Marchesi de’ Frescobaldi Sales Up 3%, As U.S. Exports Offset Italian StrugglesMay 2, 2013
Tuscany-based wine group Marchesi de’ Frescobaldi saw sales increase 3% to $108 million last year, as rising exports to markets like the U.S., Canada, Germany, Russia, China and Japan helped overshadow the continuing economic malaise in Italy. The U.S., representing 14.7% of group sales, remains the largest export market for Frescobaldi, whose properties include Castello di Nipozzano, Castello di Pomino, CastelGiocondo, Tenuta di Castiglioni, Tenuta dell’Ammiraglia, Santa Maria and Costa di Nugola, Conti Attems and Tenuta dell’Ornellaia. Frescobaldi’s brands are handled in the U.S. by Folio Fine Wine Partners.
In addition to ongoing progress in the U.S. and other core markets, Frescobaldi has seen strong growth in developing wine markets like Russia and China. Domestic Italian sales, however, were down 5.1% in 2012. “Export markets are critical for our business, especially at a time when Italy’s internal wine consumption is consistently decreasing,” said Frescobaldi CEO Giovanni Geddes Filicaja, adding that the group invested $13 million last year to continue modernizing its vineyard and production facilities to fuel global expansion. Exports account for more than 60% of Frescobaldi’s business. Geddes told SND late last year that Le Serre Nuova (Ornellaia’s second wine) has been among those driving growth for the company.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.