Antinori targets €400 million revenue

The Italian wine group Antinori, a prominent player in the global wine industry, reported a 9% growth in sales for the 2023 fiscal year, reaching €352 million. However, the company's net profit fell by 22%, amounting to €65 million compared to €83 million in 2022. Despite this decline in earnings, Antinori remains committed to its target of achieving €400 million in global revenue in the coming years.

The U.S. market has become a key strategic focus for Antinori, bolstered by its recent acquisition of a significant vineyard on the West Coast. This acquisition contributed to a marked increase in revenue from the United States, which rose from €57 million to €73 million. The consolidation of Stag's Leap Wine Cellars into Antinori's accounts since July 2023 played a critical role in this growth, alongside the strong demand in the U.S. for premium wines.

Sales in Italy also grew, reaching €135 million, driven largely by a rebound in the restaurant sector. Despite challenges posed by inflation and geopolitical uncertainties, the domestic market demonstrated robust performance, offsetting a temporary decline in shipments to the U.S. during the year.

Overall, Antinori's product sales rose by €36 million, representing a 13% increase compared to the previous year. This reflects the positive impact of its expanded operations in the U.S. market. However, operating profit decreased by 5%, standing at €98 million, while EBITDA rose by 6% to €161 million. The decline in net profit was partly attributed to an extraordinary tax expense of €6 million.

Antinori, renowned for its historical roots in Tuscany and its iconic wines such as Tignanello and Solaia, continues to strengthen its international presence. The group's recent investments in the U.S. underscore its strategy of geographic diversification and its focus on key markets beyond Europe. This expansion aligns with the growing global demand for luxury wines and premium labels.

These results highlight Antinori's resilience and adaptability to economic conditions and the dynamics of the international market. The group remains focused on achieving its revenue ambitions by leveraging its tradition, innovation, and commitment to quality while reinforcing its presence in strategic markets like the U.S.