Ferrari and Movado strike deal to build special watch collection
When Ferrari partners with another company to create a crossover product, they’ve got some pretty high standards to live up to. Which is precisely why their newest timepiece partner raised some eyebrows within the industry.
Despite its previous tie-up with Panerai, a company known for their high-end luxury timepieces, the Italian automaker took a different in choosing their next time piece partner. Enter the Movado Group.
For all intents and purposes, Movado also caters to the luxury watch market, but there’s no mistaking that they’re not on the level of Panerai. Nonetheless, the Ferrari-Movado tie-up should make consumers happy considering that they’re going to be a little more affordable than the ones Ferrari and Panerai used to make, including the Ferrari Officine Panerai Watch Collection, which retailed for a base price of £8,900 ($14,200) and went all the way up to £28,300 ($45,200).
Compare those prices to the timepieces Ferrari and Movado are preparing, which could retail at somewhere around $2,000 and really, it’s not even close. As part of their deal, Ferrari and Movado will be working through a multi-year deal to build a number of time-pieces, most of which will be available in Ferrari stores, its online shop, and select wholesale distribution outlets.
“This agreement is the perfect complement to our branded watch business in an innovative and highly competitive segment," said Ferrari chairman Luca di Montezemolo. "We look forward to benefitting from Movado’s expertise in design, development and distribution in order to reach our fans around the world."
Expect the first of these watches to officially make its debut at the 2013 Annual Watch & Jewelry Fair in Basel, Switzerland.