Coricelli's challenges to defend oil made in Italy
Circular economy, blockchain, new contracts with farmers: the Spoleto-based company's challenges
When it comes to made in Italy Chiara Coricelli, ceo of Umbrian Pietro Coricelli, has nothing to learn. Her oil empire is one of the strongest brands not only in Italy. The family business has been based in Spoleto since 1939 and is one of the best-known oil companies in Europe and one of the most widely distributed Italian brands in the world with 110 countries on the export list. The taste for challenges of the ceo, who has taken the helm of the company since 2018, leads it to relaunch on sustainable oil: new suppliers and investments. Even on avocado oil.
In an interview with CorrierEconomia, Coricelli explains, "we have diversified by focusing on fine oils, such as grapeseed oil, coconut oil, and avocado oil in which we have invested with a circular economy project". The company collects surplus avocado fruit food from wholesalers, retail chains and retailers, from which it makes raw avocado oil that is then refined for food use while the waste is reused for biogas production.
That's not all because, faced with difficult campaigns like the last ones, the company has turned decisively toward 100% Italian oil. "We have acquired new suppliers -underlines Chiara Coricelli- increased volumes, rebalanced our presence in large-scale distribution, also with investments in advertising for a segment in which we are present with three different references in terms of positioning".
More expensive than other extravergines, 100% Italian is a product with "strong identity," the ceo emphasizes. "Once tried -she says- it is difficult to leave it and, in addition, it discounts less the inflation effect than EU extra virgin. This year we are the market leader in 100% Italian oil with a 35.6% growth, an achievement we are proud of. To those who tell me it costs more, I reply that certified Italian oil is a sustainable choice and a long-term investment on the whole supply chain and our producers".
Among the new challenges taken up by Coricelli is that of the first integrated Esg report, drawn up on the basis of the Iirc (International integrated reporting council) guidelines, which also provides dual materiality analysis: that is, it takes into account the impact on the environment but also on people generated by the company's activities and those of the supply chain.
The sustainability report also explains, in part, the 2022 results, which report revenues up 49% on 2021 to 244 million dfi Euros, thanks to an increase in sales volumes from 44.5 million liters in 2021 to 56.6 million in 2022 and a 50% growth in the economic value distributed by Sustainable Oil Supply Chain, which Coricelli is betting on from 2019. "From the first product line tracked Casa Coricelli we then certified another one with blockchain, while in 2021 the first supply chain contract for 100% made in Italy oil was signed with three Apulian producers".
The contract is three years, for two million kilos, and aims to protect and enhance Italian extra virgin olive oil and reward the work of farmers. "We guarantee an additional premium with the idea that this will be reinvested to redo the mill or improve the quality of the product -Coricelli explains-. In the long run, these investments help prevent plantation obsolescence, ensure continuity of production, and can act as a curb on field abandonment".
EFA News - European Food Agency