Campari Group has exited its three way partnership with Moët Hennessy in Italian on-line alcohol retailer Tannico, whereas reporting progress in its third quarter (Q3).
For the primary 9 months of 2025, the Italian drinks group noticed a slight uptick of 1.5% to €2.28 billion (US$2.64bn). Natural gross sales in Q3 rose by 4.4%.
It adopted a flat efficiency within the first half of 2025, with a slight 0.1% natural progress for the second quarter.
In 2020, Campari Group acquired a 49% share in e-commerce alcohol platform Tannico for €23.4 million (US$26.5m on the time).
The next yr, in July 2021, Campari Group and Moët Hennessy created a three way partnership to construct a premium European e-commerce enterprise for wines and spirits.
On the finish of 2022, the 2 corporations collectively acquired the remaining stake in Tannico, every proudly owning a 50% stake within the enterprise.
Campari confirmed that it had bought its stake within the three way partnership, known as Dioniso Group, to a ‘non-public trade participant’ on 6 October.
The Milan-headquartered drinks agency stated the deal adopted a ‘strategic realignment of priorities collectively undertaken by each companions’.
Campari Group CEO Simon Hunt defined the transfer was a part of its technique to “streamline belongings” and that the agency would “proceed to discover different disposal alternatives”.
The corporate added that French e-commerce platform Ventealapropriete.com will stay inside the scope of Dioniso Group.
9-month gross sales efficiency
Hunt known as the group’s nine-month gross sales efficiency “resilient” within the context of an “ongoing difficult backdrop”.
By area, the group recorded 1% progress within the Americas over the 9 months, however the US fell by 2% (up 1% in Q3).
Campari attributed the area’s progress to Espolòn Tequila, Courvoisier Cognac, Wray & Nephew Overproof rum, and the steady efficiency of apéritifs.
Development for the Campari apéritif model offset ‘stock alignment post-tariff volatility’ for Aperol in Q3 and ‘persisting challenges’ for Skyy Vodka.
The Europe, Center East and Africa (EMEA) area rose by 2% for the nine-month interval. The group’s core Italian market confronted a ‘difficult’ on-trade as a consequence of ‘macroeconomic stress on customers’, which hindered Aperol’s gross sales.
Germany posted a 3% drop, whereas France elevated by 3% and the UK was up by 11%.
Gross sales in Asia Pacific grew by 5%, with Australia rising by 6%.
All model homes in progress
When it comes to the group’s portfolio, the Home of Apéritifs division (45% of whole gross sales) posted an uptick of 1.3% within the first 9 months of 2025, led by Sarti Rosa and Aperol Spritz.
Aperol was down by 1%, impacted by Italy, Germany and the US. Campari was up 1% within the 9 months and ‘different apéritif manufacturers’ elevated by 13%.
The Home of Whiskey and Rum (14% of whole group gross sales) noticed progress of 5%, pushed by Wild Turkey Bourbon (up 14% in Q3) within the US.
The Jamaican rum portfolio soared by 16% throughout the 9 months, with progress of 45% in Q3.
American whiskey Russell’s Reserve grew within the US and South Korea in Q3, however ‘different whiskey’ recorded a flat efficiency.
The Home of Agave division, which represents 10% of whole group gross sales, was up by 3.3%. The corporate famous progress of three% for Espolòn, led by the model’s reposado bottling (up 11%) whereas its blanco remained flat.
‘Different agave manufacturers’ had been up by 7%, boosted by the ready-to-drink Espolòn in core Australia, and Montelobos mezcal within the US and Mexico.
The group’s Home of Cognac and Champagne (which represents 8.7% of whole gross sales) rose by 6.7%, nonetheless Grand Marnier liqueur suffered a 14% decline.
‘Different Cognac and Champagne’ was down by 3% with a flat efficiency in Q3, with ‘softness’ in Bisquit Cognac.
Courvoisier recorded €99m (US$114.8m) in gross sales after ‘constructive’ ongoing funding within the US and the UK, and ‘early indicators of momentum in China’.
Nevertheless, the native manufacturers portfolio (which makes up 21.5% of Campari’s gross sales) dipped by 2.3%, with a 2% decline for Skyy because of the US. Glowing wines and vermouths posted 2% progress, and the remainder of the portfolio declined by 4%.
Medium and full-year outlook
For the 2025 full yr, Campari Group expects average natural topline progress so long as client confidence doesn’t worsen in Europe and the US.
Within the medium time period, the corporate confirmed earlier steerage, stating it ‘stays assured to proceed to attain outperformance versus competitors and market share positive aspects’.
The agency expects a gradual return to mid to excessive single-digit natural grown within the medium time period.
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