Moët Hennessy and Campari Group have announced the formation of a 50/50 joint venture (JV). The aim is to invest in the European e-commerce of wines and spirits.
Within the framework of this partnership, Campari would contribute its share in Tannico to the joint venture. The company concentrates on the online distribution of wines and premium spirits under the Tannico brand with a share of about 30 percent in this segment. Tannico would also own a majority stake in ventealapropriete.com, an important e-commerce platform for the sale of premium wines and spirits in France. The joint venture between Campari and Moët Hennessy aims to build a pan-European premium e-commerce player for the benefit of all wine and spirits brands and their European consumers, it said. The combined business is to be led by an experienced management team headed by Marco Magnocavallo, the current CEO of Tannico.
"This partnership represents a significant step in our global e-commerce development strategy. While e-commerce was already a growing channel for wines and spirits, the global pandemic has triggered a significant acceleration. We are delighted to join forces with Campari Group and Tannico to create a world-class pan-European e-commerce player for wines and spirits," says Philippe Schaus, president and CEO of Moët Hennessy. The formation of the joint venture, which would see Campari sell 50 percent of the JV's equity to Moët Hennessy for a cash payment of €25.6 million, is expected to be completed after all customary regulatory requirements have been finalised, he added. lhw