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Transformations In Greece’s Wine Industry: A Market In Flux

Greece’s wine industry is undergoing significant shifts, driven by changing market dynamics and evolving company strategies. While the sector once featured a few dominant players, including Tsantalis, Kourtakis, and Boutari Winery, the landscape has shifted dramatically. Tsantalis is now in bankruptcy, and Boutari, though acquired by Greek-Swedish businessman Elias Georgiadis and a group of investors, including basketball star Giannis Antetokounmpo, has yet to regain its former market dominance.

With over 1,500 wineries across the country, Greece’s wine market remains fragmented. The 42 largest wineries had an estimated market value of €307.5 million in 2022, with a robust annual growth rate of 16.8% from 2019 to 2022. However, many leading companies, such as Ktima Biblia Chora, Ktima Gerovassiliou, and Ktima Alpha, are still relatively small, with annual sales ranging from €10-15 million.

The biggest current players are Cavino and Kourtakis. Cavino, despite not having a strong established brand in Greece, stands as a significant player, with €36 million in sales in 2024, up from €32.56 million in 2023. The Anastasiou family-owned company made strides after gaining control of distribution for the sweet wine “Samos” at Lidl, following the shift in leadership from Kourtakis. It further strengthened its position with acquisitions, including the Nemion Estate in Nemea and the majority stake in the distillery of Anestis Babatzimopoulos.

Meanwhile, Kourtakis, once a leader in the Greek wine market, is currently up for sale. After facing a loss of €30 million from its previous Red Bull distribution partnership, Kourtakis struggled with declining sales, with 2024 revenue just above the €20 million mark. The company is burdened by debt and needs substantial investment to modernize its operations.

The disruption of Kourtakis’ dominance has allowed Cavino to rise to the forefront. In 2024, Cavino’s turnover surpassed that of Kourtakis, marking a significant shift in the competitive landscape. Hellenic Wine Cellars, another player in the industry, is seeking to strengthen its market position by expanding its portfolio. In 2023, it signed a deal with Katsaros Distillery, and it continues to maintain a strong presence in both domestic and international markets.

The Greek wine industry is witnessing consolidation as companies adjust to modern market demands, striving to compete both locally and globally. As the market continues to evolve, the quest for stronger, more resilient players capable of navigating an increasingly complex global wine market is more crucial than ever.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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