On November 1, 2025, Italian tax police made headlines by seizing assets worth €1.29 billion ($1.5 billion) from Lagfin, the Luxembourg-based holding company that stands as the controlling shareholder of Campari Group. The move, approved by a judge in Monza, northeast of Milan, marks a significant development in a tax fraud investigation that has cast a spotlight on the financial dealings of one of the world’s most iconic spirits companies and its primary owner.
The seizure, described by authorities as "precautionary," follows allegations of tax evasion stemming from a tax audit that began after Lagfin absorbed its Italian subsidiary. According to reporting by the Associated Press, investigators are probing whether the cross-border merger was used to sidestep Italian tax obligations. The case underscores the ongoing tension between multinational corporate structures and national tax authorities, especially in the lucrative world of premium spirits.
Lagfin, which was founded in 1995 and has deep ties to the family of Campari Group Chairman Luca Garavoglia, controls more than 80% of Campari’s voting rights and holds over half of its shares. Despite the scale of the asset freeze, Lagfin was quick to reassure markets and stakeholders. In a statement released Friday, the company asserted, "the investigation is connected to a tax dispute that started approximately two years ago and that has never involved Campari Group in any manner whatsoever." The company further emphasized, "Lagfin has always acted in the most scrupulous respect of any applicable laws and regulations, including any Italian tax laws," and vowed that it "will defend itself vigorously."
Campari Group itself, founded in 1860 and now a major player in the global spirits industry, did not immediately respond to requests for comment. Known worldwide for its signature red aperitif, the company also boasts a portfolio of celebrated brands including Aperol, Grand Marnier, a range of tequilas, and several American bourbons. The group’s reach and influence in the beverage sector are undeniable, making any investigation involving its primary shareholder a matter of international business interest.
For many observers, the heart of the matter lies in the structure and operations of Lagfin. With more than 80% of Campari’s voting rights and over 50% of its shares, Lagfin’s grip on the company is firm. The holding company’s primary purpose, since its inception, has been to serve as Campari’s controlling stakeholder. According to The Independent, Lagfin has asserted that the seizure is "absolutely unable" to affect its position as Campari's controlling shareholder—a claim intended to calm markets and reassure investors that the company’s leadership remains stable during the investigation.
The timeline of the dispute provides further context. The probe began with a tax audit initiated after Lagfin’s absorption of its Italian subsidiary, a move that, while legal in principle, often attracts scrutiny from tax authorities wary of potential tax base erosion or avoidance through cross-border transactions. The judge’s order in Monza is seen as a precautionary measure, not a definitive finding of wrongdoing, but it signals the seriousness with which Italian authorities are approaching the case.
For its part, Lagfin maintains that it has always complied with the letter and spirit of the law. In its official statement, the company stressed, "Lagfin has always acted in the most scrupulous respect of any applicable laws and regulations, including any Italian tax laws." The company also made clear its intent to "defend itself vigorously," suggesting a protracted legal battle may be on the horizon.
The case has not gone unnoticed in financial circles. Campari Group’s status as a publicly traded company and a household name in beverages means that any uncertainty surrounding its ownership structure can have ripple effects across the industry. However, with Lagfin insisting that its control of Campari is not in jeopardy, the immediate operational impact appears limited—at least for now.
The broader context of the investigation touches on perennial debates about tax fairness, corporate responsibility, and the challenges of regulating multinational enterprises. Italy, like many European countries, has stepped up efforts in recent years to crack down on tax avoidance and ensure that large corporations pay their fair share. The use of holding companies in jurisdictions like Luxembourg, which offer favorable tax regimes, is a common strategy among global firms but has drawn increasing scrutiny from both national governments and international bodies.
While Campari Group itself is not accused of any wrongdoing, the proximity of the investigation to its controlling shareholder inevitably raises questions. Industry analysts note that the reputational risks for Campari are real, even if the company is not directly implicated. In the world of premium spirits, brand image and consumer trust are as valuable as the product itself.
At the same time, the case highlights the intricate web of family ownership, corporate governance, and international finance that characterizes many of Italy’s most storied companies. The Garavoglia family’s stewardship of Campari, through Lagfin, has been a defining feature of the company’s modern history. Whether this latest chapter will alter that dynamic remains to be seen.
For now, the legal process will play out in the courts, with Lagfin pledging a vigorous defense and Italian authorities determined to pursue their investigation. Investors, employees, and spirits enthusiasts alike will be watching closely, mindful of the potential implications for one of the industry’s giants.
As the story unfolds, it serves as a reminder of the complex interplay between global business, national law, and the ever-watchful eye of tax authorities. The outcome could have lasting effects not just for Campari and Lagfin, but for how multinational companies navigate the increasingly fraught landscape of international taxation.
Whatever the legal resolution, the events of early November 2025 have already left their mark, reinforcing the importance of transparency and accountability in an era of global commerce. For Campari, Lagfin, and the wider spirits industry, the next steps will be watched with keen interest—and perhaps a touch of apprehension.
