| Italy

illycaffè’s profits rise following strong 2023 online sales

The Trieste-based coffee roaster credited enhanced operational efficiency and strong e-commerce revenues across the US, Italy and China as driving 67% net profit growth

illycaffè’s headquarters in Trieste, Italy | Photo credit: illycaffè


Italian coffee roaster illycaffè overcame challenging macroeconomic headwinds in 2023 to achieve a year of ‘record’ EBITDA and net profit growth.

Trieste-based illycaffè achieved 6% year-on-year sales growth to reach €595.1m ($645.8m) in the 12 months ending 31 December 2023, with growth noted across its key US, Italy and China growth markets. 

Online sales significantly contributed to a 15% revenue increase in the US, with digital channels also driving sales across Italy and China. 

Revenue growth and enhanced operational efficiency led to 18% year-on-year EBITDA growth, which reached €92.8m ($100.7m), while group net profit rose 67% to €23.7m ($25.7m). 

“2023 represents another year of record growth for illycaffè, with double-digit increase in EBITDA and net profit, despite the continuation of challenging macroeconomic conditions. We are highly pleased that our strategic direction is yielding the expected results in terms of sustainable and profitable growth,” said Cristina Scocchia, CEO, illycaffè. 

Founded in 1933, illycaffè is one of the world’s most prominent coffee roasters with distribution to horeca business in over 140 markets globally. The business also operates 160 cafés globally, with a strong presence in Italy, the US, China and South Korea. 

To support future development plans, illycaffè is investing €120m ($130.2m) to double capacity of its Trieste production site. 

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