Italy’s Campari Group has acquired South Korean spirits importer Trans Beverages Co as it aim to tap into the market’s “long-term growth potential”.
The company established Trans Beverages, a premium spirits importer, sales, and marketing company, in March 2018 as a joint venture with local Korean entrepreneurs.
Since then, Campari said it has ‘grown significantly and expanded its market share in the competitive Korean spirits market’.
Following the acquisition in December, Trans Beverages is now a wholly owned subsidiary of the Campari Group, and it has officially changed its name to Campari Korea Co.
HoJoon Ryu, managing director of Campari Korea, said: “I’m very proud of the success of Campari Korea. Thanks to our strong team and product portfolio, I have full confidence that we will continue to create value and deliver on Campari Group’s long-term ambitions in Korea. We thank Campari for its continued confidence and trust in the Korean business.”
Korea has become a key country for several Campari Group brands, such as Wild Turkey Bourbon, The Glen Grant single malt, and small-batch Russell’s Reserve Bourbon.
Matthijs Kramer, managing director of Campari Asia Pacific, commented: “We are optimistic about the future in Korea. The acquisition of the remaining shares reflects our strong belief in the long-term growth potential of the Korean market for our brands. We will continue to honour the country’s rich culture and deliver on meeting the refined tastes of our Korean consumers.”
In September, Campari acquired a 14.6% stake in Capevin Holdings (CVH Spirits), the owner of single malt whiskies Bunnahabhain, Deanston, and Tobermory, for £69.6m (US$92m).
Earlier this year, Campari Group reported that its sales fell by 1.4% in the third quarter (Q3), following three years of double-digit growth.
Last year, the company announced its plans to acquire Courvoisier Cognac from Suntory Global Spirits. The sale was completed in February 2024.
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Author: Miona Madsen
