Covid slows down the Rigamonti bresaola race
The company closes 2020 with a turnover of 122 million euros
In the annus horribilis for the bresaola sector, characterized by an ongoing pandemic and by increases in the price of raw materials, Rigamonti closes 2020 with 122 million euros of net turnover. The managing director, Claudio Palladi, provides the balance sheet of the mountain company in Valtellina. “As with many agri-food sectors, 2020 was a complex year. The first six months of the year presented important critical issues for the dynamics triggered by Covid, including the shift in demand towards cheaper cured meats and trays, while 60% of the bresaola market is represented by the cutting counter. After a first quarter in parity, in April we touched -40% in volume, ending the first half with a cumulative loss of 12%. The recovery began in mid-June. We returned to growth thanks to a return to normality in consumption but above all thanks to aggressive promotional actions, shared with the large-scale distribution, to re-loyal consumers towards the cutting counter. At the same time, we aimed to increase the production of cold cuts, which are increasingly in demand by consumers. These operations have allowed us to minimize the damage and close 2020 with a production of 7,700 tons, for a decrease of 4% in volume. We consider the figure a success, also in relation to the bresaola sector which will ask for 2020 with consumption down by 8% and in general to that of high-end cured meats such as raw ham".
For the company among the leaders of the bresaola, 2020 is the first year with decreasing volumes after four uninterrupted years of growth under the leadership of Palladi. In fact, from 2016 to 2019, the company had recorded a 32% jump in value, going from 92 to 122 million euros in net turnover. “Let's see the glass half full. Covid has only slowed down our plans. Our desire to expand production and ride this year's positive trends remains firm. The sliced meats segment, for example, recorded a 15% jump in volume, with interesting performances for Bresaola della Valtellina Igp, in the order of + 10%”. Among the best performing products are carpaccio of bresaola (+ 40%), 100% Italian bresaola (+ 20%) and black angus bresaola (+ 15%).
Meanwhile, the Rigamonti Group continues to grow (+ 7% on the 2019 consolidated financial statements). The 2020 turnover of the Group owned by Brazilian giants Jbs, stands at 135 million Euros, due to the acquisition in October 2019 of Brianza Salumi, a company specializing in organic cured meats. “This year we have reached very interesting volumes for organic which has registered an increase of 20%. Exports went less well, a key asset of the company which accounts for 40% of the turnover of Brianza Salumi, and which inevitably suffered from the elimination of the food service channel. We expect to be able to return to growth soon on foreign markets, our goal is an annual increase of around 20% for the next five years”, concludes Palladi.
EFA News - European Food Agency