Cincin! Campari to finance the purchase of Tannico’s French e-shop
MILAN, May 10 (Reuters) – Campari CRPI.MI on Monday announced it would fund the purchase by its partner Tannico of French wine online store Ventealapropriete.com (VAP) as the Italian group capitalizes on increased 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 grew 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.
“With this financing, Campari Group confirms its commitment to the strategic channel of e-commerce, which should continue to grow strongly thanks to the positive trend in home 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. Last year, Campari bought 49% of Tannico, which operates in 20 markets around the world.
The acquisition of VAP by Tannico, which was founded in 2008 and achieved sales of 34.5 million euros last year, is expected to be finalized by the end of July.
($ 1 = 0.8227 euros)
(Reporting by Francesca Landini; Editing by Valentina Za and Alexander Smith)
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