Ferrari steps up efforts to woo Japan's big spenders

0 Comments | AFP, February, 2008

TOKYO (AFP) — Italian sports car maker Ferrari announced plans Friday to rev up its sales efforts in Japan, targeting the country's growing pool of big spenders despite an uncertain eonomic outlook.

Ferrari will set up its first fully owned subsidiary in Japan from April to strengthen its presence in Asia's largest economy, dismissing suggestions that the Japanese market was being overshadowed by the boom in China.

"The Japanese market is still going for a long time to represent the largest market in Asia," said Ferrari's Asian chief Marco Mattiacci.

"This is a market that has almost 1.2 million high net worth individuals -- one of the highest concentrations of wealth in the world -- so there's plenty of opportunity. The key factor is to keep being...