Ferrari announced on Oct. 2 that it will establish Ferrari Korea as a joint venture with Hyosung (FMK).
This establishment of a Korean subsidiary is part of Ferrari's global strategy to further localize operations in key markets and unify brand standards. The new company, reflecting the long-standing close cooperation between the two firms, will work with FMK to further strengthen the Ferrari customer experience in Korea.
Ferrari Korea will be headquartered in Cheongdam-dong, Seoul, and will oversee overall brand operations in the country. It will be responsible for direct brand operations such as vehicle import and certification, pricing, inventory and logistics management, marketing and communications, and dealer network development and management.
As Ferrari's trusted dealer partner, FMK will operate the current showroom and focus on vehicle sales, after-sales and customer-facing services. The appointment of the CEO of Ferrari Korea will be formalized in a separate announcement later.
Francesco Bianchi, head of Ferrari's Far East and Middle East region, said, "FMK has played a key role in building Ferrari's success in Korea," and said, "Establishing Ferrari Korea as a joint venture with FMK is the next step in the journey the two companies have taken together, enabling us to respond more quickly to the market while providing a customer experience that fully aligns with Ferrari's global vision."
He added, "This joint venture will demonstrate our confidence in the Korean market while further solidifying relationships with customers, maintaining brand consistency, and creating an important foundation for long-term investment to meet growing demand."
Kim Kwang-chul, CEO of FMK, said, "We are proud to have contributed to the growth of the Ferrari brand in Korea over the years," and said, "This joint investment signifies the mutually constructive development of the relationship between the two companies. As Ferrari's trusted dealer partner, FMK will continue to strengthen relationships with customers and provide an even richer brand experience."
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