Chilean wine giant Concha y Toro seems unfazed by the global wine sales slump. The company reported a 16.9% increase in sales for the first nine months of 2024 compared to the same period last year, reaching $675.7m (€627.8m). Sales in the third quarter alone rose by a robust 9%.
Key markets driving growth included the UK, Japan, Brazil, and Mexico. Reflecting this sales growth, the company’s gross margin improved to 38.9%, thanks to a favorable sales mix, last year’s cost reductions, and beneficial exchange rate effects. Net income attributable to majority shareholders reached approximately €48.6m, a remarkable 99.7% increase over the same period last year. Premium and high-end segments contributed 51.8% of total revenue.
Concha y Toro attributes its strong sales to the popularity of established brands like Casillero del Diablo. Additionally, the company highlighted the launch of Casillero del Diablo Carnaval and Casillero del Diablo BeLight, a low-calorie, reduced-alcohol product. In 2022, Concha y Toro, with annual revenue of approximately $900m (€840m), ranked as the world’s sixth-highest-earning wine company, underscoring its status as the leading South America’s wine producer.
