MARCH 19, 2002
Montezemolo talks of the Ferrari's future
LUCA DI MONTEZEMOLO has told The Financial Times newspaper of his plans to float the Ferrari car company in order to raise money to fund expansion which could include the development of Ferrari theme parks and other ventures in the world of entertainment, notably a Ferrari hotel in Las Vegas. Montezemolo said that some of the money raised in a flotation would be used to invest in a sporting program for the Maserati brand.
The flotation is not yet confirmed but Montezemolo is recommending that course of action. The company is due to announced record profits later this week with sales of more than 6,000 cars (up by 17%) and profits of $60m, despite a $27m loss posted by Maserati. Montezemolo says that Ferrari will not build more than 4,200 cars per year in the future although the aim is to build up Maserati to triple its sales per year. There are also plans for the opening of luxury Ferrari goods stores in the major cities of the world.
Montezemolo recently joined the board of directors of the board of luxury company Pinault-Printemps-Redoute, which is one of France's biggest retail companies and owns Gucci, Yves St. Laurent, Boucheron and a variety of other smaller luxury companies.
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