By alley - Dec 14, 2014, 11:30 AM ET

Ferrari focusing on increasing brand value ahead of IPO

While stressing urgency and

the need "not to fear change" in the process of returning its Formula 1 team to front-running way

s, Ferrari's chairman Sergio Marchionne is preparing his vision for expanding the value of the Ferrari brand to be unveiled to investors ahead of an anticipated stock IPO in 2015. According to a report by

Yahoo Finance

, analysts say that could mean refining its line of merchandise to focus on high-end products or creating a chain of exclusive clubs and hotels catering to Ferrari owners and other wealthy patrons.

"I actually think cars are almost incidental to Ferrari," Marchionne said last month when announcing plans to spin off Ferrari from its mass-market parent Fiat Chrysler Automobiles NV. "It sounds sacrilegious. But it is truly a luxury brand."

Yahoo says Barclays analyst Kristina Church calculates that if Marchionne is able to position Ferrari as a luxury brand, then the "bull case valuation stretches to 7.1 billion euros [$8.7b]" for the company.

Analysts believe Ferrari's plan could also increase cooperation among Italy's luxury brands. Marchionne installed fashion designer Ermenegildo Zegna on the board of Fiat Chrysler, with the objective of providing more upscale touches to the Alfa Romeo and Maserati brands. Zegna has designed a limited edition interior for the Maserati Quattroporte, while a Gucci edition of the Fiat 500 is now available.

Although Ferrari's brand has been named the world's most recognizable for two straight years in a survey by London-based consultants Brand Finance, it is only 350th in value, around $4 billion. Lifting that figure is Marchionne's goal between now and the IPO, which is expected in the second or third quarter next year.