The Spirits Business reported on Monday that Campari’s controlling family, the Garavoglia family, faces accusations of tax fraud. Italian authorities completed a seizure of stock shares valued at up to €1.29 billion ($1.4 B) in light of the recent claims. The Garavoglio family controls a holding group in Luxembourg called Lagfin, which is the long-time majority shareholder behind Campari.
When the charges were filed in 2024, Lagfin shared that it would defend itself “vigorously and serenely in all competent forms,” according to Reuters.
The outlet reported that Lagfin has approximately 51.3% of Campari’s shares and 38.8% of voting rights. Italian authorities claim that the company committed “fraudulent declaration by means of artifice” from 2018 to 2020. An investigation started after a merger took place in 2024.
Since the investigation made media headlines, Bloomberg reported on Monday that shares of the spirits giant fell by up to 6% in Milan that day. The news outlet claims that this is the highest drop Campari has experienced since April.
AP News reported that it would be impossible for the recent news not to affect Lagfin’s position as Campari’s controlling shareholder because it holds over 80% of Campari’s voting rights.
Lagfin claims that it “never involved Campari Group in any manner whatsoever,” and that it always followed the laws and regulations. Yet it appears that Campari might still face some repercussions in light of the scrutiny of its parent company — and the family that runs it.
“While there is not a direct material impact on Campari’s financial statements or on the group operations, the seizure of shares held by Lagfin could be a headwind for Campari itself due to reputational issues and the potential risk of stock overhang,” said Banka Akros analyst Paola Saglietti, according to Bloomberg.
Campari Has Been ‘Resilient’ in 2025
Campari is the parent company behind the signature red aperitif, in addition to Aperol. The spirits conglomerate is also the brand behind giants like Wild Turkey 101, Cynar, Russell’s Reserve, and Espólon.
Amazingly enough, Campari shared in a press release that it has been performing quite well in light of the challenging backdrop of 2025. The company was up by 1.5% for organic growth, and experienced growth of 4.4% within the third quarter, potentially bucking many issues international brands have faced with tariffs.
“In an ongoing challenging backdrop, we recorded a resilient organic sales growth of +4.4% in the third quarter, and we remain on track,” said Campari CEO Simon Hunt in a statement. “This was achieved through our commercial execution and pricing discipline, which has delivered outperformance in sell-out across most geographies where we are continuing to gain share. We remain focused on what we can control and continue to make good progress in all our strategic priorities.”
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