Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.
Ferrari strengthens Korea footprint with Hyosung, Samsung collaborations
Hyosung Group Chairman Cho Hyun-joon, right, speaks with Ferrari Executive Chairman John Elkann at Ferrari headquarters in Maranello, Italy, during Cho’s visit in February. Courtesy of Hyosung Group
By Lee Gyu-lee
Ferrari chairman's decades-long ties with Samsung, Hyosung chiefs spotlighted
Ferrari is deepening its ties with Korean companies through technology collaborations and an expanded luxury retail footprint, with CEO Benedetto Vigna describing Korea as an inspiring market and calling for broader cooperation in electrification and digital technologies during last month's Korea-Italy business roundtable in Rome.
Held on the sidelines of President Lee Jae Myung's state visit to Italy, the meeting underscored Ferrari's view of Korea not only as a key luxury car market but also as a strategic technology partner.
Earlier this year, Ferrari unveiled a one-off 12Cilindri Tailor Made model in Seoul featuring Korean artistic elements, including traditional lacquerware and horsehair craftwork, highlighting its efforts to localize the brand in one of Asia's fastest-growing luxury markets.
The momentum continued in June, when reservations for Casa Ferrari, a brand immersion pop-up in Seoul's Seongsu neighborhood, reached nearly 2,000 within an hour of opening.
Vigna's remarks also drew renewed attention to Ferrari's long-standing relationships with Korean partners, particularly Hyosung Group and Samsung Electronics, whose chiefs, Cho Hyun-joon and Lee Jae-yong, have maintained close ties with Ferrari Executive Chairman John Elkann for years.
Hyosung Group Chairman Cho Hyun-joon, right, shakes hands with Ferrari Executive Chairman John Elkann at Forza Motors Korea (FMK) retail store in southern Seoul in April 2023. Courtesy of Hyosung Group
Hyosung's relationship with Ferrari has followed a similar trajectory, combining over two decades of personal interaction between Cho and Elkann with a steadily expanding business partnership. Over the past decade, Hyosung affiliate Forza Motors Korea (FMK) has expanded the brand's premium retail network and customer engagement platform through upscale showrooms and experiential marketing initiatives.
Earlier this year, Cho met Elkann at Ferrari's headquarters in Maranello, Italy, where the two discussed expanding cooperation beyond automobile distribution into fashion, reflecting Ferrari's broader push to strengthen its luxury lifestyle business.
Ferrari has been ramping up its push into fashion since hosting its first runway show at its Maranello factory in 2021.
The strategy aims to expand brand touchpoints, broaden its potential customer base, and strengthen loyalty among existing clients.
The partnership dates back to 2007 and gained momentum after Hyosung acquired FMK in 2015. Since then, FMK has expanded Ferrari's premium retail network and customer programs, helping establish Korea as one of Ferrari's fastest-growing markets in Asia.
In June 2023, Ferrari held its Universo Ferrari exhibition at Dongdaemun Design Plaza in Seoul, to introduce its cooperation with Hyosung. The event had previously been held only in Italy and China, making Korea the third host country globally.
The carmaker’s annual sales in the country grew at an average rate of 16.8 percent after the acquisition. The dealer was named Ferrari's Dealer of the Year in 2019, while its revenue increased nearly tenfold from about 22 billion won ($14.7 million) in 2014 to about 216 billion won in 2025.
Ferrari and Hyosung further deepened their relationship by launching Ferrari Korea as a joint venture in 2025, an uncommon ownership structure in Korea's imported luxury vehicle market.
Ferrari's ties with Korea extend beyond Hyosung. Lee and Elkann have maintained a close relationship for nearly three decades, with Lee having once served as an independent director of Ferrari, his only board role outside Samsung.
The relationship has also evolved into a commercial partnership. Samsung Display signed a memorandum of understanding with Ferrari in 2023 to jointly develop next-generation automotive display solutions and recently secured an exclusive agreement to supply four organic light emitting diode displays for Ferrari's upcoming Luce model, including the digital instrument cluster, center touchscreen and rear seat displays.