Moët Hennessy joins forces with Campari as part of an ecomms joint venture

0


[ad_1]

Moët Hennessy has partnered with Italian beverage company Campari to launch an e-commerce joint venture that will sell premium wines and spirits across Europe.

The new trading venture will see both companies invest in outright digital retailer, which will be based on Campari’s existing e-commerce channel Tannico, launched by Italian beverage producer in xxx. Tannico also owns a majority stake in the e-commerce platform Ventealapropriete.com, which sells premium wines and spirits in France. Together, the two platforms generated
cumulative pro forma revenue of more than 70 million euros in 2020.

Under the terms of the agreement, Campari transferred its stake in Tannico to a newly created joint venture. The deal will also see Campari sell half of the joint venture’s capital to Moët Hennessy for € 25.6 million ($ 30 million) in cash, the company said.

The combined business will be led by Marco Magnocavallo, the current CEO of Tannico, who remains a key minority shareholder in the company, along with the management team.

Philippe Schaus, President and CEO of Moët Hennessy, said the partnership represents an important step in the company’s global e-commerce development strategy.

“While e-commerce was already an increasingly important channel for wines and spirits, the global pandemic has triggered a significant acceleration,” he noted.

Bob Kunze-Concewitz, CEO of Campari Group, said this would allow Tannico to grow and further strengthen its footprint and expertise in online spirits and wine retail.

Magnocavallo agreed, saying that with the support of both companies, the new company would have the “firepower” to consolidate the fragmented European e-commerce sector and “provide a qualitative, significant and integrated go-to-market option that meets the needs of the world. needs of all its wine and spirits suppliers ”.

The agreement is subject to regulatory approval.

[ad_2]

Leave A Reply

Your email address will not be published.