Pernod Ricard’s Italicus Takeover: Implications for Spirits Brands

French spirits giant Pernod Ricard has completed its acquisition of Italicus, a bergamot-infused apéritif, taking it from a founder-led startup to a fully corporate-owned brand. This strategic move – and the booming global apéritif/Spritz trend that underpins it – offers crucial lessons for brand owners and marketing executives in the alcohol industry.

Italicus began in 2016 as an ultra-premium Italian aperitif created by mixologist Giuseppe Gallo. Gallo launched the bergamot-infused liqueur to revive the long-forgotten rosolio category, and the brand quickly won acclaim – it earned Best New Spirit at Tales of the Cocktail 2017 and over 50 industry awards in a few years. By 2021, Italicus had over $5 million in annual sales and was distributed in 40+ countries. LinkedIn highlights Gallo’s claim that “eight years later, he’s sold over three million bottles across 40 markets”. These successes – and Pernod’s 2020 minority investment – helped scale Italicus into a global aperitivo brand.

In March 2020 Pernod Ricard took a 50% stake in Italicus. At that time Pernod praised Italicus’s “remarkable start” with mixologists and consumers, and its ability to outpace industry growth. Gallo remained CEO under the partnership, and Italicus continued to grow. Now, as Italicus turns ten, Pernod has bought the remaining shares and Gallo has stepped down. Gallo himself notes Italicus has sold more than three million bottles in over 47 countries, with “consistent double-digit growth year after year” (per The Spirits Business report). With full ownership, Pernod can now “fully integrate” Italicus into its distribution network and marketing machine.

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Apéritif and Spritz Trends Driving Growth

Pernod’s bet on Italicus reflects broader market trends. Across major markets, lighter, low-ABV drinks are surging, especially in early-evening “aperitivo” occasions. Consumers in the US, UK, Spain and elsewhere are swapping heavy after-dinner drinks for pre-dinner Spritz-style cocktails and sparklers. IWSR data show US bitters/spirit aperitifs grew at ~+18% CAGR (2018–2023) and are forecast to grow ~+19% by 2028. Likewise, lighter “premium” aperitifs (ABV 15–22%) are increasing, propelled by Instagram-friendly cocktails and growing low-ABV preference.

Even icon brands illustrate the trend. Campari’s Aperol Spritz – once a niche Italian favorite – has exploded globally (Aperol is now Campari’s largest brand, up 11% in the US in 2024). Bacardi’s St-Germain elderflower liqueur saw 31% year-over-year growth in 2024, outpacing the overall Spritz category (up ~14% globally). In short, consumers are embracing the spritz lifestyle: colorful, refreshing drinks that fit daytime and early-evening occasions. As Bacardi notes, “25–45-year-olds account for ~60% of aperitivo penetration”, and occasions are shifting to casual on-trade social settings. Vinetur also reports drinkers are trading down from expensive Champagnes to affordable Prosecco and bitters aperitifs in “happy hour” settings.

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Strategic Takeaways for Brands

Pernod Ricard’s full acquisition of Italicus follows a now-common growth model: global groups seed fast-growing craft brands and later buy them outright once scale is proven. For brand owners, this pattern suggests that partnering with industry majors can boost distribution and visibility – but often leads to integration. As Worthbury notes, Pernod’s move “follows a familiar pattern” where founders eventually step aside for the brand’s next chapter. Gallo acknowledged this, stepping down so Italicus could “become fully acquired and integrated” into Pernod’s operations.

This shift has pros and cons. Pros: Pernod can leverage its global sales force, marketing budgets, and trade networks to push Italicus in markets it alone could never cover. Pernod’s execs emphasize they built their company “on apéritifs” – apéritifs are in Pernod’s DNA – so Italicus fits their core strategy. Full ownership allows streamlined decisions (e.g. investing in new packaging or campaigns) across all territories. The agreement reportedly includes no financial details disclosed, but the cultural fit and combined growth potential likely drove the deal.

Cons/Risks: Successful craft brands often trade a bit of their “indie” image after acquisition. Italicus will need to balance Pernod’s corporate resources with its artisanal identity (Italian heritage, natural ingredients, design) that won bartender loyalty. As Gallo departs, Pernod must choose leadership who respect Italicus’s origin story and quality. Marketing leaders should note Pernod’s promise to “preserv[e] the quality, authenticity, creativity, and long-term vision” of Italicus even under new ownership. Other founders can learn that securing the right partner and clear expectations (preserve brand DNA) is critical when negotiating M&A.

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Recommendations for Brand Owners & Marketing Execs

• Ride the Aperitivo/Spritz Wave: Leverage the rising demand for lighter, afternoon-to-evening cocktails. If your portfolio lacks an apéritif or Spritz fixture, explore product extensions or partnerships. Craft marketing campaigns around early-evening occasions, low-ABV drinks, and social media-friendly presentations (the spritz’s photogenic look is a draw).
• Seek Strategic Partnerships: Early-stage brands should consider minority investment from global players. Pernod’s 2020 stake helped Italicus scale rapidly. Aim for deals where a major investor will actively promote distribution (Pernod’s network took italicus to 47 countries). But negotiate terms on brand storytelling: ensure founder involvement or legacy branding continues post-acquisition.
• Monitor Competitor Moves: Watch how peers invest in the category. For example, Campari Group and Bacardi have actively promoted their apéritif/grocery portfolio (Aperol, Campari, St-Germain). Any new trends – like Gallo’s “vino aperitivo” Savoia (a reimagined vermouth) – could inspire product innovation. Think of innovations that tap heritage (vermouth, Americano-style cocktails, local botanicals) as consumer tastes evolve.
• Focus on Experience & Education: The apéritif category thrives on cocktail culture. Invest in bartender training and events (Italicus famously ran “Art of Italicus” mixology contests), and promote sipping rituals. Tie into food (pairings) and lifestyle moments: Pernod notes aperitifs are part of conviviality culture.
• Data-Driven Portfolio Shaping: Use market research (IWSR, CGA) to identify hot segments. For instance, bitters/spirit aperitifs are growing at double-digit CAGR in key markets. Allocate resources (marketing spend, innovation budget) toward these high-growth niches, and consider shedding slower lines as needed.

Pernod’s full buyout of Italicus underscores how major spirits groups are doubling down on the sparkling apéritif trend. By aligning brand strategy with evolving consumer behavior (lower alcohol, earlier drinking occasions), companies can unlock new growth. Alcohol brand owners and C-suite marketers should take note: innovate within the aperitivo space, prepare for partnership opportunities, and market to today’s lighter-drinking consumers to stay competitive in the years ahead.