Will Picon be the new Aperol? Campari has bought the French aperitif classic from Diageo for 119 million euros, aiming to strengthen its position in France.
Burden off Diageo’s shoulders
Will Campari soon repeat its Aperol success with Picon? Today, Picon has a somewhat dusty and old-fashioned image, but if anyone can change this, it is Campari. After all, the Italian beverage producer turned Aperol into an international aperitif trend, thanks to cocktail variants and especially large-scale marketing investments.
The Italians clearly believe in Picon, since they pay 119 million euros for the brand in a bid to strengthen its position in the Benelux and especially on the French market. Picon is market leader in France in the bitter aperitif category and achieves 80 % of its 21.5 million euro turnover on the home market. The rest of its sales are mainly in the Benelux.
In recent years, Campari also acquired two French rum brands and the champagne house Lallier. France is currently the group’s fourth largest market, accounting for 5.9 % of net turnover. For its part, Diageo is happy to be rid of Picon. “As part of our commitment to consistent, efficient growth and value creation for our shareholders, we maintain a sharp focus on active portfolio management. This includes a disciplined approach to the allocation of resources and capital,” John Kennedy, Diageo’s European President, said.
