Campari is making its biggest acquisition ever, buying French cognac brand Courvoisier from Beam Suntory for 1.2 billion euros. The Italian company mainly wants to strengthen its position in the American market.
The fourth cognac brand
With the acquisition of Courvoisier, Campari is getting its hands on the fourth largest cognac brand in the world (only behind Hennessy, Rémy Martin and Martell). Last year, Courvoisier achieved a turnover of 227 million euros, of which some 60 % was achieved in the United States. The cognac brand also has a strong position in the United Kingdom and China. Within the Campari group, with popular brands such as Aperol, Grand Marnier and Wild Turkey, Courvoisier will account for about 8 % of the revenue.
Observers and investors do question the deal, Belgian newspaper De Tijd writes, as cognac sales have been in a slump recently. However, Campari CEO Bob Kunze-Concewitz calls that only a “temporary problem”: he thinks that cognac will remain popular. For the CEO, it is already the 28th acquisition with Campari – and the largest.
