Campari exits e-commerce JV as Q3 sales rise
Campari Group has exited its joint venture with Moët Hennessy in Italian online alcohol retailer Tannico, while reporting growth in its third quarter (Q3).
For the first nine months of 2025, the Italian drinks group saw a slight uptick of 1.5% to €2.28 billion (US$2.64bn). Organic sales in Q3 rose by 4.4%.
It followed a flat performance in the first half of 2025, with a slight 0.1% organic growth 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 at the time).
The following year, in July 2021, Campari Group and Moët Hennessy created a joint venture to build a premium European e-commerce business for wines and spirits.
At the end of 2022, the two companies jointly acquired the remaining stake in Tannico, each owning a 50% stake in the business.
Campari confirmed that it had sold its stake in the joint venture, called Dioniso Group, to a ‘private industry player’ on 6 October.
The Milan-headquartered drinks firm said the deal followed a ‘strategic realignment of priorities jointly undertaken by both partners’.
Campari Group CEO Simon Hunt explained the move was part of its strategy to “streamline assets” and that the firm would “continue to explore other disposal opportunities”.
The company added that French e-commerce platform Ventealapropriete.com will remain within the scope of Dioniso Group.
Nine-month sales performance
Hunt called the group’s nine-month sales performance “resilient” in the context of an “ongoing challenging backdrop”.
By region, the group recorded 1% growth in the Americas over the nine months, but the US fell by 2% (up 1% in Q3).
Campari attributed the region’s growth to Espolòn Tequila, Courvoisier Cognac, Wray & Nephew Overproof rum, and the stable performance of apéritifs.
Growth for the Campari apéritif brand offset ‘inventory alignment post-tariff volatility’ for Aperol in Q3 and ‘persisting challenges’ for Skyy Vodka.
The Europe, Middle East and Africa (EMEA) region rose by 2% for the nine-month period. The group’s core Italian market faced a ‘challenging’ on-trade due to ‘macroeconomic pressure on consumers’, which hindered Aperol’s sales.
Germany posted a 3% drop, while France increased by 3% and the UK was up by 11%.
Sales in Asia Pacific grew by 5%, with Australia rising by 6%.
All brand houses in growth
In terms of the group’s portfolio, the House of Apéritifs division (45% of total sales) posted an uptick of 1.3% in the first nine 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% in the nine months and ‘other apéritif brands’ increased by 13%.
The House of Whiskey and Rum (14% of total group sales) saw growth of 5%, driven by Wild Turkey Bourbon (up 14% in Q3) in the US.
The Jamaican rum portfolio soared by 16% across the nine months, with growth of 45% in Q3.
American whiskey Russell’s Reserve grew in the US and South Korea in Q3, but ‘other whiskey’ recorded a flat performance.
The House of Agave division, which represents 10% of total group sales, was up by 3.3%. The company noted growth of 3% for Espolòn, led by the brand’s reposado bottling (up 11%) while its blanco remained flat.
‘Other agave brands’ were up by 7%, boosted by the ready-to-drink Espolòn in core Australia, and Montelobos mezcal in the US and Mexico.
The group’s House of Cognac and Champagne (which represents 8.7% of total sales) rose by 6.7%, however Grand Marnier liqueur suffered a 14% decline.
‘Other Cognac and Champagne’ was down by 3% with a flat performance in Q3, with ‘softness’ in Bisquit Cognac.
Courvoisier recorded €99m (US$114.8m) in sales after ‘positive’ ongoing investment in the US and the UK, and ‘early signs of momentum in China’.
However, the local brands portfolio (which makes up 21.5% of Campari’s sales) dipped by 2.3%, with a 2% decline for Skyy due to the US. Sparkling wines and vermouths posted 2% growth, and the rest of the portfolio declined by 4%.
Medium and full-year outlook
For the 2025 full year, Campari Group expects moderate organic topline growth as long as consumer confidence does not worsen in Europe and the US.
In the medium term, the company confirmed previous guidance, stating it ‘remains confident to continue to achieve outperformance versus competition and market share gains’.
The firm expects a gradual return to mid to high single-digit organic grown in the medium term.
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