Resilience and repositioning, how importers and distributors face the changing wine world

If one of the defendants for the slowdown of wine in the restaurant industry is the price, which according to some operators in the chain is too high, Managing Director Meregalli takes a layman's approach: 'The wine list must primarily satisfy the need of the business to be able to make a profit. Wine is a fundamental element of an establishment, but differentiation must come through consistency with regard to the customer base. Our suggestion is always that the bottles sold are those consumed. So the whole supply chain should focus on this. The more rotation there is, the better it is for everyone'. Unsustainable mark-ups slow down sales and damage the entire chain, from producer to glass.

Resilience is the key word for Cuzziol GrandiVini, which archives 2025 with a turnover of almost 25.3 euro (aligned to 2024) with Ebitda of 8.9%. "It was a year that required attention and adaptability," explains president Luca Cuzziol, "so we chose to focus on the efficiency of the structure, on strengthening the sales network, and on the quality of relations with producers and customers, with the aim of building value over time. However, it is the snapshot of the customer base that indicates the fluidity of the current market: "In the space of 24 months, we had to rebuild a significant portion of the customer base," Cuzziol clarifies, "and in 2025 alone, out of 4,200 customers, 2,480 were new or inactive for at least two years. A volatility linked to the structural difficulties of the on-trade. Yet the distribution system holds up because it is more elastic than individual companies'.

On the outlook front, Cuzziol is straightforward: 'The boom of 2022, reabsorbed between 2024 and 2025, is probably over with this year. There are criticalities on the horizon - young people with little interest, the health issue, macroeconomic tensions - but the distribution system can deal with them better than the producer who sells directly, precisely because it is more elastic'.

The fact that 2025 confirmed an increasingly clear division between the high end of the market and the mid-range is also accurately recorded by Alessandro Sarzi Amadè, sales director of the family company that this year celebrates 60 years since its foundation, closing the year with a turnover of 12.4 million, up by about 3% compared to the previous year - a result that he defines as satisfying, considering the context: "Essentially, it is the result of the proposal of high-end and very high-end wines," he explains, "on which we have had a 10% increase in the average price compared to the number of units sold. For Sarzi Amadè, the mid-range is therefore the one that suffers the most.

The latest operations include the collaboration with Argiano (its 2018 Brunello di Montalcino was 'Wine of the Year 2023' for Wine Spectator) and the presentation of two new Salina Malvasia Igt wines born from the special collaboration between Antonino Caravaglio, founder of the Sicilian winery of the same name, and Thomas Duroux, oenologist and ceo of Château Palmer.

For 2026, caution is in order. 'Unfortunately only hopes for now,' he concludes, 'while predictions cannot be made. I certainly don't see a concrete turnaround and we pexpect to set up the year like the previous one, with a continuous commitment to customers and commercial actions'.

for Sarzi Amadè, the value of the distributor at the present time can also be measured on a concrete level: 'There are a couple of fundamentals. First of all the certainty of credit, because in the sector there is a tendency towards problematic solvency. Then the willingness of the distributor to concentrate on twenty or so labels per area, unlike the agent who works on a collection of wineries'.

Sagna Spa also experienced an adjustment in 2025, closing with a turnover of 32.5 million (down from 33.7 million in 2024) and a profit of around 8% of revenues. "It was a year of stabilisation in consumption and consolidation for certain brands and territories," notes Carlo alberto sagna. Chablis and, in general, the great French wines held their own, as did - in the face of not easy overall denomination numbers - Champagne, which saw an increase in volumes with certain references.

'In general,' explains the entrepreneur, 'the impact first of the tightening of the Highway Code and then of the crisis have speeded up the reorganisation after the post-pandemic boom. However our work is more of a marathon than a sprint and we are not discouraged, otherwise we would have had to close after the world wars'. And looking ahead to 2026, he admits: 'it won't be an easy year commercially, we will have to work ten to bring one home... but we have to do it, without any flights of fancy'.

Even Proposta Vini managed to close the 2025 financial year with a very slight growth in turnover (+1%) and in volume. "The prospect for 2026 is of a slight recovery of the market," indicates director Andrea Girardi, "combined, however, with the persistence of some uncertainties regarding domestic demand, cyclical economic availability and the scenarios that will characterise the market internationally. Our selection continues to attract interest not only at home but also abroad, where the company is beginning to expand'.

The year 2025 was also characterised by uncertainty for Triple A, 'however, we recorded an appreciable recovery in the last quarter', reports Margaux Gargano manager. Thanks to the rebound Triple A, within the catalogue of the national distributor Velier, reached 9.1 million in sales, limiting the decline to -2%. Gargano points to a trend towards consolidation in the first months of 2026 and suggests that "the watchword seems to be 'ease', both for occasional drinkers and for enthusiasts and professionals", in the sign of more precise, immediate and intelligible wines.