PARIS (dpa-AFX) - Moët Hennessy, the Luxury Wines and Spirits Division of LVMH (LVMHF.PK, LVMUY.PK), Tuesday announced the formation of a 50/50 joint venture or JV with Italian spirits company Campari Group to create a premium pan-European Wines & Spirits e-commerce player through Tannico.
The JV is formed with the purpose of investing in Wines & Spirits e-commerce companies.
The creation of the JV, which foresees the sale of 50% of the JV's equity capital by Campari to Moët Hennessy for a cash consideration of 25.6 million euros, 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 JV. Tannico brand has a share of around 30% 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.
Copyright RTT News/dpa-AFX