Campari To Fund Tannico's French E-shop Buy
Campari said on Monday it would fund partner Tannico's purchase of French wine e-shop Ventealapropriete.com (VAP) as the Italian group taps into rising online alcohol sales. Demand from housebound...
Demand from housebound consumers during COVID-19 lockdowns has fuelled growth at e-retailers such as Tannico, whose revenue rose 82% rise last year, and VAP, which sells premium domestic and international wines, as well as high-end spirits in France.
But Campari, which makes the Aperol aperitif and Campari bitter, expects the trend to last even as vaccine rollouts mean bars across Europe once again fill with people.
"With this funding, Campari Group confirms its commitment to the strategic e-commerce channel, set to continue to grow strongly thanks to the positive trend in the home consumption of spirits cocktails," it said in a statement.
Campari said it was ready to underwrite up to 100% of a €32 million ($39 million) capital increase by Tannico to fund the purchase of 68.5% of VAP. Campari bought 49% of Tannico, which operates in 20 markets worldwide, last year.
Tannico's acquisition of VAP, which was founded in 2008 and last year posted revenue of €34.5 million is expected to close by the end of July.