Ferrari, the iconic Italian luxury sports car manufacturer, has long been a symbol of speed, craftsmanship, and exclusivity. With its rich history dating back to 1939, Ferrari has established itself as one of the most prestigious automotive brands in the world. Over the decades, the company's ownership structure has evolved, reflecting its growth, strategic partnerships, and the passion of its founders and investors. Today, Ferrari remains a fascinating example of a successful luxury brand that balances independence with corporate governance, making it an intriguing case study for automotive enthusiasts and investors alike.
Who Owns Ferrari Today?
As of 2023, Ferrari is a publicly traded company, but its ownership is predominantly concentrated among a few major shareholders. The company's unique structure and ownership distribution have played a significant role in shaping its strategic decisions, brand management, and global presence. Here’s an in-depth look at the current ownership landscape of Ferrari.
The Major Shareholders of Ferrari
Ferrari N.V., the parent company of Ferrari, is listed on the New York Stock Exchange (NYSE) under the ticker symbol RACE. Its ownership is distributed among institutional investors, individual shareholders, and a few key stakeholders. The most notable among these are:
- Exor N.V. – Approximately 24-25% ownership
- Piero Ferrari – Around 10-15% ownership
- Public shareholders – The remaining shares are traded on the NYSE and held by institutional and retail investors
Let's explore each of these in detail.
Exor N.V.: The Largest Stakeholder
Exor N.V. is a Dutch holding company controlled by the Agnelli family, one of Italy’s most influential business dynasties. Known for its diversified investments, Exor is the largest stakeholder in Ferrari, holding roughly a quarter of the company’s shares. Exor’s stake gives it significant influence over Ferrari's strategic direction.
Historically, the Agnelli family has been deeply intertwined with the automotive industry, notably through Fiat Chrysler Automobiles (FCA), which merged with PSA Group to form Stellantis. The relationship between Ferrari and the Agnelli-controlled Exor reflects a strategic alignment that benefits both entities.
Piero Ferrari: The Founder’s Son and Key Stakeholder
Piero Ferrari, son of Ferrari's founder Enzo Ferrari, remains a significant individual shareholder, owning approximately 10-15% of the company. His involvement symbolizes the company's heritage and tradition, maintaining a bridge between its storied past and modern present.
Piero Ferrari has served on the company's board and has been a staunch supporter of maintaining Ferrari's exclusivity and racing roots. Despite not holding a managerial role, his ownership stake underscores his influence and dedication to the brand's legacy.
Public Shareholders and Market Influence
The remaining shares of Ferrari are owned by institutional investors such as mutual funds, pension funds, and individual retail investors. Since Ferrari went public in 2015, its stock has become a sought-after asset among investors interested in luxury brands and high-performance automotive companies.
Market dynamics, investor sentiment, and Ferrari's performance in the automotive and luxury sectors influence its stock price and ownership distribution. The company's decision to stay public allows for greater capital infusion while maintaining a broad shareholder base.
The History of Ferrari’s Ownership Structure
Understanding Ferrari’s current ownership requires a brief look into its history:
- Founding and Early Years: Enzo Ferrari founded Auto Avio Costruzioni in 1939, which later became Ferrari. Initially, Ferrari was a racing team and manufacturer of racing cars.
- Private Ownership: Enzo Ferrari retained control until his death in 1988, managing the company as a private entity with a focus on racing and vehicle production.
- Public Listing in 2015: Ferrari went public on the NYSE in October 2015 to raise capital for expansion, marking a significant shift from private to public ownership.
This transition allowed for broader investment but also introduced new governance dynamics, balancing private passion with shareholder expectations.
Strategic Ownership and Control
Despite being publicly traded, Ferrari maintains a high level of control through several mechanisms:
- Dual-Class Share Structure: Ferrari employs a dual-class share system, giving voting rights primarily to certain shareholders, notably the Agnelli family through Exor.
- Board Governance: The company's board and executive leadership are tasked with safeguarding Ferrari’s brand identity, racing heritage, and product excellence.
- Ownership Stability: The significant stakes held by Exor and Piero Ferrari provide stability and continuity in strategic direction.
This structure ensures that while Ferrari is publicly owned, key decisions align with the long-term vision of its main stakeholders.
Future Outlook and Ownership Trends
Looking ahead, Ferrari’s ownership landscape is poised to evolve alongside its growth strategies:
- Continued Institutional Investment: As Ferrari expands into new markets and ventures into electric vehicles, institutional investors may increase their holdings, recognizing the company's growth potential.
- Family and Major Stakeholder Influence: Piero Ferrari and the Agnelli-controlled Exor are expected to maintain their influential stakes, ensuring brand continuity.
- Potential for New Investors: The company's strong financial performance and brand value could attract new strategic partners or investors interested in luxury and automotive sectors.
Despite these trends, Ferrari aims to preserve its exclusive image and racing heritage, which influences how ownership and control are managed.
Summary of Key Points
To summarize, Ferrari today is a publicly traded company with a diverse ownership structure that balances institutional investors, individual stakeholders, and family-controlled entities. The major shareholders include:
- Exor N.V., controlled by the Agnelli family, holding about 24-25%
- Piero Ferrari, son of the founder, owning approximately 10-15%
- Public and institutional investors, making up the remaining shares traded on the NYSE.
This structure provides Ferrari with the benefits of public capital markets while allowing key stakeholders to maintain influence over the brand’s strategic direction. With its rich heritage, innovative future plans, and strong ownership foundation, Ferrari continues to be a beacon of luxury, performance, and exclusivity in the automotive world.
