as well as protect brand exclusivity. But that hasn't stopped it investing in new models. SOUNDBITE: Luca di Montezemolo, President Ferrari, saying (English): "Last year we presented two brand new cars, La Ferrari and 458 Speciale, just to prove how busy we are in terms of innovative technology and new models." Ferrari will present its latest new model, the California T, at the Geneva car show next month.