Ferrari issued a statement today to confirm that is to set up a wholly-owned importer subsidiary in Japan, to be called Ferrari KK, and which will fall under the responsibility of its Asia Pacific division.

Ferrari issued a statement today to confirm that is to set up a wholly-owned importer subsidiary in Japan, to be called Ferrari KK, and which will fall under the responsibility of its Asia Pacific division.

"Ferrari decided to establish Ferrari Japan KK, a fully-owned subsidiary," read a statement issued in Maranello this morning, "that will become the official importer of new Ferraris, from 1st July 2008. With this decision Ferrari wants to strengthen its link to one of the most important markets for the Brand and for the whole luxury industry.

"In 2007 Japan confirmed to be the first market in the Asia Pacific area with 376 cars delivered to the final customers, which represent a growth of 38,7% over 2006 and 5,8% of the total cars delivered to the final customers in the world.

"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 Japan KK will continue its strong partnership with Cornes & Co.Ltd, M-Auto Ltd, and European Version Co. Ltd. on the retail side for the Japanese market. Ferrari expresses its deep appreciation to Cornes & Company Ltd and the other affiliates for their outstanding contribution to successfully establishing the Ferrari culture in Japan over the past 30 years," the statement concluded.