Campari agrees to finance the purchase of Tannico’s French online store
Campari announced that it would finance the purchase by the partner Tannico of the online store of French wines Ventealapropriete.com (VAP) while the Italian group takes advantage of the increase in online alcohol sales.
Demand from consumers confined to the home during COVID-19 shutdowns has fueled the growth of online retailers such as Tannico, whose revenues increased 82% last year, and VAP, which sells national and international wines high-end, as well as high-end spirits in France.
But Campari, which makes the aperitif Aperol and Campari bitter, expects the trend to continue even as vaccine rollouts mean bars across Europe are filling with people again.
“Strategic e-commerce channel”
“With this financing, Campari Group confirms its commitment to the strategic channel of electronic commerce, which should continue to grow strongly thanks to the positive trend in domestic consumption of spirits cocktails,” he said in a statement.
Campari has said it is ready to underwrite up to 100% of a € 32 million ($ 39 million) capital increase from Tannico to fund the 68.5% purchase of VAP.
The acquisition of VAP by Tannico, which was founded in 2008 and reported sales of 34.5 million euros last year, is expected to be finalized by the end of July.
Last year, Campari bought 49% of Tannico, which operates in 20 markets around the world, to boost its online business amid the COVID-19 crisis.
Recently, Italian Campari reported first quarter revenue of 398 million euros, exceeding like-for-like sales expectations, helped by growth in spirits consumption in the United States and Northern Europe. .
Sales grew 17.9% year-over-year on an organic basis, excluding currency fluctuations and asset acquisitions or disposals, against analysts’ expectations of 6-7%.