(Reuters) – LVMH’s Moët Hennessy and Italy’s Campari have taken full ownership of online wines and spirits company Tannico via their joint venture and plan to expand it further, the two companies said in a statement on Thursday.
Italian drinks group Campari clinched an initial deal in 2020 to buy 49% of Tannico to give a push to its e-commerce business amid the COVID-19 outbreak.
Campari and Moet Hennessy then created a joint venture in July last year to invest in wines and spirits e-commerce companies.
“With this operation, we confirm our commitment to making Tannico the leading European platform in the sale of wines and premium spirits,” said Bob Kunze-Concewitz, CEO of Campari.
Thierry Bertrand-Souleau will become CEO of Tannico from January, the companies added. He is currently a general manager for French beautycare group Sephora.
Marco Magnocavallo, the founder and current CEO of Tannico, will become honorary president.
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(Reporting by Federica Urso, editing by Keith Weir)