Recently, Riccardo Illy, the head of Illy Group, a famous Italian coffee brand, revealed that Illy Group will invest in the Barolo wine region in the Piedmont region. Illy will officially enter the wine world.
Image from: Italian Wine Network
Riccardo Illy said that the Illy Group"s selection of wine investment sectors is very demanding, requiring both a high profile appellation and a long history with a bright future. In addition, the appellation should have a well-established global distribution network. In Italy, only the Brunello di Montalcino and Barolo appellations meet these requirements.
The Barolo appellation is the top wine region in Italy. 2019 has seen prices for vineyards in the Barolo appellation exceed €1.2 million per hectare, with some top single vineyards even reaching around €4 million per hectare.
Illy Caff was founded in 1933. At the beginning of the economic crisis in 2008, Illy acquired Domori Fine Chocolates, and in 2019, during Brexit, Illy acquired Prestat, a British chocolate brand.