Britain may be known for having a boozy culture, but investors are hoping we have a taste for luxury as well as alcohol. Illva Saronno, the Italian drinks company that makes the liqueurs Tia Maria and Disaronno, this week revealed it will make an audacious new push into the UK with a special blend costing £250 a bottle.
The UK spirits industry is big. In total last year, it made a profit of £721.3m on sales of £4.1bn generated from 122 companies, according to IBISWorld. The research body also forecasts that revenue will increase at a compound annual rate of 1.8 per cent over the five years to 2020.
But what is it that convinces Illva Saronno’s chief executive, Augusto Reina, that now is the time to expand further in Britain? What is it about luxury drinks, many endorsed with a celebrity name, that attracts the public? And which other companies are cashing in?
Illva Saronno expansion
The luxury drinks brand is launching its new product, Disaronno Riserva, across the world and it will hit British shores in the second half of the year. It is produced by mixing Disaronno with Scotch whisky in oak barrels that previously contained marsala wine reserves.