Donald Trump's new tariffs are
dangerous but Lavazza is still aiming to grow in the United
States, the coffee maker said Thursday.
"The phenomenon of tariffs is extremely dangerous for the global
economy because the risk of recession is just around the
corner", said Antonio Baravalle, CEO of the Lavazza Group,
during a press conference in Milan, commenting on the tariffs
imposed by the USA.
"We have a significant presence in the USA, a market that
accounts for 16% and we have very specific objectives, we
invoice 400 million in the United States," he added.
"Our objective remains to grow in the USA because it has an
immense market size. It is clear that tariffs hurt everyone in
the end".
Lavazza made the decision years ago to move production closer to
the consumer, even in the United States.
"To date, 50% of our American production is already made
locally, we are missing 50%, the project has already been
approved" to get to 100%, "it is clear that there is time. We
are ready and we will see what evolution there will be".
The group on Thursday posted 2024 turnover up 9.1% at 3.35
billion euros.
The growth, as explained by Baravalle, has been recorded both in
the 'Home' channel, which includes all coffee products intended
for home use, and in the 'Away from Home' channel with coffee
products intended for use in bars, restaurants, hotels, offices,
vending machines.
Ebitda also grew, amounting to 312 million euros (+18.6%)
compared to 263 million in 2023, with an Ebitda margin of 9.3%,
compared to 8.6% in 2023.
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