In 2009 it was Italy’s Panerai, the following year it was France’s Cabestan, and last year Swiss firm Hublot got the tick.

This year, another Swiss firm, Movado, has been awarded the honor of designing, producing and marketing a series of watches under the Ferrari and Scuderia Ferrari brand names.

The new watches will be priced up to 1,500 euros (approximately $2,000) and will be sold globally through select wholesale distribution outlets as well as Ferrari stores and the Ferrari online store.

Movada states that the design of the new collection will be inspired by Ferrari’s Formula 1 race cars and its road cars, past and present, and should be immediately identifiable to fans.

Speaking at the announcement of the new deal with Movada, Ferrari chairman Luca di Montezemolo said, “I am very pleased to be collaborating with the Movado Group. This agreement is the perfect complement to our branded watch business in an innovative and highly competitive segment. We look forward to benefitting from Movado's expertise in design, development and distribution in order to reach our fans around the world.”

Movada also produces watches from brands such as Coach, Hugo Boss and Lacoste.

The collection will be launched at the Annual Watch & Jewelry Fair held in Basel, Switzerland in 2013.

Ferrari chief Luca Cordero di Montezemolo

Ferrari chief Luca Cordero di Montezemolo