Ferrari Bundle
Who Owns Ferrari?
Ferrari N.V. is a globally recognized luxury sports car manufacturer with a rich history rooted in motorsport. Founded by Enzo Ferrari, the company has evolved from its racing origins to become a symbol of automotive excellence and exclusivity.
The company's journey includes significant ownership changes, notably its separation from FCA and subsequent public offering. This transition has shaped its current shareholder landscape, with a mix of institutional investors and public stakeholders.
Understanding the ownership structure is key to grasping the strategic direction and valuation of this iconic brand, which continues to innovate in both road cars and racing, as seen in its Ferrari PESTEL Analysis.
As of August 2025, Ferrari N.V. boasts a market capitalization of approximately $84.1 billion.
Who Founded Ferrari?
Enzo Ferrari, a visionary racing driver and entrepreneur, founded Scuderia Ferrari in 1929. Initially, it operated as Alfa Romeo's racing division. Ferrari's ambition to build his own cars led to the establishment of Auto Avio Costruzioni in 1939. The first car to officially bear the Ferrari name, the 125 S, was produced in 1947.
| Period | Ownership Structure | Key Developments |
|---|---|---|
| 1929-1960 | Private, Enzo Ferrari's sole control | Establishment of Scuderia Ferrari, initial car production |
| 1960 | Limited Company | Formal incorporation |
| 1969 | Fiat S.p.A. acquires 50% stake | Capital infusion for expansion |
| 1988 | Fiat S.p.A. increases stake to 90% | Enzo Ferrari retains 10% until his death |
| Post-1988 | Piero Ferrari inherits 10% | Foundation for current ownership structure |
Founder's Vision
Enzo Ferrari's lifelong passion for racing fueled the company's inception. His dream was to create and race his own automobiles.
Early Autonomy
For its initial decades, the company operated under Enzo Ferrari's complete personal control. This allowed for a singular focus on performance and design.
Strategic Partnership
In 1969, a significant shift occurred with Fiat S.p.A. acquiring a 50% stake. This partnership provided essential capital for growth.
Fiat's Growing Influence
Fiat's ownership percentage steadily increased over the years. By 1988, Fiat held a substantial 90% stake in the company.
Legacy of Ownership
Enzo Ferrari retained a 10% ownership until his passing in 1988. This portion was then inherited by his son, Piero Ferrari.
Transition to Public Entity
The company transitioned into a Limited Company in 1960. This marked an important step in its corporate evolution.
The early ownership history of the company is characterized by Enzo Ferrari's absolute control, followed by a strategic alliance with Fiat. This evolution was driven by the need for capital to support the company's ambitious expansion and technological development, laying the groundwork for its future as a publicly traded entity. Understanding this history is key to grasping the Revenue Streams & Business Model of Ferrari.
Key Milestones in Ferrari Ownership
The journey of Ferrari ownership reflects its growth from a personal racing venture to a global automotive powerhouse.
- Enzo Ferrari founded Scuderia Ferrari in 1929.
- The first Ferrari-badged car was produced in 1947.
- Fiat S.p.A. acquired a 50% stake in 1969.
- By 1988, Fiat's ownership reached 90%.
- Piero Ferrari inherited his father's 10% stake upon Enzo's death in 1988.
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How Has Ferrari’s Ownership Changed Over Time?
Ferrari's ownership structure has evolved significantly since its inception, with a major shift occurring in 2015 when it was spun off from its former parent company. This move allowed Ferrari to become a publicly traded entity, altering its shareholder landscape and operational independence.
| Shareholder | Common Shares (%) | Equity (%) | Special Voting Shares | Voting Rights (%) |
|---|---|---|---|---|
| EXOR N.V. | 22.91% (2020) | 24.65% (2024) | 37,768,613 (March 3, 2025) | 36.48% (March 3, 2025) |
| Piero Ferrari | 10.00% (2020) | 10.48% (2024) | 18,892,160 (March 3, 2025) | 15.51% (March 3, 2025) |
| Public Shareholders | Approx. 67.09% | N/A | N/A | N/A |
The journey of Ferrari ownership began with Fiat S.p.A. acquiring a majority stake in 1969, a relationship that continued for decades. The pivotal moment of Ferrari N.V.'s Initial Public Offering (IPO) on the New York Stock Exchange in October 2015, at $52 per common share, marked its transition to an independent, publicly traded company. This IPO established an initial market capitalization of $893.1 million. As of March 3, 2025, Ferrari's share capital comprises 193,923,499 common shares and 63,349,112 special voting shares, reflecting a structure designed to maintain significant control by key stakeholders while engaging with public markets. This strategic move has enabled Ferrari to focus on its luxury brand identity and pursue growth initiatives, with the Mission, Vision & Core Values of Ferrari guiding its operations.
Key Stakeholders in Ferrari's Ownership
Ferrari's ownership is concentrated among a few key entities, with EXOR N.V. and Piero Ferrari holding substantial voting power. The majority of shares are held by public and institutional investors.
- EXOR N.V., the investment arm of the Agnelli family, is the largest shareholder.
- Piero Ferrari, son of the founder, also maintains a significant ownership stake.
- Public shareholders and institutional investors collectively own the remaining majority of common shares.
- Institutional ownership stood at approximately 34% as of July 2024, with major players like Vanguard Group Inc. and Baillie Gifford & Co. among the top holders.
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Who Sits on Ferrari’s Board?
The Board of Directors for Ferrari N.V. is structured to ensure robust governance and strategic direction, comprising both executive and non-executive members. Key leadership roles are held by individuals representing significant ownership stakes, reflecting a blend of operational management and shareholder interests.
| Position | Name | Type |
|---|---|---|
| Executive Chairman | John Elkann | Executive |
| Chief Executive Officer | Benedetto Vigna | Executive |
| Vice Chairman and Non-Executive Director | Piero Ferrari | Non-Executive |
| Senior Non-Executive Director | Sergio Duca | Non-Executive |
| Non-Executive Director | Delphine Arnault | Non-Executive |
| Non-Executive Director | Francesca Bellettini | Non-Executive |
| Non-Executive Director | Eddy Cue | Non-Executive |
| Non-Executive Director | John Galantic | Non-Executive |
| Non-Executive Director | Maria Patrizia Grieco | Non-Executive |
| Non-Executive Director | Adam Keswick | Non-Executive |
| Non-Executive Director | Mike Volpi | Non-Executive |
Ferrari's voting power is concentrated due to its dual-class share structure. As of March 3, 2025, EXOR N.V. holds 37,768,613 special voting shares, giving it 36.48% of the total voting power, despite an equity stake of approximately 24.65%. Piero Ferrari's 18,892,160 special voting shares translate to 15.51% of the voting rights, with an equity stake of 10.48%. This structure ensures significant control for these major shareholders over the company's strategic decisions, maintaining stability in its governance framework.
Understanding Ferrari's Shareholder Structure
Ferrari's ownership is characterized by a dual-class share system that significantly impacts voting power. This structure is key to understanding who controls the majority of Ferrari shares.
- EXOR N.V. holds a substantial portion of special voting shares.
- Piero Ferrari also possesses significant voting rights through special shares.
- This arrangement grants concentrated control over strategic decisions.
- The public holds the majority of common shares, but with less voting influence.
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What Recent Changes Have Shaped Ferrari’s Ownership Landscape?
Ferrari N.V. has seen significant activity in managing its ownership and capital over the past few years. A key element is its ongoing share buyback program, demonstrating a commitment to shareholder returns and optimizing its capital structure.
| Share Buyback Program | Details | Status (as of Jan 31, 2025) |
|---|---|---|
| Total Target | Approximately €2 billion by 2026 | |
| Shares Repurchased | 4,217,680 common shares | Total Consideration: ~€1.29 billion |
| Eighth Tranche Announcement | August 22, 2025 - December 18, 2025 | Authorization: Up to €360 million |
The company's leadership structure has remained consistent, with John Elkann serving as Executive Chairman and Benedetto Vigna as CEO, supported by Piero Ferrari as Vice Chairman. This stability in management is coupled with strong financial performance, as evidenced by Q1 2025 results showing net revenues of €1,791 million, a 13.0% increase year-over-year, and net profit of €412 million, up 17%. This growth is attributed to a favorable product and country mix, alongside increased personalization options, aligning with the company's strategic focus on 'quality over quantity'.
Institutional Ownership Trends
Institutional investors held 77,086,494 shares as of August 2025. This substantial stake highlights market confidence and can influence stock price movements.
Future Innovations and Strategy
The company is committed to electrification, with its first electric vehicle, the Elettrica, slated for an October 2025 launch. This move is part of a broader strategy to ensure sustainable growth and enhance shareholder value in the luxury automotive sector, reflecting a forward-looking Growth Strategy of Ferrari.
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