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Italian wine, the ranking: Cantine Riunite – Giv confirms itself as leader

The Mediobanca Research Area has published the traditional survey on the wine sector in Italy which concerns 253 main Italian joint-stock companies with a 2022 turnover exceeding 20 million euros and aggregate revenues of 11.8 billion euros, equal to 88.4% of the national turnover of the sector. The study, which includes a focus on PDO and PGI wines, on the main M&A operations and on sustainability, also highlights the top players in the sector. Here is the ranking of the best performers among the largest Italian wine companies in 2023, in which the Cantine Riunite – Giv group is once again confirmed as leading.

The 2023 Italian wine ranking: the best performers

Sales leadership in 2023 remains the prerogative of the Cantine Riunite – Giv group, with a turnover of 670.6 million euros (-3.4% on 2022). The Argea wine hub is confirmed in second place (449.5 million euros, -1.2%), followed by IWB with 429.1 million euros (-0.3% on 2022) which completes the podium.

2023 turnover above 400 million euros also for the Romagna cooperative Caviro (423.1 million) up 1.4% on 2022. Seven companies record revenues between 200 and 300 million euros: the Trentino cooperative Cavit ( 2023 turnover of 267.1 million euros, an increase of 0.9% on 2022), the Venetian Santa Margherita (255.4 million euros, -2%), the Tuscan Antinori (250.3 million euros, +1.9%), La Marca, specialized in the production of sparkling wines, with a 2023 turnover of 225.8 million euros (-4%), the Piedmontese Fratelli Martini (219.6 million, +1.1%), the Trentina Mezzacorona (217.7 million, +2%) and the Collis Group which, by expanding its perimeter, reached 209.4 million euros, (+64.8% on 2022).

Looking at profitability (ratio between net profit and turnover), 2023 sees the Tuscan Frescobaldi in the lead (29%) followed by the Venetian Santa Margherita (18.5%). Antinori closes the podium with a profit on turnover of 17%, an increase of 2.6 percentage points over 2022.

Some companies have a very high export share, in some cases almost total: Fantini Group reaches 96.4%, Ruffino 91.1%, while Argea 89.9%.

Italian wine, the ranking: Cantine Riunite – Giv confirms itself as leader among the best performers. The identity card.

The identity card of the wine sector in Italy

Family control holds 64.8% of the net assets, a share which rises to 81.4% if cooperatives are also considered.

Financial investors participate in 10.9% of equity: banks and insurance companies (5.2%) are absent in the smallest companies, while private equity funds (4.1% of net assets) participate in the capitals of the main wineries regardless of their size.

As the size decreases, the incidence of non-Italian ownership also decreases, equal to 7.6% of equity.

The relationship with the financial markets is negligible: only two companies have been listed on the Aim since 2015 (Masi Agricola and IWB).

Sustainability, to be improved. Only 34.9% of the major Italian wine companies draw up a Sustainability Report (38.6% of producers with more than 50 million in turnover). The main reasons are: the complexity of the validation or final assessment process (for 26.8% of companies), lack of reference benchmarks or best practices (14.3%) the difficulty in involving the relevant company functions and lack of skills specifications (10.7%).