Ferrari is one of the most famous names in the car industry. Its sports cars are a symbol of luxury. It has a long history of success in motor sports, especially in Formula One. The Italian company has now entered the business of fashion. On Sunday, the 74-year-old carmaker launched its own line of clothing at its factory in Maranello, northern Italy. The company briefly halted production of its cars to let models walk down a temporary catwalk on its factory floor. Ferrari hopes its new fashion line will allow the company to diversify. Chief Brand Diversification Officer Nicola Boari told reporters that Ferrari's clothing collections could make up 10 per cent of the company's profits within a decade.
Ferrari's new, ready-to-wear clothing was created by 37-year-old fashion designer Rocco Iannone. He used to work for the fashion house Armani. Mr Iannone's clothes all used very bright colours. He made great use of "Ferrari red," the yellow used in the Ferrari logo, and a very vibrant blue. Iannone hopes the clothes will be popular with younger people. He said: "The young generations have the power to express the energy and the power of Ferrari's brand." He added: "If you enter a Ferrari store, it's not because you need another raincoat. You are looking for something special." Ferrari's chairperson said the company "wants to champion Italian excellence and the best of our country's creativity".