Elkann, between Ferrari and Exor, the man who took Hamilton away from Mercedes

Exor, from tech to luxury, to health: all Elkann's steps outside the Cavallino

For a president often accused of cold detachment from the automotive world, the coup of Hamilton in Maranello it is a well-delivered slap to the skeptics. On the other hand, bad luck Elkann he has done many since he took over the reins of the empire left to him by his grandfather, the lawyer Gianni Agnelli. Taking up the baton of president of Ferrari from the late Sergio Marchionnetogether with CEO Louis Camilleri, the number one placed an effective shot, aiming straight at the heart of the competition, in particular that Mercedes which seemed “untouchable”. Long courted by Elkann, the seven-time world champion will join the Cavallino in 2025, marking an epic chapter in the history of Formula 1. A world champion in red, reminiscent of the glorious era of Schumacher and Montezemolo, and an Elkann who has demonstrated once again that his game is anything but obvious.

The first Agnelli to preside over Ferrari, John Elkann strengthens this position with a historical link dated 18 June 1969, when Enzo Ferrari, Drake, shaking Agnelli's hand, gave him 50% of the brand. A handshake that has lasted for over 50 of the 70 years of history of the Cavallino. But the most radical change in the Maranello company is marked by the death of Sergio Marchionne in 2018, the man who had monopolized Ferrari, ousting Luca Cordero di Montezemolo and taking the reins of president and CEO. In the chaos that followed the decline of Marchionne's health, John Elkann launched himself as the new president, bringing with him the burden and honor of a consolidated family and corporate history currently valued at 14 billion in the Elkann-Agnelli portfolio.

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But outside the automotive sector, with Exor, Elkann is the captain of the financial maneuvers of the Agnelli family. Elkann's power is realized through branches of the Exor empire, with companies such as Stellantis, Cnh Industrial, Ferrari or Juventus. With the Dutch holding, Elkann distances the Agnellis from the idea that the family's business revolves only around engines, consolidating a more diversified evolution, now also focused on sectors such as health, technology and luxury. In short, Exor is the stage for Elkann's investments, which brought the net worth from around 4 billion euros in 2009 to the current 33 billion euros. Behind the scenes, Giovanni Agnelli Bv stands as the impenetrable safe of the Agnelli-Elkann dynasty, with 52.99% of Exor NV, a bulwark firmly guarded by the lineage of branches linked to Senator Giovanni Agnelli, founder of Fiat.

Founded in 1927 as the Industrial Financial Institute (IFI), Exor rewrote its history in 2009, a financial titan under the command of John Elkann. As an “Italian champion of global investments”, Exor has orchestrated quite a few moves in the international economic panorama: the most indisputable is the control over FCA and the subsequent merger with PSA Group to create Stellantis. A real financial dance that puts Exor at the top of the list. But the Agnelli-Elkann galaxy is constantly changing, and Exor now has its eyes set on three key objectives: technology, luxury and health. Clear examples are the recent partnership with the Institut Mérieux in the health sector or the coup in the tech field, acquiring 15% of Philips for 2.6 billion. This precious piece, added to the intricate financial map, makes Exor the fulcrum of an increasingly complex empire.

Diversifying investments in recent years, Exor ventures across various sectors without forgetting the pillars that keep it going, such as Juventus, Ferrari and Stellantis, as well as CNH and Iveco. After the sale of PartnerRe (the reinsurance services group) in 2022, Exor rolled up its sleeves by targeting the sectors of technology, luxury and healthcare and acquired a 24% stake in the manufacturer of luxury footwear Christian Louboutina majority stake in the Chinese lifestyle brand Shang Xia and a 45% stake in the Italian company Lifenet Healthcare. Furthermore, this year the Agnelli group also returned to financial services with the launch of the Lingottoa $3 billion investment company, based in London and chaired by former British Finance Minister George Osborne, for which it has committed an initial amount of 1.5 billion euros from the sale of PartnerRe.

But between one subsidiary and another, Elkann does not always take the right path and an example is there Juventusowned by the Agnelli family for a century, which has recently had to face accusations of market manipulation and of false accounting statements that led to wholesale resignation of the club's board of directors last year and a management reshuffle. Not to mention that the scandal also weighed down the team on the stock market.

With Hamilton in Maranello, Elkann has launched a direct challenge to the sceptics, but behind the glamorous showcase of Formula 1 and roaring engines, there is an Agnelli-Elkann empire that is increasingly diversifying into luxury, technology and health. While the world watches, a question persists: between corporate boxes and investments, has Elkann already equaled the “governance” of his grandfather Agnelli or has he already surpassed it some time ago?

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