Italian coffee group Illycaffè has partnered with French champagne maker Taittinger to become its new distributor in Italy, reports Il Sole 24 Ore.
For the past 60 years Taittinger has been represented in Italy by Turin-based Pescarmona Importatori. Currently, the French company sells 50,000 bottles in Italy, down from a record 500,000 in previous years.
The new deal between the two companies is estimated to be worth €3 million.
Illycaffè closed the 2016 financial year with a 5.2% growth in turnover to €505 million, its best result ever, with a net profit of €10.56 million.
Illy coffee accounts for 90% of the company revenues, while the rest comes from Domori chocolate, selected Dammann Frères tea, chestnut products maker Agrimontana Brown, and the Brunello and Red Montalcino wines from the Mastrojanni cellar.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine