Recent news from abroad has it that Eataly has had a change of ownership. Investindustrial, headed up by Andrea Bonomi, has acquired 52% (majority) share for about $200 million. Not a ridiculous amount for a concept that started almost 20 years ago.
Now, according to the website, Grocery Dive, Eataly is in “more than 40 locations in 15 countries including eight flagship stores in North America and 16 franchise stores across Europe, the Middle East and Asia.” Quite a jump from their initial shop in Northern Italy.
$200 million seems like a small amount for 40 locations. I wonder how much debt the original company might have piled up. Was that debt erased? Who, if anyone, walked away with millions? What changes will come about? Expect more expansion, and expect the Bastianich family will sell their shares, as part of the deal (as per The Financial Times).


We get there in time for a round of sparkling rose wine from the Veneto, all the rage now that they have saturated the market with Prosecco. I brought a bottle of Gruner just to be a contrarian. I figured after I blasted it in the last post, and some of the somms were chiding me for hating on the Gruner. Actually I like Gruner. And Zweigelt. But that’s another post.
And the twin vintages of Quintarelli, the ’97 and ’98. Now that was the moment of meditation for me. Everybody loves the ’97, the fruit, the power, the big balls. I get it. Or rather, I don’t get it for me. It was all that and a bag of chips, but the wine of the night, for me, was the 1998 from Quintarelli.
The pace of life after Vinitaly has been brisk. The Italians have been flooding the landscape to work with us in our hand-to-hand combat. Welcome to my weekly round-up. Alfonso has gone from ranting to mommy-blogging today.
Lionello worked one whole week across Texas, week before last. Dinners in Dallas and Houston, showing his Chianti, Morellino and Brunello and telling his riveting rags-to-riches story. Lionello understands American marketing and he is, at 72, one hard working son-of-a-gun. Lufthansa had to create a new category of frequent flier as he smashed all records for accumulating miles. By the way, did you know that Lufthansa frequent flyers can trade miles for wine through
In one of those seemingly all too often après-wine dinner moments at Adelmo’s, Lionello hosted Paul and some of the local guys for a lunch. Adelmo made his famous steak tartare, which went exceedingly well with Lionello’s Morellino di Scansano.
This week wine luminaries were lining up to work like jets at DFW airport. Monday, Seth Allen, the founder of
Paolo
Wednesday Pio Boffa from
Pio spoke to a throng of fans at the
Thursday - Daily-Double.
The lineup of wines was eclectic, from Franciacorta by
One of my favorite gals who I like to talk wine with brought her beau. I snapped this shot of them and told him not to screw up or he’d be dealing with the Italians if he broke her heart. I think he got the message.
Red wines? Teroldego, Brunello, Barolo and Amarone, followed by a late harvest Moscato from Sicily. We ran out of wine, sold so much Mike Di Carlo ran out of register tape. More good times!
Guy and Paul, now here are two fellows I’d like to have with me in the dark alleys of life. Nobody’s gonna mess with these boyz. That night we broke records for wine sales, as Jimmy’s is a retail store and we made everybody a deal they couldn't refuse.
August 10, 2008
But does it really matter? We have countries going to war with each other, does it really mean anything if some poor slug in a bedroom community spends a little more than he should for a bottle of wine? So he pays $20 more than he should. He drives 30 miles less than he would if he drove into town with his gas-hog SUV, which gets 12mpg. Which works out, at $4 a gallon, to saving him about $10 in gas. And then there’s the time factor. So when countries across the planet are sending their citizens out and away from targeted urban areas to escape destruction of life, it really isn’t that big of a deal.
I mention this to a friend and colleague, who is also a mid-level manager. Forget about talking to the bar manager about this; they do not want to hear about anything that has to do with them making lesser margins, in percentage points. Bean counters don't want to hear it. Forget about the argument that you take dollars to the bank, not percentages. Forget the concept of getting good press for marking up your wine and then having the word spread. Forget about taking more money to the bank. And then folk wonder why so many places across the country are closing? Ask Charles Darwin.
The feel good part to this story? When you go to Italy and buy that same bottle of wine in a trattoria, you’ll probably pay somewhere around €12, which is under $20. See, the dollar doesn’t really suck as bad in Italy as it does in the US. And you’ll probably get charged somewhere around €50 (US $75) for dinner for two. So you get out for under $100. In a similar situation in Anytown, USA with the wine costing $66 and two people eating for around $50 each plus tip, you’re looking at almost $200. And the food will probably better fresher, simpler and better at the place in Italy. Now doesn’t that make you feel better?
It almost makes taking a vacation a cheaper thing to do than to just stay home. But then, home is where the work is, and the family, the life, etc.
And when another Italian restaurant closes in my town, I will not mourn its loss. All the more if they never listened to me about which wines to use and whether or not to employ fair pricing. Natural selection, the survival of the fittest.


