Moët Hennessy and Campari Group have entered a 50/50 joint venture with the aim of building a European ecommerce player in the wine and spirits sector.
The joint venture will look at investing in wines and spirits ecommerce companies, following the rising growth of the category amid the Covid-19 pandemic.
Under the terms of the agreement, Campari will transfer its stake in Tannico – an alcohol ecommerce platform that it acquired last year – into the newly-formed joint venture for €25.6 million.
Tannico also owns a majority stake in Ventealapropriete.com, an online wines and spirits retailer in France. Together, the two businesses generated pro-forma combined sales of over €70 million last year.
“This partnership represents a significant step forward in our global ecommerce development strategy. While ecommerce was already a growing channel for wines and spirits, the global pandemic has triggered a significant acceleration,” said Philippe Schaus, president and CEO of Moët Hennessy.
Bob Kunze-Concewitz, CEO of Campari Group, added: “After the completion of Tannico’s first transformational step with the acquisition of Ventealapropriete.com, thanks to this agreement, the new partnership aims to continue to grow, further strengthening its footprint and expertise in the online retailing of spirits and wines.”
The joint venture will be led by current Tannico CEO, Marco Magnocavallo, who will remain a key minority shareholder in the business.
Magnocavallo said: “With the joint backing of Moët Hennessy and Campari, Tannico will have the firepower to consolidate the fragmented European ecommerce sector and offer a qualitative, sizeable and integrated route to market option catering to the needs of all its wines and spirits suppliers.”
The deal is expected to be finalised after the completion of all customary regulatory requirements.
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