With their eyes firmly fixed on one of the world’s largest luxury markets, Ferrari have announced their intention to set-up shop ‘officially’ in Japan by establishing Ferrari Japan KK, a wholly-owned local subsidiary.

Ferrari currently has wholly-owned subsidiaries in the U.S, China, France, Germany and the UK. Ferrari is not new to Japan with the current Ferrari importer Cornes & Co having supplied cars and developed the brand over the last 30 years.

With a high concentration of high-net-worth individuals, Japan is ripe for the picking. Despite car sales in Japan being on the decline, sales of Ferrari’s increased by more than 38 percent in 2007.

Ferrari Japan KK will import Ferrari vehicles into the Japanese market under the supervision of the Ferrari Asia Pacific Division Headquarters, directly managed by Ferrari Asia Pacific CEO, Marco Mattiacci.

Ferrari have indicated that they will continue to work with the current importer Cornes & Co on the retail side of the operation.