The Brand Doctor … Aperol Spritz emerged in the cafes of Padua during the 1950s, and became the iconic aperitif, but has changed little since then … How should Campari Group reinvent the brand?

August 5, 2025

Each month The Brand Doctor, business expert Peter Fisk, takes a global brand that has lost its way, and considers how it could reinvent itself. If it’s your brand, do you have the courage to change? If not, what would you do, and how could you apply these ideas for reinvention to your own business?

Beyond the Spritz

In the golden light of a European summer, the cheerful orange-hued glass of a Aperol Spritz has become nothing less than an icon of modern lifestyle drinking. It signals sundowners, friendship, sociability, the terrace hour, the turn from work to leisure. Yet, today this icon finds itself at a crossroads. For the parent company, Campari Group, Aperol is a financial powerhouse—accounting for roughly a quarter of global revenues. But that very success brings pressure: growth needs to come not just from more Spritzes in more bars, but from reinvention—into new geographies, new formats, new occasions and even new brand extensions.

We explore the history of Aperol, its pivotal role within the Campari Group, the strategic challenges it faces, and the bold opportunities ahead. It ends with a recommendation of where the most significant financial prize lies—both in terms of sales growth, profitability and value creation—and how Campari should mobilise the brand to capture it.

From regional aperitif to global cultural moment

Aperol’s story begins in Padua, in 1919. Conceived by the Barbieri brothers, it was designed as a light-alcohol bittersweet aperitif, made with sweet and bitter oranges, gentian, rhubarb and cinchona bark. From those humble Veneto roots, the brand lingered in northern Italian cafés for decades before the modern explosion of the “Aperol Spritz” serve—Aperol plus prosecco plus soda—emerged in the 1950s and onward. Over time, that serve developed from a regional ritual into an international lifestyle emblem.

When Campari Group acquired Aperol in 2003, the brand entered a new phase. With a conscious globalisation strategy, the company turned the cocktail into a cultural export: think sunset terraces, orange-glow glasses, summers in Europe, photos on Instagram. Underpinned by that visual identity and the simplicity of the serve, Aperol rode two intersecting consumer trends: the rise of lighter, more social drinking (it has only 11 % ABV) and the urban, experience-driven shift in cocktails and aperitivo culture.

By 2019, the brand had achieved annual growth of around 16.5 % (pre-pandemic) and had become the group’s key engine of growth—the “spritz” moment made it a phenomenon. Today, Aperol constitutes approximately 24 % of Campari Group’s global sales, making it the single largest brand in the portfolio.  To meet that scale, in 2024 Campari announced a €75 million investment to double Aperol’s production capacity in its Novi Ligure plant, adding 100 million bottle units of capacity via a new bottling line.

Aperol transformed from a local aperitif into a global lifestyle brand, and the Spritz become shorthand for “early evening, convivial social time”. It delivered serious growth, and for Campari, became the crown jewel brand.

Current situation: strength and strain

Insta perfect

Aperol brings a number of powerful advantages to the Campari portfolio. It is recognisable, rooted in a strong narrative (Italian aperitivo culture), visually compelling (its distinctive orange hue), and aligned with major social drinking trends (lighter ABV, shareable serve, Instagrammable moment). It has successfully moved beyond Italy and is present in dozens of markets worldwide. In many geographies Aperol contributes disproportionately to Campari’s headline numbers—for instance, growth of the brand helped the UK business post 19 % sales growth in the UK in 2018.

With that leverage, Campari has invested in capacity, branding, and infrastructure accordingly—reflecting a belief that Aperol remains the group’s long-term growth lever.

Changing markets

However, the current state is not without its warning signs. First, the growth story is increasingly one of “more of the same” rather than radical new levers. The Spritz serve is well penetrated in Europe, and any brand that becomes iconic risks plateauing. In a 2021 interview Campari flagged that while Aperol still had “huge opportunity ahead of us” there was a recognition that in its home market of Italy the brand may have already saturated many of the core aperitivo households.

Second, structural dependence is an issue: Aperol is the aperitif brand, but the key serve—the Spritz—requires sparkling wine (or at least sparkling beverage) + soda + ice + orange garnish. Campari controls Aperol, but not the wine or soda component. This limits the brand’s margin control, and consumer experience can vary by how the serve is executed by bars or home hosts. That dilution of control is a strategic constraint.

Third, the global drinks sector is shifting. Health, moderation, and low-/no-alcohol trends are accelerating, and while Aperol’s 11 % ABV is lower than many spirits, it is still an alcoholic drink. On-trade channel dynamics are evolving (home consumption, RTD formats, regulatory scrutiny), and the explosion of RTD spritz-type cocktails and competitor brands (rosé spritzes, flavour variants) threaten to dilute Aperol’s exclusivity.

Fourth, geographic expansion remains challenging. While the brand is strong in Europe, growth in Asia, Latin America and other under-penetrated markets requires overcoming local consumption cultures, regulatory frameworks, and distribution logistics. Campari’s recent results indicate that overall growth is moderating: for example, the full-year 2024 net sales of Campari Group were €3.07 billion with only 2.4% organic growth.

Campari’s financial dependence

From a financial perspective, Aperol’s importance cannot be overstated. As noted, it is roughly one-quarter of group sales. The company’s investment in capacity underscores the expectation of further growth. The doubling of the bottling line suggests an expectation of significant volume increase. Its growth rate (historically double-digit) has driven margin expansion, high returns on invested capital, and contributed materially to the premiumisation narrative of the group. With Aperol considered “high margin” within the portfolio, the brand has delivered above-average profitability.

Aperol is the growth engine in the Campari Group portfolio—big, powerful, and relatively premium. But the model that got it here—Spritz + sunset terraces + friendly social hour—is reaching maturity. The next phase of growth must come from reinvention rather than reliance.

Options for reinvention

Given the backdrop of both opportunity and saturation, the question for Campari is: how can Aperol evolve? What are the strategic pathways open to the brand? Below we explore several major themes—each carries distinct implications for sales growth, profitability and value creation.

New geographies

The first frontier is geographic expansion. While Europe remains the stronghold, there is considerable scope in Asia, Latin America, Africa and parts of North America. For Campari Group, the Asia-Pacific region currently accounts for only around 7-8% of group sales—a relatively small base for future growth.

In those markets, Aperol can be positioned as a globally aspirational lifestyle brand—a European tradition brought to vibrant, fast-growing urban hospitality scenes. In Asia especially, there is growing appetite for premium imported brands, experiential drinking, rooftop bars, and social occasions that mirror Western aperitivo culture.

However, entry will require adaptation: local consumer tastes (perhaps preferring less bitterness, more sweetness), climate considerations (very warm regions mean faster ice-melting, more soda dilution), distribution/logistics, import duties and regulatory complexity. It may also require local partnerships (with sparkling wine producers, soda producers, local bar chains) and heavy investment in on-trade activation to educate consumers about the spritz ritual.

Geographic expansion offers pure volume growth: if Aperol can penetrate new markets, the brand can move from being a European success to a truly global brand. The logic for value: large volume + premium price + high margin = significant incremental profitability. The multiplier effect is clear because incremental volume tends to yield incremental margin and also benefit from scale in marketing and bottling.

Format innovation

Second, format innovation offers another lever. The original Spritz serve is simple and strong—but times have changed. Consumer behaviour now includes more at-home consumption, more convenience, more RTD (ready-to-drink) formats, and more drive towards lower-alcohol, convenient serve solutions.

Some possible format directions:

• RTD cans and bottles: Pre-mixed Aperol Spritz in a can or bottle for home, outdoor, picnic or festival consumption. This extends the brand beyond bars and restaurants into retail, convenience and leisure. For Campari, this means capturing incremental channel share in off-trade and perhaps improving margin (depending on cost/packaging).

• Bar tap and on-premise dispense solution: Imagine a dedicated “Aperol Spritz on tap” solution for bars and clubs: a chilled keg or cartridge system where Aperol + sparkling wine + soda is dosed automatically, ensuring consistency of serve and speed of service. This would give bar operators an easy route, and Aperol further brand visibility. However it may dilute premium perception if the serve becomes “cheap, easy, high-volume”.

• Home kits and accessories: Branded home-entertaining kits (bottle of Aperol + branded glassware + garnish + instructions), or portable versions for outdoor/holiday use. These reinforce the lifestyle positioning of the brand and drive premium margins.

• Low/no-alcohol variant: While the current Aperol is 11 % ABV, there is growing demand for moderation and social drinking without over-intoxication. A “Aperol Light” (eg ~6 % ABV) or “Aperol 0.0” (non-alcoholic version) could open new segments—drivers, health-conscious, younger consumers.

• Flavour variants: Extensions such as “Aperol Citrus Twist”, “Aperol Berry Spritz”, or region-specific flavours (e.g., Asian variant using lychee, yuzu) can inject freshness. Each variant refreshes interest, stimulates trade and builds “spritz franchise” rather than single product.

Format innovation brings both margin upside and channel extension. RTD and kits can improve margin if priced premium and sold in growing channels; low-/no-alcohol variants open new consumer segments and help future-proof the brand; bar-tap solutions provide on-trade advantage. The key is to manage complexity, protect core brand positioning and avoid cannibalisation of the classic serve.

Occasion expansion

Third, one of the most compelling opportunities lies in occasion expansion—that is, going beyond the pre-dinner aperitif moment into new social rituals and times of day. Historically, Aperol Spritz has been associated with early evening, pre-dinner ritual—the terrace hour, the end of the workday. But consumer living patterns are changing: brunch, rooftop poolside, day-drinking, home entertaining, outdoor lifestyle, and even the “after-dinner digestif/long-drink” moment are becoming important.

Possible new occasions:

• Brunch or late-morning social sip: Position Aperol Spritz as the daylight social drink for city-brunch, weekend terrace, poolside lunch. The lighter ABV and refreshment factor suit daytime.

• Home-entertaining and social gathering: Strengthen the narrative of Aperol being the host’s friend—easy serve, fun flavour, social sharing. Home entertainment has grown in importance, especially post-pandemic.

• Outdoor leisure and holiday lifestyle: Insert Aperol into beach-bars, pool-side resorts, rooftop terraces, picnic kits—turn it into a holiday symbol beyond the city bar.

• After-dinner or night-out transition drink: Perhaps less intuitive, but positioning a variant of Aperol as the “end of the evening” drink—lighter than heavy cocktails, still social, a way to prolong the night rather than start it.

• Non-alcoholic social sip and driver inclusion: With moderation rising, there is opportunity for Aperol-branded mock-spritz alternatives for non-drinkers/ drivers/social inclusivity.

Occasion expansion is powerful because it increases frequency of consumption and penetration of contexts. If the same consumer could have an Aperol moment not just once after work but again at brunch, at home, on holiday, the brand’s share of occasion rises. For profitability, this means incremental volume against existing infrastructure, higher utilisation of capacity, and improved return on marketing investment. From value-creation perspective, building the brand into “the social sip of multiple moments” enhances brand equity and resilience.

Lifestyle ecosystems and brand experience

Fourth, going beyond bottle to experience offers a premium layer of value creation—turning Aperol into more than a product, but a lifestyle ecosystem. Brands such as Fever‑Tree (premium mixers), Red Bull (energy lifestyle) and even hospitality offshoots (e.g., branded cafés, bars) show how brand can move into service and space.

For Aperol, this might mean:

• Branded Aperol Spritz Bars in major global cities (London, New York, Shanghai, Sydney) with signature décor, Spritz flight menus, curated music, perhaps even sunset-only opening hours. This builds brand visibility and premium feel.

• Pop-up activations: rooftop terrace events, beach clubs, festival lounges targeting the social-media generation.

• Branded glassware and home accessories: limited-edition glass sets, ice buckets, portable cooler bags, all reinforcing the ritual.

• Partnerships with hotel rooftop bars, cruise lines, airline lounges—places where lifestyle meets affordably premium.

While this is more capex-intensive (or partner-intensive) than a pure-product play, it carries brand-equity upside. A stronger lifestyle brand commands premium pricing, better margins, and is more insulated from commoditisation. It also helps protect against dilution from competitive “spritz” knock-offs by embedding the brand into place and experience.

Channel and value-chain control

Finally, an often-overlooked dimension: capturing more of the spritz value chain. As mentioned, Aperol is the aperitif component—but the spritz serve also relies on sparkling wine and soda. Campari may look to secure more control of these adjacent elements. Possible steps: co-brand or partner with a premium sparkling wine (prosecco or equivalent) under the Aperol banner; create pre-mixed bottles where Aperol is blended with sparkling wine and soda; create experiential kits that include all components and branded service.

This move would allow Campari to capture more margin, improve reliability of consumer experience, reduce reliance on third-party sparkling wine performance, and fortify the brand’s proprietary position in the spritz habit. The trade-off is complexity—wine is a different business, distribution varies, margins may differ—but the upside is strong if managed carefully.

Which opportunity is the most significant financially?

Given all the above, where lies the most significant financial opportunity for Aperol and Campari Group? What will drive the largest incremental sales growth, margin expansion, and value creation?

Although each of these levers is important, the occasional expansion combined with format innovation emerges as the biggest prize. Here’s why:

• Occasion expansion broadens the frequency of consumption and lifts utilisation of existing brand equity and infrastructure. For example, convincing consumers to drink Aperol not just at pre-dinner but at brunch, poolside, or at home means more servings per person per year. It leans on the brand’s already-strong identity but stretches it into adjacent moments.

• Format innovation enables channel expansion (RTD, home kits, low/zero-alcohol variants) which opens incremental volume in off-trade, outdoor/leisure settings, and reaches consumers who may never go to the bar. Off-trade margins can be higher (or at least stable), and home consumption is a rising trend globally.

• Combined, these two levers allow expansion without the full cost and complexity of geographic frontier expansion or owning hospitality venues. They have shorter lead-times, can be scaled relatively quickly, and leverage current consumer behavioural shifts.

Moreover, from a profitability standpoint: once marketing infrastructure and brand equity are in place, additional formats and occasions tend to provide incremental margin more quickly than opening new countries (which require high distribution/education costs) or opening branded venues (which require capex and operational risk). In other words: frequency + new formats = margin leverage.

From a value-creation perspective: the brand becomes more resilient, less tied to one moment (the pre-dinner drink) or one geography (Europe), more relevant to multiple consumer moments, and thus commands higher brand equity. That in turn justifies premium pricing, stronger margin, and greater sustainability of growth—transforming Aperol from a “single-serve icon” into a “global lifestyle brand”.

Therefore my recommendation is: Campari must prioritise the occasion × format axis as the fastest, highest-leverage growth pathway for Aperol. Other levers (geography, service ecosystems, value-chain control) should run in parallel, but the immediate focus and investment should target capturing more drinking occasions and developing new formats that allow the consumer to integrate Aperol into more moments, more channels, more frequently.

Potential roadmap for growth

To operationalise this, here is a five-year strategic roadmap for Aperol, emphasising milestones, investment focus, and expected financial outcomes.

Year 1–2 (Short-Term):

• Launch a premium RTD Aperol Spritz can/bottle in priority markets (UK, US, Australia) with high visibility support.

• Release a limited-edition flavour variant (e.g., “Aperol Citrus Twist”) in summer season, with bar activations and influencer campaigns.

• Run the “Spritz Brunch” campaign across major cities (London, Milan, Sydney) to establish Aperol as the brunch-day social sip.

• Develop and launch a home-entertaining kit (Aperol bottle + branded glass + garnish + instructions) for travel-retail and premium supermarkets.

• Audit on-trade execution standards globally: ensure glassware, ratio, garnish, ice quality to protect brand experience.

Year 3–4 (Medium-Term):

• Introduce a “Aperol Light” (approx. 6 % ABV) and test a “Aperol 0.0” non-alcoholic version in select markets with strong moderation trends (Nordics, Australia).

• Expand RTD footprint into leisure occasions (festivals, beach bars, rooftop events) and seasonal variants (holiday edition, winter spiced).

• Establish two flagship Aperol Spritz Bars—one in Asia (e.g., Singapore or Shanghai) and one in North America (e.g., Miami or LA)—as experiential anchors.

• Explore co-branded sparkling wine or “Aperol Spritz Prosecco” kit in one market (e.g., UK) to pilot value-chain extension.

• Expand “Spritz at Home” e-commerce and DTC bundles, coupled with digital community building (social content, user-generated serve ideas, home-entertaining clubs).

Year 5 (Longer-Term):

• Scale geographical frontier markets (Asia-Pacific, Latin America) with tailored Aperol moment activations—local flavour variants, tropical serve adaptation, local on-trade partnerships.

• Launch global “Spritz Hour” partnership with major hotel brands or bar chains, embedding Aperol into global hospitality systems.

• Review and scale value-chain integration globally if pilot succeeds: co-brand sparkling wine, streamlined supply chain.

• Refresh brand visual identity subtly if needed, and launch new “Aperol lifestyle” merchandise line (glasses, chic bags, limited-edition bottles) to deepen premium credentials.

Expected financial outcomes

By focusing on occasion × format, Campari can target incremental volume growth of say 8–10 % per annum for Aperol globally, even as some European growth moderates. Off-trade and home consumption channels may yield higher margin than traditional on-trade. If the RTD, low-ABV and home kits become 20-30 % of Aperol’s volume by Year 5, margin expansion becomes significant. With production capacity already being expanded (100 million bottle units via Novi Ligure plant upgrade), the infrastructure is in place to support higher volume without proportional cost increases—which drives operating leverage and incremental profit uplift.

As Aperol’s volume grows, the brand’s share of total Campari revenues increases, thus raising Campari’s group profitability. Given Aperol is one of the higher margin brands within the portfolio, its growth disproportionately benefits group margin and return on invested capital. From a value-creation lens, a resilient, multi-occasion, multi-format global Aperol brand commands higher brand equity, which supports premium pricing, protects margin erosion, and offers a buffer against competitive encroachment.

Risks and mitigation

Of course, ambitious though it is, this strategy has its risks. It’s worth flagging them along with mitigation approaches.

• Brand dilution risk: If Aperol spreads across too many occasions, formats or variants, it may lose its “signature moment” status. Mitigation: maintain the original “Classico Spritz” as anchor, limit number of variants per year (2–3 max), and ensure every new launch connects back to Aperol’s brand essence (Italian aperitivo, conviviality, orange glow).

• Cannibalisation risk: The new formats (RTD, home kits, low-ABV) may cannibalise classic bottle sales. Mitigation: price differentiation, channel segmentation (e.g., RTD in off-trade, variants in speciality retail, classic serve in on-trade), and clear messaging about how formats differ.

• Operational complexity: New formats, new occasions, new geographies all increase complexity in production, logistics, marketing. Mitigation: Use phased implementation, focus on priority markets first, partner with experienced distributors, and capitalise on scalable marketing templates.

• Competitive encroachment: As “spritz” becomes a category, other brands will launch competing flavours, cheaper serves, or local variants. Mitigation: Campari must defend Aperol through brand experience, premiumisation, and by remaining first-mover in innovations (RTD, low-ABV, occasion expansion).

• Macro headwinds: Global economic slowdown, regulatory changes (alcohol taxes, trade tariffs), moderation trends. Mitigation: The low-ABV strategy helps; geographic diversification reduces dependence on any one market; operational discipline protects margin.

Orange Glow

In the pantheon of beverage brands, Aperol occupies a rare space. It is both a distinctive product and a cultural symbol—the Spritz glass with its orange glow, the terrace at sunset, the convivial moment when life turns from day to night. For the Campari Group, Aperol is not just another brand—it is the engine of growth, the largest contributor to revenue, and the premium asset around which much of the company’s future value is built.

Yet, size brings its own challenge. The “easy” growth story—just sell more Spritzes in more bars—won’t carry the brand as far as it must go. The world’s drinking occasions are fragmenting, consumer attitudes are shifting, and competition is encroaching. What Aperol needs is to evolve: to become less a niche pre-dinner ritual and more a global, multi-occasion, multi-format lifestyle brand.

In doing so, Campari must focus its efforts where the financial leverage is greatest: expanding occasions and innovating formats. By creating new opportunities to drink Aperol—at brunch, at home, poolside, in cans, as low-ABV variants—the brand can increase frequency and channel breadth, capture higher margin formats, and deepen its lifestyle credentials. Geographical expansion, experience venues and value-chain integration are important second levers but should support—not overshadow—the core priority of spectrum expansion.

If the roadmap is followed, Aperol can continue to grow at double-digit rates globally, shift more volume into higher-margin formats, and become less dependent on any one serve or market. The profitability uplift will come from incremental volume over existing capacity (thanks to production expansion), superior margins in new formats, and the premium brand positioning that supports higher pricing and resilience. In turn, the Campari Group’s overall margin and return on investment will improve, underpinned by the strongest brand in the portfolio.

Aperol has earned its iconic status. Now it must earn its future status. If Campari executes the strategy with boldness, clarity and discipline, Aperol will not just remain a “Spritz brand” but become the globally dominant brand of social sipping—a brand built for many moments, many occasions, many geographies, not just one. The financial prize is significant—and it awaits.

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