Paris, 13 July 2021 (dpa/MIA) – Moet Hennessy, the wines and spirits division of France’s LVMH luxury goods company, announced the formation on Tuesday of a joint venture with Italian spirits company Campari, creating a premium pan-European wines and spirits e-commerce player.
The 50-50 joint venture is being formed with the purpose of investing in wines and spirits e-commerce companies, involving the Tannico online platform.
The creation of the joint venture, which foresees the sale of 50 per cent of the joint venture’s equity capital by Campari to Moet Hennessy for a cash consideration of 25.6 million euros (30.3 million dollars), is expected to be finalized after the completion of all customary regulatory requirements.
As part of this partnership, Campari will contribute its stake in Tannico, which focuses on online sales of wines and premium spirits under the Tannico brand, to the joint venture. The Tannico brand has a share of around 30 per cent 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.
The combined business will be led by Marco Magnocavallo, current CEO of Tannico, who remains a key minority shareholder in the business.