Campari and LVMH subsidiary Moët Hennessy are joining forces online: the beverage producers are forming a joint venture, with which they will invest in e-commerce.
European drinks platform
Champagne and cognac houses Moët Hennessy and Campari are joining forces: they are setting up a joint venture to invest in e-commerce companies for wines and spirits. The ultimate ambition is to create a strong European e-commerce player in the sector, according to Reuters.
The foundation of the new joint venture comes from Campari, which already had an interest in the online drinks vendor Tannico. Half of those shares are now being sold to Moët Hennessy for 25.6 million euros in cash, although the deal has yet to receive approval from the competition watchdog.
Acceleration since corona
At the head of the new company will be Marco Magnocavallo, Tannico’s top executive. He himself will also remain an important minority shareholder in the company. Tannico also has a minority stake in Ventealapropriete.com, an e-commerce platform for premium wines and spirits in France. Together, the two companies achieved sales of over 70 million euros last year.
“While e-commerce was already a growing channel for wines and spirits, the global pandemic has triggered a significant acceleration”, explains Philippe Schaus, CEO of Moët Hennessy.
