By Yun Suh-young
When meeting Ferruccio Lamborghini Jr., the heir of the Tonino Lamborghini Group and grandson of supercar maker Ferruccio Lamborghini, it is apparent that he is extremely humble for the heir of a company that juggles $350 million from worldwide sales ― most of which comes from customers who love to flaunt their wealth.
Tonino Lamborghini is a lifestyle and accessories brand built by the current President Tonino Lamborghini, father of the interviewee.
"Why are you staying at a business hotel?" was the first question asked, as it was incomprehensible why an acting CEO of such a global luxury brand would stay at a three-star business hotel when he could easily afford five-star accommodation.
"Because it was convenient," said Lamborghini without hesitating. "It was in the middle of everywhere we had to go. We knew that we had a short time to stay at the hotel so if you have more time to relax and appreciate the comfort of a hotel that's okay, but we needed a hotel from which we could strategically go immediately everywhere."
It made sense. He is extremely practical.
It was also learned that he drives an SUV instead of a Lamborghini sports car and doesn't actually use many of his own products. The "1947" automatic watch on his wrist was the only item that he used out of his company's products. As for the sports car, it was no longer part of his company (it had been sold to Audi which was then acquired by Volkswagen) and besides, he "needed a more convenient car to get around more easily."
A former bike rider, who made it to the Italian and World championships, Lamborghini said he decided to take up the family business for practical reasons.
"I had to decide on whether to follow my dreams which would have one in a thousand chances in making money or inherit the family business. I decided to keep it real," said the 25-year-old.
He called himself "counselor of the board" who oversaw everything in 360 degrees, although he "kind of" acted like a CEO.
"My father wants me to act like a CEO. But I just officially joined the company in January last year, so I don't want to fly too much with my head. So I said to my father, I'll look for the right title once you see the results."
Practicality was what defined him, and what the reporter saw in him, he saw it in the Koreans.
"Companies and buildings are structured and everything is well organized," he said, reflecting on his first trip to Seoul.
"Koreans like to dream but there's a perfect balance between dream and reality. You're really pragmatic. In Italy, we don't have this balance. A lot of people pretend to be. It could be good at the beginning, but you can face problems later."
His recent five-day trip to Seoul was to make important business agreements with several Korean companies which will be collaborating with his group in launching apparel and techno-luxury products.
On Jan. 13, his second day in Seoul, the Tonino Lamborghini Group held a brand-launching show announcing it will be introducing accessories such as eyewear and watches, golf products, coffee and wine in the Korean market through local distributors.
"Korea will be the test market for some of our products. Once a product is doing well in Korea, we're quite sure it will work in other markets," said Lamborghini.
Korea as test bed
Although all products belatedly entering the Korean market are already on sale elsewhere, Lamborghini said Korea would play the role as a regional test bed.
"We think Korea is a trendsetter for Asia," he said.
"Back in the day, Japan used to be. But in the past few years, we noticed that you're doing more than just buying products. You have the acuity for details and you're making a selection. From now on we'll use Korea as a starting point to communicate."
There was room for luxury, he thought, despite the oversaturation of brands.
"Even if the Korean market is saturated, there are still spaces for quality. We're turning the strategy from Hong Kong and China to a new, contemporary hub," said Lamborghini.
The group's business in apparel and accessories already began in Asia 30 years ago, starting off with China, Hong Kong and Macao with their second casual apparel brand "By Tonino Lamborghini" and with stores in Singapore and Japan. Ten years ago, they entered the Middle East where the brand is faring especially well these days.
"Once we had the right partner, we were ready to enter a competitive market. We hope now is the right time for Korea. We're positive about your market," said Lamborghini.
The flagship store featuring Tonino Lamborghini products will open in Gangnam within this year. The timing is yet to be decided.
"We hope it will be soon but we prefer to wait a month or two to find a proper location. Starting immediately is not the perfect way to do business," said the CEO.
The group's second line "By Tonino Lamborghini," featuring casual and sportswear, will soon launch in Korea after the company signed an agreement with LF, an apparel company run by LG, during the team's recent trip to Seoul. The group doesn't yet have a luxury apparel line. But if they do create one, it should be "something different."
"Because we're not a classic brand, we would need to figure out how to fit the Italian dress into Tonino Lamborghini style," he said.
One of the products available with the brand's launch is coffee, which the group seems to be proud of.
"Espresso is an Italian product. Outside of Italy, most people drink Americano. It's hard to find good espresso out of Italy and I think we're doing a good job on that," said Lamborghini. This brand coffee will be available only through the horeca channel which refers to hotels, restaurants and cafes.
As for wearable devices, mainly for which he came to Seoul, Lamborghini was cautious about sharing such information.
"It's something that we're discussing with two big companies but I can't burn the surprise," he said.
The group will collaborate with Korean IT companies to produce techno-luxury wearable devices equipped with Internet of Things (IoT) technology. This includes smartwatches and bands, although the CEO refused to give a definite answer.
"Let's just say it will be something that will communicate with the smartphone. The minimum will be four wearable devices. It will come very soon, presumably within a year," he said. One of the collaborators in the pipeline is Pantech, a smartphone manufacturer which was recently resuscitated from bankruptcy.
Currently, China is the only country in the world where the group's five hotel chains do business. Its mission is to open 15 hotels in 10 years ― all in China.
"There are plans for opening in Japan, Canada, and the U.S. as well but this won't happen within five or six years," he said.
"Hospitality in Asia is becoming more important, especially for a brand like Lamborghini. We hope to be the first luxury brand to open a hotel in Korea."
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| Ferruccio Lamborghini Jr., acting CEO and heir of the Tonino Lamborghini Group / Courtesy of Tonino Lamborghini |
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Tonino Lamborghini is a lifestyle and accessories brand built by the current President Tonino Lamborghini, father of the interviewee.
"Why are you staying at a business hotel?" was the first question asked, as it was incomprehensible why an acting CEO of such a global luxury brand would stay at a three-star business hotel when he could easily afford five-star accommodation.
"Because it was convenient," said Lamborghini without hesitating. "It was in the middle of everywhere we had to go. We knew that we had a short time to stay at the hotel so if you have more time to relax and appreciate the comfort of a hotel that's okay, but we needed a hotel from which we could strategically go immediately everywhere."
It made sense. He is extremely practical.
It was also learned that he drives an SUV instead of a Lamborghini sports car and doesn't actually use many of his own products. The "1947" automatic watch on his wrist was the only item that he used out of his company's products. As for the sports car, it was no longer part of his company (it had been sold to Audi which was then acquired by Volkswagen) and besides, he "needed a more convenient car to get around more easily."
A former bike rider, who made it to the Italian and World championships, Lamborghini said he decided to take up the family business for practical reasons.
"I had to decide on whether to follow my dreams which would have one in a thousand chances in making money or inherit the family business. I decided to keep it real," said the 25-year-old.
He called himself "counselor of the board" who oversaw everything in 360 degrees, although he "kind of" acted like a CEO.
"My father wants me to act like a CEO. But I just officially joined the company in January last year, so I don't want to fly too much with my head. So I said to my father, I'll look for the right title once you see the results."
Practicality was what defined him, and what the reporter saw in him, he saw it in the Koreans.
"Companies and buildings are structured and everything is well organized," he said, reflecting on his first trip to Seoul.
"Koreans like to dream but there's a perfect balance between dream and reality. You're really pragmatic. In Italy, we don't have this balance. A lot of people pretend to be. It could be good at the beginning, but you can face problems later."
His recent five-day trip to Seoul was to make important business agreements with several Korean companies which will be collaborating with his group in launching apparel and techno-luxury products.
On Jan. 13, his second day in Seoul, the Tonino Lamborghini Group held a brand-launching show announcing it will be introducing accessories such as eyewear and watches, golf products, coffee and wine in the Korean market through local distributors.
"Korea will be the test market for some of our products. Once a product is doing well in Korea, we're quite sure it will work in other markets," said Lamborghini.
Korea as test bed
Although all products belatedly entering the Korean market are already on sale elsewhere, Lamborghini said Korea would play the role as a regional test bed.
"We think Korea is a trendsetter for Asia," he said.
"Back in the day, Japan used to be. But in the past few years, we noticed that you're doing more than just buying products. You have the acuity for details and you're making a selection. From now on we'll use Korea as a starting point to communicate."
There was room for luxury, he thought, despite the oversaturation of brands.
"Even if the Korean market is saturated, there are still spaces for quality. We're turning the strategy from Hong Kong and China to a new, contemporary hub," said Lamborghini.
The group's business in apparel and accessories already began in Asia 30 years ago, starting off with China, Hong Kong and Macao with their second casual apparel brand "By Tonino Lamborghini" and with stores in Singapore and Japan. Ten years ago, they entered the Middle East where the brand is faring especially well these days.
"Once we had the right partner, we were ready to enter a competitive market. We hope now is the right time for Korea. We're positive about your market," said Lamborghini.
The flagship store featuring Tonino Lamborghini products will open in Gangnam within this year. The timing is yet to be decided.
"We hope it will be soon but we prefer to wait a month or two to find a proper location. Starting immediately is not the perfect way to do business," said the CEO.
The group's second line "By Tonino Lamborghini," featuring casual and sportswear, will soon launch in Korea after the company signed an agreement with LF, an apparel company run by LG, during the team's recent trip to Seoul. The group doesn't yet have a luxury apparel line. But if they do create one, it should be "something different."
"Because we're not a classic brand, we would need to figure out how to fit the Italian dress into Tonino Lamborghini style," he said.
One of the products available with the brand's launch is coffee, which the group seems to be proud of.
"Espresso is an Italian product. Outside of Italy, most people drink Americano. It's hard to find good espresso out of Italy and I think we're doing a good job on that," said Lamborghini. This brand coffee will be available only through the horeca channel which refers to hotels, restaurants and cafes.
As for wearable devices, mainly for which he came to Seoul, Lamborghini was cautious about sharing such information.
"It's something that we're discussing with two big companies but I can't burn the surprise," he said.
The group will collaborate with Korean IT companies to produce techno-luxury wearable devices equipped with Internet of Things (IoT) technology. This includes smartwatches and bands, although the CEO refused to give a definite answer.
"Let's just say it will be something that will communicate with the smartphone. The minimum will be four wearable devices. It will come very soon, presumably within a year," he said. One of the collaborators in the pipeline is Pantech, a smartphone manufacturer which was recently resuscitated from bankruptcy.
Currently, China is the only country in the world where the group's five hotel chains do business. Its mission is to open 15 hotels in 10 years ― all in China.
"There are plans for opening in Japan, Canada, and the U.S. as well but this won't happen within five or six years," he said.
"Hospitality in Asia is becoming more important, especially for a brand like Lamborghini. We hope to be the first luxury brand to open a hotel in Korea."
