- Sales in the three months to the end of December increase 10.6% to EUR717.3m (US$777.4m)
- For the 12 months of 2023, top line rises 10.5%, finishing at EUR2.92bn
- US sales up 10.1% in full year, ‘Asia Pacific’ region jumps 20.7%
- Aperol brand up almost a quarter at +23.1%
Late last year, the Aperol brand owner booked a 4.4% sales increase from the three months to the end of September; a marked slowdown from earlier in the year when H1 sales leapt by 14.2%. The suggested slowdown was bucked today, however, with the group’s top-line rising by over 10%, resulting in a 10.5% climb for the year overall.
Campari Group hailed its presence in three “top outperforming spirits categories” – aperitifs (with Aperol and Campari), bourbon (with Wild Turkey) and tequila (with Espolòn) – for the healthy showing. Aperol sales increased 23.1% last year, thanks to what the company called deseasonalisation activities in Europe, while brand Campari was up 10.7% aided by a price-related repositioning.
Wild Turkey, meanwhile, grew sales by 8.8% as successful premiumisation efforts in the US started to tick up internationally, as Espolòn stole the show, soaring by 35.7%. Indeed, so successful is the tequila brand proving for Campari Group that its addition to the ‘Global Priority brands’ stable awaits this year. The company hinted at plans to push the brand outside the US on a cocktail platform through the margarita and paloma serves.
The cocktail scene was also referenced as the way forward for liqueur flagship Grand Marnier, which had a tough 12 months: the brand’s 16.5% sales slide was blamed on the destocking strategy undertaken across spirits by US distributors and wholesalers.
On a geographical basis, all four reporting regions were up, with ‘Asia Pacific’ – the firm’s smallest region – ahead at +20.7%. Other standouts included Germany and the UK, both of which grew sales by around 20%, and the US, increasing by 10.1% as even Grand Marnier finished the year in the black in the market.
CEO Bob Kunze-Concewitz, who is due to make way for Matteo Fantacchiotti in April, said: “In 2023, we delivered another year of best-in-class organic top-line growth thanks to … industry outperformance despite macroeconomic challenges and the expected consumption normalisation after exceptional growth post-pandemic.”
Fantacchiotti hinted that Campari Group’s appetite for brand purchases remains, despite spending just over US$1.3bn on Beam Suntory’s Courvoisier cognac brand late last year. We will continue our transformational growth journey, leveraging Campari Group’s key strategic pillars, combining organic and M&A growth, geographic and portfolio expansion, and balancing growth with returns,” he added.
Turning to the current quarter, the company warned that the year-prior three months serves as a “high comparable basis” due to the implementation of price rises in the period. Sales in Q1 2023 were up 19.6%.
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