Friday 12 August 2022

illycaffè is not for up for sale, but the company eyes long-term investors

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MILAN – “illycaffe is not up for sale,” CEO Massimiliano Pogliani said on Tuesday when asked whether JAB could become a shareholder in future. In October illycaffe signed a licensing deal with conglomerate JAB Holding to produce and sell Illy-branded coffee pods that work in rival Nestle’s Nespresso machines.

But the Illys stopped short of giving JAB – the holding company of Germany’s Reimann family and owner of other coffee companies including Jacob Douwe Egberts and Keurig Dr. Pepper – a stake in the group. The Reimanns would probably not be satisfied with a minority stake, Pogliani was quoted as saying by Reuters.

The Illy family, however, could bring in investors to speed up a plan laid out in 2016 to double revenue in 10 years, Pogliani added.

“If an acceleration is needed a new partner could be let in,” Pogliani said, adding current shareholders would have a final say on such a decision and would prefer investors with a long-term horizon.

However, illycaffe has no plans to grow through acquisitions, he added.

In other news, illycaffè has announced the appointment of Alessandra De Gaetano as its new retail director.

De Gaetano will focus on the relaunch and development of the company’s retail channel, in order to strengthen its global presence, the company said.

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