If you’re unfamiliar with it, Campari is a bitter Italian liqueur known for its bright red color and bittersweet, memorable flavor. This historic liqueur has its roots in Milan, Italy in 1860.

Most of Campari’s global priority brands, like Aperol, Wild Turkey, and Appleton Estate, were acquired. We have a particularly constructive view of Aperol, which the firm bought in 2003.

Milano's growth in recent years has been through heavy acquisitions, resulting in a levered balance sheet. Learn more on ...

Most of Campari’s global priority brands, like Aperol, Wild Turkey, and Appleton Estate, were acquired. We have a particularly constructive view of Aperol, which the firm bought in 2003.

This is certainly not good news, but two key aspects must be considered: First, Campari's FY2024 sales are €3.06 billion, so €100 million does not seem like such a high figure in comparison.