LVMH's Moët Hennessy and Italy's Campari have taken full ownership of online wines and spirits company Tannico via their joint venture and plan to expand it further, the two companies said in a statement.
Italian drinks group Campari clinched an initial deal in 2020 to buy 49% of Tannico to give a push to its e-commerce business amid the COVID-19 outbreak.
Campari and Moët Hennessy then created a joint venture in July last year to invest in wines and spirits e-commerce companies.
"With this operation, we confirm our commitment to making Tannico the leading European platform in the sale of wines and premium spirits," said Bob Kunze-Concewitz, CEO of Campari.
Management
Thierry Bertrand-Souleau will become CEO of Tannico from January, the companies added. He is currently a general manager for French beautycare group Sephora.
Marco Magnocavallo, the founder and current CEO of Tannico, will become honorary president.
At the end of October, Campari said it had reached an agreement to buy an initial 70% stake in Wilderness Trail Distillery for $420 million (€424.5 million), strengthening its bourbon offer.
In July, the Italian drinks group posted a 19% rise in like-for-like sales in the first six months of the year, but warned that temporary supply constraints could affect shipments in the second half.
Elsewhere, the wine and spirits business of luxury group LVMH saw a 23% increase in revenue in the first nine months of 2022, with strong performance in Europe, the United States and Japan.
News by Reuters, edited by by ESM – your source for the latest drinks news. Click subscribe to sign up to ESM: European Supermarket Magazine.
