Campari; Moët Hennessy
The new JV will be a premium European ecommerce business in the wine and spirit’s segment. Credit: Free-Photos / Pixabay.

Campari Group and Moët Hennessy have set up a 50/50 joint venture (JV) with an aim to create a European e-commerce player in the wine and spirits segment.

The agreement will see Campari contributing its stake in Tannico to the JV.

As part of the deal, Campari has agreed to sell 50% of the JV’s equity capital to Moët Hennessy for $30.2m (€25.6m) in cash.

Completion of this deal is subject to customary regulatory requirements.

Last June, Campari Group entered into an agreement to acquire a 49% stake in Tannico for a consideration of $26.4m (€23.4m).

Tannico, an online seller of wines and premium spirits, is said to occupy 30% of the market share.

It also owns a significant stake in the French premium wines and spirits e-commerce platform Ventealapropriete.com.

Campari Group CEO Bob Kunze-Concewitz said: “We are very pleased to partner with Moët Hennessy to become a premium pan-European Wines & Spirits e-commerce player through Tannico.

“After the completion of Tannico’s first transformational step with the acquisition of Ventealapropriete.com, thanks to this agreement, the new partnership aims to continue to grow, further strengthening its footprint and expertise in the online retailing of spirits and wines.”

The new venture will be led by Tannico CEO Marco Magnocavallo, who will remain a minority shareholder in the business.

Moët Hennessy president and CEO Philippe Schaus said: “This partnership represents a significant step forward in our global e-commerce development strategy. While e-commerce was already a growing channel for wines and spirits, the global pandemic has triggered a significant acceleration.

“We are delighted to be partnering with Campari Group and Tannico to create a premium pan-European Wines & Spirits e-commerce player.”