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LVMH's Moët Hennessy teams up with Campari in wines, spirits e-commerce

LVMH's Moët Hennessy and Italy's Campari have agreed to team up to invest in wines and spirits e-commerce companies and create a European ecommerce player in sector

Louis Vuitton, LVMH

Photo: Shutterstock

Reuters MILAN

MILAN (Reuters) - LVMH's Moët Hennessy and Italy's Campari have agreed to team up to invest in wines and spirits e-commerce companies and create a European ecommerce player in the sector.

In a statement on Monday, the two groups said Campari would transfer its stake in online wines and spirits company Tannico into a newly set up joint venture.

The deal, subject to regulatory clearance, envisages the sale of half the JV's equity capital by Campari to Moët Hennessy for 25.6 million euros ($30 million) in cash, they said.

"While e-commerce was already a growing channel for wines and spirits, the global pandemic has triggered a significant acceleration," Moët Hennessy CEO Philippe Schaus said.

 

The new venture will be headed by current Tannico CEO Marco Magnocavallo who will remain a key minority shareholder in the business.

Tannico, whose business is 90% B2C, also owns a majority stake in Ventealapropriete.com, an e-commerce platform selling premium wines and spirits in France.

Tannico and Ventealapropriete.com generated pro-forma combined sales of more than 70 million euros last year.

($1 = 0.8434 euros)

 

(Reporting by Stephen Jewkes; Editing by Sandra Maler)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 13 2021 | 9:28 AM IST

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