Even though it’s not exactly an integral part of its product portfolio, Ferrari has taken pride in its timepieces over the years. Which is maybe why the Italian automaker has had such shaky relationships with watch manufacturers.
Ferrari recently ended its relationship with timepiece manufacturer Panerai (pictured above) and began seeking out a new partner for its licensing agreement. Interestingly enough, Ferrari chose the Movado Group, a manufacturer that is known to make more affordable luxury watches. In other words, Panerai is several leagues away from Movado in the timepiece market.
Maybe this is exactly what Ferrari needs to become successful with its licensed products. Unlike the vehicles the Italian automaker produces, its accessories should be more obtainable by the general public, which is why its new collection of watches will be priced up to around $2,000 (€1,500). The deal signed with the Movado Group was a multi-year deal and the watches will be available through select wholesale distribution outlets in addition to Ferrari’s stores and online shop.
“This agreement is the perfect complement to our branded watch business in an innovative and highly competitive segment. We look forward to benefitting from Movado’s expertise in design, development and distribution in order to reach our fans around the world,” said Luca di Montezemolo, Chairman of Ferrari.
The new Ferrari watch collection by Movado will debut at the Annual Watch & Jewelry Fair in Basel, Switzerland in 2013.