Campari Group saw sales increase 2.4% organically to €3.1 billion ($3.2b) last year, despite trade destocking and “macroeconomic and geopolitical volatility simultaneously affecting all regions.” Adjusted EBITDA inched up 0.1% to €733 million ($772m).

Campari’s U.S. business was flat last year in sales terms, “with continuing strong performance in Espolòn (+12%) and Aperol (+11%) offset by pressure on Skyy and some softness in Wild Turkey,” according to the company. Campari said it outperformed overall U.S. sell-out data in both sales value and price/mix across all channels for the year.

According to Impact Databank, Espolòn Tequila overtook Skyy to become Campari’s largest brand in the U.S. in 2024. Espolòn surged 15% to nearly 1.6 million cases, joined by Aperol, which crossed the 600,000-case mark on 10% growth. Campari’s other leading labels were all in decline for the year, but the company outperformed the market, with its top 10 brands combining for a 0.8% decrease to 6.3 million cases.

Campari welcomed William Grant & Sons veteran Simon Hunt as chief executive effective January 15. Most recently Hunt served as CEO of Catalyst Spirits, owner of Howler Head whiskey, in which Campari is a minority investor. “Our leadership position in aperitifs presents an ever-growing opportunity given the evolving consumer trends, which, combined with our Tequila and premium spirits portfolio, also have significant potential for geographic expansion globally,” Hunt remarked on Campari’s medium-term prospects.

Calling 2025 a “transition year,” Campari is expecting “moderate organic full-year topline growth” with improving trends in the second half. Addressing U.S. tariff activity, the group added, “The potential 12-months impact of 25% tariffs on imports from Mexico, Canada, and Europe into the US, which is not included in the above guidance, is estimated to be around €90-100 million before any potential mitigation actions.” Tariffs on Mexico and Canada alone are expected to have an impact of approximately €35 million, Campari said.—Daniel Marsteller

Campari—Top 10 Brands In The U.S. (thousands of 9-liter case depletions) Rank Brand1 Origin/Type 2023 2024E Percent Change* 1 Espolon Tequila 1,368 1,578 15.4% 2 Skyy American Vodka 1,680 1,542 -8.2% 3 Wild Turkey Bourbon/Rye 872 806 -7.5% 4 Aperol Imported Liqueur 547 604 10.4% 5 Grand Marnier Imported Liqueur 590 556 -5.8% 6 Wild Turkey American Honey Flavored Whiskey 482 480 -0.4% 7 Courvoisier Cognac 364 330 -9.2% 8 Campari Imported Liqueur 243 242 -0.5% 9 J. Wray Overproof Imported Rum 147 107 -27.1% 10 Appleton Imported Rum 107 102 -4.9% Total Top 10 6,400 6,347 -0.8% * Based on unrounded data. Source: IMPACT DATABANK © 2025