Campari snaps up 49% stake in Italy's leading online retailer

05 June, 2020

Campari Group has tied up a €23.4 million deal to purchase a 49% stake in Italy’s leading online wine and spirits retailer.

Tannico has a 30% share of the online channel in Italy and it carries a range of 14,000 wines from across the world. It has also expanded its services into countries like the UK.

Campari suffered a 5.3% decline in Q1 organic sales as a result of the coronavirus crisis. It expects to report steeper declines in the second and third quarters, as the lockdown has dented the peak season for its high margin and on-trade skewed aperitif


Online sales have soared while the on-trade has been shut down, and Campari has now decided to bolster its presence in the ecommerce channel.

It will acquire 39% of Tannico’s share capital and simultaneously subscribe to a reserved capital increase to reach an aggregate 49% shareholding. Campari has the option to increase its stake to 100% from 2025 if certain conditions are met.

The transaction is expected to close by the end of next month.

Bob Kunze-Concewitz, chief executive at Campari Group, said: “Being an essential part of our digital transformation journey, e-commerce is a strategically relevant channel for our business.

In this respect, Tannico, leading e-commerce platform for wines and premium spirits in Italy, represents a unique and strategic fit with our long-term business development goals.

“By leveraging Tannico's expertise, we will accelerate our development plans in e-commerce, an already growing channel, but set to become even more strategic following the likely long-lasting changing consumer behaviours due to the COVID-19 emergency, largely enhancing our digital capabilities. Moreover, with our support, Tannico will be able to strongly accelerate its international development and the B2B services, further boosting its already extremely remarkable growth.”

Tannico reported net sales of €20.6 million in 2019. It has achieved a compound annual growth rate of 50% over the past three years, and it has recently embarked on an ambitious expansion into B2B sales.

Marco Magnocavallo, co-founder and chief executive of Tannico, said: “In this moment, as consumers largely evolve in their purchasing behaviors getting increasingly closer to the online world, it is essential for Tannico to have the necessary resources to accelerate its development, without sacrificing the curation that characterizes us.

“With Campari Group, we have found an ideal partner who can support us in consolidating our leadership in the Italian market as well as significantly expanding our business abroad and in the B2B channel.”

Campari also expects to close a deal to purchase Champagne Lallier in Q3.

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