Ferrari Group strikes gold as shipping bottlenecks give way to record sales
Ferrari Group, which specialises in shipping jewelry and luxury goods across the globe, has reported the strongest sales in its 50 year history as ongoing efforts to expand its catchment area begin to pay off.
The London-headquartered firm grew its revenue to €333m (£282m) in 2023, up more than seven per cent from €310m (£262m) the year before.
This was the first time since its founding in 1959 that the firm has seen sales exceed €330m, with Ferrari Group attributing the record results to its “ability to increase the volumes of its business with both new and existing customers across all geographic locations”.
Ferrari Group – which despite the name is not connected to the famous Italian carmaker – invested significantly in increasing its presence in Germany, the Netherlands, Canada and South Korea throughout 2023.
It also opened a new branch in Gaborone, the economic capital of Botswana, which it said allowed it “easy access to the Diamond Bourse as well as key players” in the precious gems sector.
Until last year supply chain issues had been causing difficulties for companies like the Ferrari Group.
When Covid-19 brought gem and jewelry shipments to an unprecedented standstill in 2020, it triggered a series of shipping bottlenecks that continued for the next two years.
The challenging backdrop not only created major delays in the delivery of goods but also pushed up prices across the board.
Fortunately for Ferrari Group, these supply chain issues have been steadily improving since the start of 2023.
Writing in a financial report published to Companies House, the company behind the group said: “The directors’ forecasts for 2024 are positive and expect to continue the growth process despite the geopolitical contingencies of these months.
“These expectations are based on the assumptions of the luxury market and in particular the jewelry and watch segment, which includes many of the group’s customers, and the sales trend recorded in the first months of the financial year 2024.”