Campari sheds Bisquit & Dubouché and Cabo Wabo

Campari Group has entered an agreement to sell Bisquit & Dubouché cognac and Cabo Wabo tequila to Ireland-based Cobblestone Brands. The divestment continues a pattern of portfolio rationalisation at the Italian drinks group, which has spent recent periods reviewing which brands merit continued investment against a backdrop of softer spirits demand, particularly in categories like cognac that have been hit by weaker demand in China and a strong dollar squeezing export economics.

Bisquit & Dubouché is a historic but comparatively small cognac house, and Cabo Wabo, founded with ties to musician Sammy Hagar, occupies a niche position in the crowded tequila category. Neither brand carries the scale or growth trajectory of Campari's core aperitivo and bitters portfolio, built around names like Aperol and Campari itself. Shedding smaller, capital-intensive brands allows management to concentrate resources and marketing spend on higher-return categories, a discipline increasingly common across the drinks industry as premiumisation slows and consumers trade down.

For Cobblestone Brands, the acquisition adds recognisable names to a growing portfolio and reflects how mid-sized buyers are picking up assets that larger groups no longer see as strategic priorities. The deal is a reminder that the spirits M&A market remains active even when big conglomerates are net sellers, with buyers stepping in for brands that still have loyal, if smaller, customer bases. Watch for further divestments from Campari as it continues to reshape its portfolio around its highest-margin, highest-growth labels.

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