Ferrari SpA announced Friday it will open a Japanese subsidiary on July 1, transferring importer rights from dealer Cornes & Co. in an effort to cash in on the growing Japanese luxury market.
Cornes has been the importer and dealer of the Ferrari brand in Japan for the past 30 years, but the company will transfer Ferrari's import rights to Ferrari Japan K.K. and remain just as its dealer.
"Japan today is the largest luxury market in the world," said Ferrari Asia Pacific CEO Marco Mattiacci at a news conference in Tokyo. "Our goal is to get closer to our customer base."