Ferrari isn’t just now copying Hermès — it’s followed a similar playbook for years
Ferrari isn’t just now copying Hermès — it’s followed a similar playbook for years.
When Benedetto Vigna became CEO in 2021, we saw what many missed:
An outsider obsessed with product quality and innovation, disciplined enough to modernize Ferrari without compromising its exclusivity.
We argued then — and still do — that Ferrari’s closest peer isn’t another automaker. It’s Hermès. Because Ferrari's business model mirrors Hermès more than any automaker.
Few investors agreed with us at the time.
But the similarities in business model were clear:
• End markets — similar global, ultra-high-net-worth clientele
• Pricing power — driven by Enzo Ferrari’s philosophy: “Ferrari will always deliver one car less than the market demands.”
• Margin expansion — justified by Formula One innovation and fueled by customization
• Multi-year waitlists — production deliberately capped to maintain exclusivity
Ferrari’s strategy isn’t new — they built a brand customers are passionate about.
We simply spotted the business’s inflection point early in Vigna’s tenure.
And we built conviction in his ability to execute — through our multi-layered diligence process.
We assessed his expertise against Ferrari’s specific needs at this point in its life cycle.
It’s now been three years since we bought Ferrari across our strategies and launched a dedicated co-investment vehicle.
Since then, Ferrari’s sales, margins, and earnings have tracked closely to our forecasts — and the stock has risen from ~$170 to over $500, nearly a 3x return.
The market eventually caught up to our analysis — but the signal was always there.
This is a perfect case study of our approach at Eagle Talon:
1️⃣ Spot the pattern early.
2️⃣ Understand what drives the company — and what will unlock value.
3️⃣ Back the right leadership — even when others hesitate.
🔗 Read the full article: Ferrari is looking less like a carmaker and more like Hermès
If this resonates, we have capacity available in our flagship strategy and our new co-investment vehicle — both anchored by another extraordinary business. Reach out to learn more.