A Vote for Women in Leadership
Illycaffé revenues rise 15% despite operating costs increasing.
Cristina Scocchia took over on the role of CEO for Illycaffé in January 2022 and she has faced tremendous challenges. Starting in a leadership role on the tale end of a global pandemic which created labor issues, supply chain issues and more recently the added pressure of inflation. Despite these major hurdles Ms. Scocchia has lead this company to an increase in sales and production.
The company said total revenues rose 15%, led by a 39% increase in café and restaurant trade. Additionally, retail channel sales grew 5% compared to the same period in 2021, while revenues in the online channel rose 8%.
The Milan-based coffee roaster also cited growth in its key US market, where revenues grew 32% following positive performances across all distribution channels and the favourable impact of the dollar.
Revenues in China, illycaffé’s second growth market after the US, increased 22%.
Despite strong revenue growth, illycaffé warned that strong pressures remain on its profit margins amid the increasing cost of raw materials and logistics, which grew by nearly 20% compared to last year.
In October 2022, illycaffé announced a €500,000 ($488,000) welfare bonus to be shared across its 1,350 employees globally to help staff grapple with the rising cost of living. ......