Campari considers axing jobs
Italian spirits firm Campari is moving forward with restructuring plans following disappointing sales results in its third quarter (Q3).
In its Q3 results, it announced it would ‘accelerate’ its portfolio streamlining by disposing of ‘non-core brands’.
It also created new Houses of Brands: the House of Cognac & Champagne; the House of Aperitifs; the House of Whiskey and Rum; and the House of Tequila.
Italian newspaper MF reported yesterday (20 February) that the firm planned to cut 500 jobs.
A spokesperson for Campari cited the measures previously announced in the Q3 results but did not comment on the figure given by MF.
They added: “The global external context has significantly evolved in recent months, prompting industry-wide reflections. As previously announced in Q3 2024 financial results, changes in our top-line performance and existing infrastructure investments have impacted on our profitability, requiring a more efficient resource allocation.
“Consequently, we are gradually implementing a comprehensive set of company initiatives to accelerate growth and profitability via focus, simplification and cost containment.
“This includes some tough decisions, such as organisational restructuring. These measures, although difficult, aim to ensure a return to the overall medium- and long-term financial health and sustainability of Campari Group.
“Wherever these tough decisions are implemented, we shall act with the utmost respect and consideration, providing all necessary support to the impacted employees, as we have always done.
“This is a wide and ongoing process that includes the implementation of a new operational model; therefore, it is currently difficult to provide a specific global number.”
Simon Hunt became CEO of the firm in January this year following the departure of Matteo Fantacchiotti, who resigned in September 2024 after fewer than six months in the role.
Campari’s Q3 sales falter followed three years of double-digit growth for the firm.
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