Campari’s Sales Jump 11% To $3.2 Billion In 2023

Campari Group saw sales climb 11% organically to €2.9 billion ($3.2b) in its fiscal year through December, boosted by strong gains from its aperitif, Tequila, and Bourbon brands. Adjusted EBITDA rose 16% to €729 million ($791m) for the year. The Milan-based spirits group’s sales benefited from growth in the U.S., core European markets, and Asia, as profits were bolstered by price increases across its range, which more than offset cost inflation.

In the U.S., Campari’s largest market, sales grew 10% for the year and 13% in the fourth quarter, driven by Espolòn Tequila, aperitifs Aperol and Campari, Russell’s Reserve Bourbon, and Appleton Estate rum, while Grand Marnier liqueur returned to growth later in the year. According to Impact Databank, Espolòn vaulted 23% to approach 1.4 million cases in the U.S. last year, and is now within striking distance of overtaking Skyy vodka as Campari’s largest brand in the U.S. by volume.

Among other key brands in the U.S., Aperol (+40% to 547,000 cases), Campari (+7% to 243,000 cases), Appleton (+6% to 107,000 cases), and Russell’s Reserve (+11 to 93,000 cases) all showed pronounced gains last year, according to Impact Databank, partially offset by declines for Skyy, Wild Turkey, and Grand Marnier. On a pro forma basis, including the addition of Courvoisier Cognac, which Campari agreed to acquire from Beam Suntory for $1.3 billion in December, Campari’s U.S. volume totaled approximately 7 million cases in 2023, according to Impact Databank.

Outgoing CEO Bob Kunze-Concewitz noted that Campari achieved its “third consecutive year of double-digit organic growth across all operating profit indicators” last year, “despite macroeconomic challenges and the expected consumption normalization after exceptional growth post-pandemic.”

Incoming chief executive Matteo Fantacchiotti, who takes the helm in April, added that the company remains “confident in the strong business momentum across key brands and markets” and expects to continue outperforming the industry this year, “leveraging Campari Group’s key strategic pillars, combining organic and M&A growth, geographic and portfolio expansion, and balancing growth with returns.”—Daniel Marsteller

Tagged : Aperol, Appleton, Campari, Grand Marnier, Russell's Reserve, Skyy, Wild Turkey

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