For over a century, the Agnelli family has been one of the most powerful dynasties in global business, luxury, and automotive culture. As the founders of Fiat and the investment force behind Exor N.V., their influence extends beyond Italy, shaping industries such as automotive, luxury fashion, media, sports, and finance.
Among their most prized assets, Ferrari has stood as the crown jewel of their empire, a brand synonymous with high-performance luxury, exclusivity, and innovation. However, a recent decision by Exor to reduce its stake in Ferrari by 4%, raising approximately €3 billion ($3.15 billion), signals a strategic shift in the family’s investment priorities.
This move comes as Ferrari prepares for its first fully electric model in 2025, and as Exor looks toward new opportunities in luxury, healthcare, and technology. But to understand the significance of this decision, we need to examine the deep-rooted history between the Agnelli family and Ferrari, as well as their broader investment empire.
The relationship between Enzo Ferrari and the Agnelli family dates back to the late 1960s, when Ferrari sought financial backing to ensure the company’s survival and future growth.
In 1969, Fiat, led by Gianni Agnelli, acquired a 50% stake in Ferrari. The deal allowed Ferrari to focus on producing world-class road cars, while Enzo Ferrari retained full control over Scuderia Ferrari, the company’s legendary Formula 1 racing team. Over time, Fiat increased its stake, eventually controlling 90% of Ferrari by 1988, the year Enzo Ferrari passed away.
Despite Fiat’s ownership, Ferrari remained an ultra-exclusive brand, largely due to Gianni Agnelli’s respect for Enzo Ferrari’s vision. Under Fiat’s leadership, Ferrari became a global luxury icon, excelling in motorsports and high-performance engineering.
Following Enzo Ferrari’s death, the Agnellis ensured that Ferrari maintained its elite positioning. The brand’s dominance in Formula 1, particularly under Michael Schumacher in the early 2000s, was backed by the family’s financial and strategic oversight.
By 2015, John Elkann—Gianni Agnelli’s grandson and the head of Exor—made a pivotal decision to spin Ferrari off from Fiat Chrysler Automobiles (FCA). This move allowed Ferrari to trade publicly on the New York Stock Exchange (NYSE: RACE) while still maintaining Exor as its largest shareholder. The strategy unlocked Ferrari’s full potential as a stand-alone luxury brand, driving its market value beyond $90 billion, putting it on par with Hermès and LVMH.
Recently, Exor announced that it will reduce its stake in Ferrari from 36.7% to around 30%, generating €3 billion ($3.15 billion) in capital. Ferrari, in turn, has agreed to buy back $314.6 million in shares, aligning with its multiyear stock repurchase program.
The move is not a sign of distancing from Ferrari but rather a strategic decision to fund a major acquisition and support a €1 billion share buyback program at Exor. While the specific acquisition target remains undisclosed, this decision aligns with John Elkann’s long-term strategy of diversifying beyond automotive investments.
Following the announcement, Ferrari’s stock dropped nearly 8%, reflecting investor reactions to the shift. However, Exor remains Ferrari’s largest shareholder, ensuring continued influence over the company’s future.
While Ferrari and Fiat-Chrysler defined the Agnellis for decades, their investment firm, Exor N.V., has strategically expanded into luxury, media, healthcare, and finance, managing over $30 billion in assets.
Despite reducing its stake, Exor remains Ferrari’s largest shareholder. Ferrari continues to dominate the ultra-luxury automotive sector and is preparing for the launch of its first fully electric model in 2025.
Exor holds a 14.2% stake in Stellantis, the fourth-largest car manufacturer in the world, formed from the merger of Fiat Chrysler Automobiles (FCA) and PSA Group. Stellantis owns:
The Agnellis have controlled Juventus F.C., Italy’s most successful football club, since 1923. Exor currently holds a 63.8% stake, despite recent financial and regulatory challenges.
In 2015, Exor acquired a 43.4% stake in The Economist Group, positioning itself in high-quality journalism and financial analysis.
Exor’s 10% stake in Institut Mérieux, a French biotechnology firm, marks its expansion into healthcare and life sciences, a sector with strong future potential.
In 2021, Exor acquired a 24% stake in Christian Louboutin, the high-end French footwear brand famous for its signature red-soled shoes.
With €3 billion in new capital, Exor is expected to invest in:
✅ Technology (AI, digital transformation, automation)
✅ Luxury (fashion, premium lifestyle brands, hospitality)
✅ Media & Entertainment (streaming, content platforms)
✅ Healthcare (biotech, pharmaceuticals, medical innovation)
Although Ferrari remains a key investment, Exor is shifting toward new sectors with higher long-term growth potential.
For over 125 years, the Agnelli family has shaped Italy’s industrial, luxury, and business landscape, from Fiat’s early days to Ferrari’s global dominance.
By strategically diversifying beyond automotive investments, John Elkann is positioning Exor as a global leader in luxury, finance, media, and healthcare. While the Agnellis may have reduced their Ferrari stake, their influence over the Prancing Horse—and the global business world—remains as powerful as ever.
As Exor charts its next chapter, one thing is certain: the Agnelli dynasty is far from slowing down.
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