Moët Hennessy and Campari Group announced the formation of a 50/50 joint venture (JV) with the purpose of investing in Wines & Spirits e-commerce companies and build a European e-commerce pure player in this growing category. As part of this partnership, Campari will be contributing its stake in Tannico to the JV. Tannico focuses on online sales of wines and premium spirits under the Tannico brand with a share of around 30% of this segment. Tannico also owns a majority stake in Ventealapropriete.com, a major e-commerce platform for the sale of premium wines and spirits in France. Tannico and Ventealapropriete.com have complementary business models, territories and capabilities in terms of technology, marketing and logistics and generated pro-forma aggregated sales of over €70 million in 2020. The joint venture between Campari and Moët Hennessy aims at building a premium pan-European e-commerce player for the benefit of all wine and spirits brands and their European consumers. The combined business will be led by a seasoned management team led by Marco Magnocavallo, current CEO of Tannico, who remains a key minority shareholder in the business. The creation of the JV, which foresees the sale of 50% of the JV's equity capital by Campari to Moët Hennessy for a cash consideration of €25.6 million, is expected to be finalized after the completion of all customary regulatory requirements.