Moët Hennessy and Campari Group are pleased to announce the formation of a 50/50 joint venture (JV) with the purpose of investing in Wines & Spirits e-commerce companies and build a European e-commerce pure player in this growing category.
As part of this partnership, Campari, owner of over 50 spirits brands, will be contributing its stake in Tannico to the JV. Tannico focuses on online sales of wines and premium spirits under the Tannico brand with a share of around 30% of this segment.
Tannico also owns a majority stake in Ventealapropriete.com, a major e-commerce platform for the sale of premium wines and spirits in France. Tannico and Ventealapropriete.com have complementary business models, territories and capabilities in terms of technology, marketing and logistics and generated pro-forma aggregated sales of over €70 million in 2020.
The joint venture between Campari and Moët Hennessy aims at building a premium pan-European e-commerce player for the benefit of all wine and spirits brands and their European consumers. The combined business will be led by a seasoned management team led by Marco Magnocavallo, current CEO of Tannico, who remains a key minority shareholder in the business.
“This partnership represents a significant step forward 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 be partnering with Campari Group and Tannico to create a premium pan-European Wines & Spirits e-commerce player,” says Philippe Schaus, President & CEO, Moët Hennessy.
“We are very pleased to partner with Moët Hennessy to become a premium pan-European Wines & Spirits e-commerce player through Tannico. 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 & wines,” adds Bob Kunze-Concewitz, CEO of Campari Group.
“With the joint backing of Moët Hennessy and Campari, Tannico will have the firepower to consolidate the fragmented European e-commerce sector and offer a qualitative, sizeable and integrated route to market option catering to the needs of all its wines and spirits suppliers,” commented Marco Magnocavallo, CEO of Tannico.
The creation of the JV, which foresees the sale of 50% of the JV’s equity capital by Campari to Moët Hennessy for a cash consideration of €25.6 million, is expected to be finalized after the completion of all customary regulatory requirements.