WineCouture International Edition 2

international edition
THE FUTURE IS
ALREADY FERMENTING
How Italian wine is preparing for what comes next

04 The Wine Industry's New Equation:
OIV’s 2025 report
A Time for Choices
There are moments when strength
is measured not by growth, but
by the ability to confront reality.
Italian wine finds itself at one of
those moments.
Geopolitical uncertainty is reshaping global
trade, consumption is slowing across
mature markets, inventories are rising and
export momentum has weakened. Yet the
most interesting signal emerging from
Italy today is not concern. It is reaction.
The measures recently approved by
Unione Italiana Vini, aimed at rebalancing
production and demand, reveal a
sector increasingly aware that growth
can no longer be taken for granted. The
conversation is shifting from producing
more to producing better, managing
supply more responsibly and aligning
vineyards with the realities of tomorrow’s
markets. What makes this phase significant
is the willingness to think beyond
the next harvest. Alongside immediate
measures, the industry is beginning to
discuss a long-term strategy capable of
addressing demographic shifts, changing
consumption habits and geopolitical
instability—factors that are no longer
temporary disruptions but structural realities.
Across the country, this evolution
is already visible. Producers are investing
in hospitality, premiumization, territorial
identity, sustainability and innovation.
They are exploring new formats, new
narratives and new ways of creating value.
Heritage remains one of Italian wine’s
greatest assets, but adaptation has become
equally essential. This second digital issue
of WineCouture International Edition
is born within that context. Following
the remarkable success of our debut issue
at Wine Paris earlier this year, we return
12 Lambrusco Beyond the Stereotype
with a new collection of stories that seeks
to capture not only what Italian wine is
today, but where it is heading. The response
from producers, importers and readers
around the world confirmed something
we have always believed: international
markets are looking not simply for wines,
but for ideas, vision and perspective. That
is why this journey continues. A third
edition will follow in November, while
our next appointment with Wine Paris
is already set for 2027. The challenges
facing the sector are real. But so is the
determination to address them. If there
is one lesson emerging from Italian wine
today, it is that resilience is not about
resisting change. It is about anticipating
it. And perhaps that is what the best wines
have always taught us: every vintage is
different, but the future belongs to those
capable of reading it before everyone else.
14 Conegliano Valdobbiadene Prosecco
Superiore DOCG in Motion
22 Asti DOCG Bets on Rosé
23 Italy's White Wine Paradox
28 Pasqua and Charles Smith Rewrite
Pinot Noir's Rulebook
WINECOUTURE INTERNATIONAL EDITION
Supplemento Digitale a WINECOUTURE
Anno 7 | Giugno - Luglio 2026
Registrazione al Tribunale di Milano n.12
del 21 Gennaio 2020
Direttore Responsabile: Riccardo Colletti
Art direction Inventium s.r.l.
Publishing company: Nelson Srl
Viale Murillo, 3 - 20149 Milan - ITALY
Info and more
e-mail: info@nelsonsrl.com
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Photo credit: Unsplash (aa.vv)
2

Nove.
wine, enjoyed the light way
CAMPAIGN FINANCED
ACCORDING TO EU REG. N. 2021/2115

The Wine Industry's
New Equation
OIV’s 2025 report reveals a sector no longer in decline,
but in transition
The global wine industry is not
standing still. It is being redrawn.
According to the latest State of the
World Wine Sector in 2025 released
by the OIV (International Organisation
of Vine and Wine), the wine world has en-
tered a phase of profound recalibration. Vineyard
area continues to shrink, production
remains below historical norms, consumption
has fallen to its lowest level since 1957
and international trade is struggling against a
backdrop of tariffs, geopolitical uncertainty
and fragile consumer demand. Yet beneath
these apparently negative indicators, a different
story is emerging: one of adaptation,
structural adjustment and the search for a
new equilibrium between supply and demand.
The numbers confirm that the wine
sector is no longer navigating a cyclical
downturn. It is confronting a transformation
that reaches across production, consumption
and trade simultaneously.
A Market Defined by Adaptation
“The wine sector has adapted to climatic,
economic and social challenges over recent
years,” said OIV Director General John Barker.
“In 2025, trade tensions linked to tariff
policies have added another layer of external
pressure for producers, exporters and supply-chain
operators.”
The key message emerging from the OIV
report is that wine is no longer operating under
the assumptions that defined the sector
for decades. Consumer demographics are
4

changing. Mature markets are ageing. Younger
generations are engaging differently with
alcohol. Climate volatility is increasing. Economic
uncertainty is reshaping purchasing
behaviour.
The new normal rests on the convergence of
three forces: climate change, demographic
evolution and economic pressure. Together,
they are redefining how wine is produced,
traded and consumed around the world.
Yet the report also highlights the resilience of
the sector. “Overall, the sector is demonstrating
resilience, both in finding new market
opportunities and in adjusting production
capacity in line with demand,” Barker added.
“Trade and product value remain solid, and
recent bilateral and multilateral trade agreements
will help create positive conditions for
evolving markets.”
The Global Vineyard Continues to
Contract
The world’s vineyard area fell to 7 million
hectares in 2025, down 0.8% from the previous
year and marking the sixth consecutive
annual decline. Global vineyard surface is
now approximately 9% smaller than it was
in 2000. The European Union still accounts
for 45% of the world’s vineyards, while the
Southern Hemisphere represents 12%.
Spain remains the world leader in vineyard
area with 919,000 hectares, followed by
France, China, Italy and the United States.
France experienced one of the most significant
contractions, with vineyard area falling
by 4.4%, equivalent to roughly 34,000 hectares.
Italy’s decline was far more limited, at
just 0.3%, leaving the country with approximately
726,000 hectares under vine.
The figures point to an increasingly deliberate
adjustment of productive capacity, as
producers seek to align supply with a market
that is no longer expanding automatically.
Production Remains
Historically Low
Global wine production reached an estimated
227 million hectolitres in 2025. Although
marginally above the historic low
recorded in 2024, it remains 9.4% below the
five-year average.
This marks the third consecutive year of
reduced output. Extreme weather events—
including spring frosts, droughts, excessive
rainfall and heatwaves—continued to affect
wine regions across both hemispheres. Yet
climate alone does not explain the lower
volumes. In several countries, reduced production
also reflected conscious decisions
to manage inventories and respond to softer
demand.
Italy maintained its position as the world’s
largest producer with 44.4 million hectolitres,
ahead of France at 36.1 million and
Spain at 28.7 million hectolitres. The United
States produced 20 million hectolitres, down
5.3% year-on-year and more than 16% below
its five-year average.
Italy’s performance offers a particularly revealing
case study. While favourable weather
conditions supported production, growth
was concentrated in southern regions and
supported by modest gains in the north. In several
denominations, yields were intentionally
limited to address still-elevated stock levels.
The implication is significant. The challenge
facing producers is no longer simply to produce
more wine, but to produce wine in line
with a market whose growth trajectory has
fundamentally changed.
Consumption Falls to Its Lowest
Level Since 1957
If production reflects adaptation, consumption
reflects the scale of the challenge.
Global wine consumption is estimated at
208 million hectolitres in 2025, down 2.7%
compared with 2024 and the lowest level
recorded since 1957. Since 2018, worldwide
wine consumption has declined by approximately
14%. The OIV attributes this trend to
a combination of structural shifts in mature
markets, changing social habits, generational
5

evolution and pressure on disposable income.
In 2025, nine of the world’s ten largest
wine markets registered declines.
The United States remained the largest
wine-consuming country at 31.9 million
hectolitres, despite a 4.3% contraction.
France, Italy, Germany and the United
Kingdom followed.
Italy, now the world’s third-largest wine market,
recorded a particularly significant decline
of 9.4%, returning to pre-pandemic consumption
levels at 20.2 million hectolitres.
The challenge extends beyond economics.
Younger consumers are drinking differently,
exploring a wider range of beverage
categories and placing greater emphasis on
moderation, occasion and lifestyle. Wine is
no longer competing solely against beer and
spirits; it is competing against entirely new
consumption models. The question is increasingly
cultural rather than commercial: how
can wine remain relevant in a world where
consumers attach different meanings to the
act of drinking?
China’s Structural Shift Reshapes
Global Demand
Few markets illustrate the new reality more
clearly than China. Over recent years, Chinese
wine consumption has steadily contracted,
losing roughly two million hectolitres
annually compared with previous levels.
What was once a market driven by status,
gifting and corporate consumption has evolved
into a more fragmented and individualised
environment.
Domestic production has also continued
to decline from the peaks achieved during
the previous decade. Given China’s former
role as one of the principal engines of global
wine growth, its slowdown has become one
of the defining factors behind the current
market landscape.
New Growth Markets Emerge
Despite the broader contraction, several
markets have moved against the trend. Portugal
reached a record consumption level of
5.6 million hectolitres in 2025, up 5.6% year-on-year.
Romania, Japan and Brazil also
recorded positive performances.
Brazil proved particularly noteworthy. Consumption
climbed to 4.4 million hectolitres,
an increase of 41.9% compared with 2024
and almost 20% above its five-year average.
Elsewhere, Georgia recorded one of the
largest harvests of the past three decades,
while New Zealand achieved its second-largest
vintage on record, supported by strong
export growth.
These developments underline an important
reality: while overall consumption is falling,
the geography of wine is continuing to evolve.
International Trade Loses
Momentum
Global wine exports fell to 94.8 million hectolitres
in 2025, down 4.7%, while export value
declined 6.7% to €33.8 billion.
Weaker demand, tariff uncertainty in the
United States, currency fluctuations and
a more complex commercial environment
all contributed to the slowdown. Yet the level
of internationalisation remains remarkable.
Today, 46% of all wine consumed
globally is imported, confirming wine’s
status as one of the world’s most globalised
6
agricultural sectors.
Italy remained the leading exporter by volume,
shipping 21 million hectolitres, ahead
of Spain and France. France retained
leadership in value terms with €11.2 billion
in exports, followed by Italy at €7.8 billion
and Spain at €3 billion.
The United States continued to represent
the most important export destination by
value for Italian wine, generating €1.7 billion
despite a decline of 9.1%, partly linked
to tariff impacts during the second half of
the year.
A Fragile but Functional Balance
Perhaps the most revealing aspect of the
OIV report lies in the relationship between
production and consumption. Global production
reached 227 million hectolitres,
while consumption stood at 208 million. On
the surface, this suggests a surplus of nearly
19 million hectolitres. Yet the OIV reminds
the market that around 30 million hectolitres
annually are diverted to industrial uses,
including distillation, vinegar production
and wine-based products. Viewed through
this lens, the third consecutive year of low
production has helped prevent a significant
stock build-up despite weaker demand.
This may ultimately define the emerging reality
of the wine sector. Lower production
does not necessarily signal scarcity. Instead,
it is increasingly becoming a mechanism for
maintaining balance in a market where consumption
is more selective, less predictable
and harder to capture.
The OIV’s 2025 report leaves little doubt:
wine has entered an era in which climate,
trade, consumption, inventories and pricing
can no longer be analysed separately.
They have become part of the same equation.
The question is no longer whether
the industry will return to growth. The
question is what form the next equilibrium
between production, consumption and value
will take in a world that drinks less, chooses
differently and increasingly rewards
identity over volume.

7

Italy's Wine Industry Enters
Its Reckoning
A sector in transition as weaker demand, tighter margins and shifting
consumption redefine Italian wine
For decades, Italian wine benefited
from a rare combination of strengths:
rising international demand,
expanding exports, growing premiumisation
and a production system capable
of transforming territorial identity
into economic value. In 2025, however, the
equation became more complex. The latest
Mediobanca report on the Italian wine industry
paints the picture of a sector that
remains fundamentally solid but is increasingly
navigating structural rather than
cyclical challenges. Consumption is weakening,
margins are under pressure, inventories
remain elevated and international
markets have become less predictable. Yet
the report also suggests that the industry
is not entering a phase of decline. Instead,
it is being pushed toward a new operating
model in which scale, positioning, managerial
efficiency and market diversification
become more decisive than ever.
A Leader in Production, Facing a
New Demand Reality
The global backdrop helps explain the shift.
Worldwide wine production reached
227 million hectolitres in 2025, while
consumption fell to 208 million hectoli-
tres, down 2.7% year-on-year. Within this
context, Italy retained its position as the
world’s leading producer with 44.4 million
hectolitres, accounting for nearly one-fifth
of global output. Yet domestic consumption
has followed a different trajectory, declining
by 9.4% over recent years. The gap
between production capacity and market
demand has become one of the defining
characteristics of the current landscape.
Wine remains economically relevant
8
and culturally significant, but the ways in
which consumers purchase, consume and
value wine are changing rapidly. This evolution
was reflected directly in commercial
performance. Italian wine sales declined by
2.8% in 2025 compared with the previous
year. International markets proved even
weaker than the domestic market, with
exports contracting by 3.4% against a 2.2%
decline in Italy. The United States registered
the most significant slowdown, with
sales falling 6.3%, while major European
destinations also recorded negative trends.
Sparkling wines continued to outperform
still wines, confirming the resilience of
categories supported by strong consumer
recognition and clear positioning.
From Volume Growth to Consumer
Selectivity
Perhaps the most revealing finding of the
report concerns producer sentiment. Eighty
percent of Italian wine companies reported
a decline in consumption over the
past five years, while roughly two-thirds
expect the trend to continue.
This perception points to a structural
transformation rather than a temporary
market correction. Consumers are drin-

king less frequently, making more selective
purchasing decisions and increasingly
concentrating spending on fewer occasions.
Wine is gradually shifting from an
everyday product toward a more intentional
experience.
The consequences extend well beyond sales
volumes. They affect pricing, portfolio
management and the way producers communicate
value. In a more selective market,
quality alone is no longer sufficient.
Relevance, differentiation and positioning
have become equally important competitive
assets.
The Margin Challenge
If declining demand represents the sector’s
most visible challenge, profitability
may be the most urgent one.
The report highlights a 7.5% decline in net
profit, significantly steeper than the 2.8%
reduction in revenue. The disparity reveals
a sector struggling to absorb rising costs
while maintaining pricing power.
As Unione Italiana Vini President Lamberto
Frescobaldi noted: “The 7.5% decline
in net profit recorded over the past year,
significantly steeper than the 2.8% contraction
in revenues, highlights a strong
compression of margins and a cost structure
that remains insufficiently flexible”.
The statement captures a broader concern.
Many Italian wine businesses continue to
operate within production models characterised
by relatively rigid cost structures,
limiting their ability to react quickly to
changing market conditions.
Pressure is particularly visible in the bulk
wine segment, where average prices fell to
€1.30 per litre, down 7% year-on-year and
among the lowest levels recorded in recent
years. Elevated inventory levels and slower
demand have intensified downward pressure
on pricing, raising concerns that value
erosion could eventually extend beyond
commodity categories.
Frescobaldi expressed the risk clearly:
“Today, with excess supply and high inventory
levels, the greatest risk is the devaluation
of our wines—a process that is already
affecting even quality productions”.
The issue is no longer simply one of volume
management. It is increasingly about
protecting value throughout the supply
chain. The slowdown, moreover, is not
confined to exports. Across distribution
channels, the report points to a broad-based
weakening of demand, confirming that
9
the challenge facing Italian wine extends
well beyond international markets.
The Rise of the Large Players
The changing environment is also reshaping
competitive dynamics among Italy’s
leading wine companies. According to
Mediobanca’s analysis of 255 major wine
businesses representing more than €12 billion
in aggregate revenues, scale continues
to matter. Cantine Riunite & CIV–GIV
remained Italy’s largest wine group with
revenues of €635.1 million despite a 4.6%
decline. Argea consolidated its position as
the second-largest player with €462.9 million
and only a marginal decrease of 0.3%,
while Italian Wine Brands followed with
€395.9 million. Performance varied significantly
across the sector. Antinori, with
revenues of €259.7 million, recorded only
a modest decline of 0.7%, highlighting the
relative stability of premium-focused business
models. Herita Marzotto Wine Estates
showed a similarly contained contraction,
while cooperative and volume-oriented
groups experienced more uneven results.
The differences suggest that size alone is
no longer sufficient. Portfolio composition,
category exposure and market positioning

are becoming increasingly decisive factors
in determining resilience.
Sparkling Wines, Premiumisation
and Regional Value
Among product categories, sparkling wines
continue to demonstrate greater resilience
than the broader market. Sales declined by
just 1.5%, compared with 3.3% for other wine
categories, reinforcing the strategic importance
of Italy’s sparkling segment. Organic wine
reached a 6.2% market share, while no- and
low-alcohol wines remained below 0.5%, indicating
that the category is still at an early stage
of development in Italy. The report also confirms
the continuing importance of geography
in value creation. Veneto remains Italy’s dominant
wine region, accounting for roughly a
quarter of national production and more than
35% of total value and exports. Emilia-Romagna
follows in volume terms, while Piedmont
continues to generate disproportionate value
relative to production. Tuscany maintains the
highest operating margins, while Abruzzo records
the strongest return on invested capital.
These regional differences underline a broader
truth: in contemporary wine markets,
value increasingly depends on positioning
rather than volume.
Toward a More Managerial Wine
Industry
Despite the challenges, investment has not
stopped. Italian wine companies continue
to allocate resources toward production efficiency,
energy management, technology,
marketing and commercial development.
Diversification, expansion into new markets
and greater integration across the supply
chain are emerging as the preferred strategic
responses. At the same time, the industry remains
deeply rooted in its traditional ownership
structure. Family businesses still control
66% of sector capital, rising to 82% when cooperatives
are included. This structure provides
continuity, territorial identity and longterm
vision, but can also limit the speed of
adaptation in a rapidly evolving marketplace.
The conclusion drawn by Frescobaldi captures
the challenge ahead: “We are being
called upon to respond with a wine business
that is more managerial and more rational”.
That statement may ultimately define the
next chapter of Italian wine. The future will
not be determined solely by quality, heritage
or production capacity. It will depend on
the industry’s ability to manage complexity,
protect value and adapt to a market that is
becoming more selective, more fragmented
and less forgiving. In that sense, 2025 may
be remembered not as a difficult year, but as
the moment Italian wine began its transition
from a growth model built on expansion to
one built on discipline.
10

Lambrusco Beyond
the Stereotype
The many colours of Italy’s most distinctive
sparkling red
Few wines have managed to embody Italian conviviality quite
like Lambrusco. Sparkling yet red, deeply rooted in tradition
yet remarkably contemporary, it remains one of the most
distinctive expressions in the global wine landscape. More
than fifty years after the first DOC recognitions, Lambrusco continues
to stand apart as a category that defies convention—and one
that helped pioneer the international success of Italian wine exports.
Yet speaking of Lambrusco in the singular is increasingly misleading.
The reality is far more nuanced. Lambrusco is a family of wines, grape
varieties and production styles that stretches across approximately
10,000 hectares of vineyards between Modena and Reggio Emilia,
within a broader viticultural area covering around 16,600 hectares. It
is a universe of colours, aromas and interpretations, shaped by territory,
biodiversity and evolving consumer tastes.
The Wine of Colours
“Lambrusco is the wine of colours, each one different from the
other,” says Giacomo Savorini, Director of the Consorzio Tutela
Lambrusco. “Around the world it is identified as a dark red sparkling
wine: we need to help consumers understand that there are many
different Lambrusco varieties, with different colours and aromas,
capable of delivering completely different experiences and, thanks
to their versatility and wide range of quality expressions, perfectly
suited to a broad spectrum of cuisines.”
Those colours range from pale pink to ruby and deep purple, often
echoing the red berry aromas that define many Lambrusco styles.
They are the expression of twelve native black grape varieties that
have been cultivated in Emilia-Romagna for centuries, descendants
of the ancient Labrusca Vitis. Sorbara, Grasparossa, Salamino, Mae-
stri, Marani, Montericco, Viadanese and others form the foundation
of a category whose defining characteristic is versatility.
That versatility extends beyond grape varieties. While frizzante
wines still account for more than 95% of production, recent years
have seen the growing success of Charmat-method sparkling wines,
traditional-method bottlings and bottle-refermented expressions,
expanding the stylistic reach of the category.
Six DOCs, Six Distinct Identities
The diversity of Lambrusco finds its clearest expression through six
denominations spread across Modena and Reggio Emilia.
In the Modena area, production traditionally focuses on individual
grape varieties. Lambrusco di Sorbara DOC requires a minimum of
60% Sorbara, while Grasparossa di Castelvetro DOC is based on at
least 85% Grasparossa. Salamino di Santa Croce DOC similarly highlights
its namesake variety.
The Reggio Emilia denominations follow a different philosophy,
relying more frequently on blends. Reggiano DOC and Colli di
Scandiano e di Canossa DOC combine multiple Lambrusco varieties,
creating wines that reflect a broader interpretation of the territory.
Modena DOC itself also embraces a wider varietal spectrum,
bringing together several Lambrusco grapes alongside limited percentages
of complementary varieties.
Together, these denominations illustrate not only the biodiversity
of the Lambrusco family but also the multiple identities that coexist
within a single category.
DOC and IGT: Tradition and Contemporary Expression
The year 2025 marked an important turning point with the entry
12

into force of updated production regulations.
Among the most significant changes is the creation of the Monte Barello
subzone within Lambrusco Grasparossa di Castelvetro DOC.
Located in a predominantly hilly area around Castelvetro, the new
subzone requires lower yields, hand harvesting and the exclusive use
of Lambrusco Grasparossa grapes.
Equally significant is the introduction of white sparkling Lambrusco
di Sorbara DOC, formalising a style that producers had already
been exploring successfully for several years.
While DOC wines remain the historical backbone of the category,
Lambrusco Emilia IGT represents its more contemporary and flexible
expression. In an era increasingly defined by lighter drinking
occasions, lower alcohol and informal consumption, Lambrusco’s
naturally moderate alcohol levels, lively acidity and delicate effervescence
align closely with evolving consumer preferences. Whether
frizzante or fully sparkling, DOC or IGT, Lambrusco continues to
demonstrate an unusual ability to bridge tradition and modernity.
A Sparkling Red Built for the Table
Perhaps nowhere is Lambrusco’s versatility more evident than at
the table.
Sorbara, with its bright rosé colour and delicate floral and fruity
aromas, proves a natural match for classics such as prosciutto and
melon, where its freshness balances both sweetness and richness.
The more structured sparkling expressions of Salamino and Montericco
pair comfortably with contemporary dishes such as avocado
toast, their fruit profile and fine bubbles counterbalancing
creamy textures.
The category’s adaptability extends further still. Poke bowls featuring
raw salmon benefit from Lambrusco’s refreshing effervescence,
while pasta salads, grain dishes, savoury pies, cold omelettes, couscous
and vegetable-based preparations all find an accommodating
partner in the wine’s combination of moderate alcohol, freshness
and gentle savouriness.
This may ultimately explain Lambrusco’s enduring appeal. It is a
wine capable of moving effortlessly between seasons, cuisines and
occasions. More than a sparkling red, it has become a contemporary
expression of a distinctly Emilian philosophy: uncomplicated
pleasure, shared around a table, elevated by authenticity rather
than ceremony.
13

Conegliano Valdobbiadene
Prosecco Superiore DOCG
in Motion
Cartizze, multivintage and new expressions of identity
For years, the success of Conegliano
Valdobbiadene Prosecco Superiore
DOCG was measured primarily
through growth. In 2026, the conversation
has shifted. Across the denomination,
producers are focusing less on expansion and
more on identity, differentiation and stylistic
evolution. The common thread linking
the region’s most significant new projects is
a willingness to challenge conventions while
remaining firmly rooted in one of Italy’s
most distinctive sparkling wine territories.
What emerges is a denomination increasingly
comfortable with experimentation: drier
expressions of Cartizze, multivintage cuvées
and new hospitality-focused initiatives are
all contributing to a broader redefinition of
what Conegliano Valdobbiadene Prosecco
Superiore DOCG can be.
Pierluigi Bolla
Valdo: Celebrating 100 Years While
Looking Ahead
Few milestones better capture the maturity
of the denomination than Valdo’s centenary.
Rather than treating its first hundred
years as a retrospective exercise, the historic
producer used the anniversary to articulate
a vision for the future. The celebrations
highlighted the close relationship between
14

the evolution of Conegliano Valdobbiadene
Prosecco Superiore DOCG and the growth
of the Bolla family business, while also underlining
the company’s continuing commitment
to innovation.
As President Pierluigi Bolla explained: “If I
had to summarise Valdo’s history in a single
definition, I would say: a lively life, the
slogan of a 1990s advertising campaign that
reflects our dynamic, curious philosophy,
always focused on innovation, quality and
the development of tradition while respecting
our land”.
To mark its centenary, the historic Valdobbiadene
producer also unveiled Valdo 100, a
special-edition Conegliano Valdobbiadene
Prosecco Superiore DOCG created from
Glera grown in the Rive of San Pietro di
Barbozza and harvested in 2021. Produced
according to the Italian Method, the wine
spent 44 months ageing on the lees in autoclave
followed by a further four months in
bottle, resulting in one of the longest ageing
periods ever undertaken by the winery for a
Conegliano Valdobbiadene Prosecco Superiore
DOCG. Released in a limited edition
of 3,750 numbered bottles, each presented
in a handcrafted wooden case accompanied
by the company’s history, the cuvée was conceived
as a tribute to the friends, customers
and wine lovers who have accompanied the
brand throughout its first century.
The company’s future strategy extends
beyond traditional production. Recent
initiatives include the acquisition of I Magredi
in Friuli, the development of projects
spanning still wines, Charmat and traditional-method
sparkling wines, and the biodiversity-focused
Vigna Pradase project, the
so-called “Prosecco Library”, a living archive
vineyard dedicated to preserving the genetic
heritage of Glera and the biodiversity
of the Valdobbiadene hills.
Masottina: Exploring the
Multivintage Frontier
If one theme defines 2026 in Conegliano
Valdobbiadene Prosecco Superiore DOCG,
it is the growing interest in multivintage
sparkling wines. Masottina's 80th anniversary
provided the occasion to launch Heritage
Collection, a new platform designed to
explore territories that extend beyond the
traditional boundaries of the denomination
while remaining rooted in the technical and
cultural legacy built by the Dal Bianco family
over eight decades.
Its first release, R.D.O. Multivintage Brut,
may be among the most ambitious projects
currently emerging from the region. Rather
than blending base wines, Masottina chose to
work with already sparkling wines from five
different vintages—2020 through 2024—
each vinified separately and preserved in autoclave,
with the oldest remaining on its lees
for up to 60 months before assembly.
"Multivintage wines are usually created
from a blend of base wines. We did not want
to do that," explains Vice President Federico
Dal Bianco. "We wanted to understand
how the same wine evolved over time while
keeping it separate”.
15
The result is a wine built on stratification rather
than uniformity, where multiple harvests
contribute different layers of complexity
while preserving the recognisable character
of Glera. With a dosage of 9 g/l, R.D.O. Multivintage
Brut occupies a stylistic territory
rarely explored within the category, combining
texture, structure and depth with the
freshness expected from the denomination.
Equally significant is the decision to release
the wine as a VSQ rather than under a
denomination. For Masottina, the choice
reflects a desire to preserve creative
freedom and allow the project to
evolve outside the conventional
framework of vintage-driven
sparkling wines. More than
a commemorative bottling,
R.D.O. Multivintage Brut serves
as the manifesto of Heritage
Collection itself: a statement
that innovation in Conegliano
Valdobbiadene Prosecco Superiore
DOCG can emerge not
only from place, but also from
a different way of thinking
about time.
Bisol1542:
A New Approach
to By-the-Glass
Consumption
At Bisol1542, innovation
takes a different
form. The launch of
the new Cuvée Eroiche
Brut and Extra Dry introduces
two wines created
exclusively for the
HoReCa channel and
specifically designed for

Stefano Gava
by-the-glass consumption.
Produced through a horizontal interpretation
of vintages and vineyard sites across
the DOCG area, the wines seek to combine
freshness, aromatic intensity
and immediate appeal. A portion
of must added before the
second fermentation enhances
fragrance and drinkability, responding
directly to the needs
of contemporary restaurants
and hotels.
The project also reflects the
broader transformation undertaken
by Bisol1542 since
joining the Lunelli Group in
2014. Investments in both
vineyard and winery have
been accompanied by a
growing focus on sustainability,
culminating
in the achievement of
Equalitas certification.
As Matteo Bruno Lunelli,
Chairman of Bisol1542
and CEO of the
Lunelli Group, explains:
“The introduction of
these two new labels represents
a natural evolution
of the growth path
launched in 2014, when
the Lunelli Group acquired
the winery. Since then,
targeted investments and a forward-looking
vision have guided the introduction
of practices and technologies capable of
expressing the quality of our grapes at the
highest level. Today, the Cuvée Eroiche wines
represent the synthesis of that journey
and a concrete response to changing consumption
patterns, offering the HoReCa
channel a distinctive and contemporary bythe-glass
proposition”.
Val d’Oca: Cartizze Goes Extra Brut
Perhaps the clearest stylistic statement of
2026 comes from Val d’Oca. With the launch
of its new Conegliano Valdobbiadene
Prosecco Superiore DOCG Cartizze Extra
Brut, the producer has embraced a radically
different interpretation of the most prestigious
cru of Conegliano Valdobbiadene
Prosecco Superiore DOCG.
Produced from the 2025 harvest in a limited
edition of 3,990 numbered bottles, the
wine contains less than two grams per litre
of residual sugar. The result is a Cartizze
built around precision, minerality and tension
rather than softness and sweetness.
According to General Manager Stefano
Gava, the project represents the culmination
of a process that began in 2019 with
experiments on lower-dosage styles. The
objective is clear: to offer a more contemporary
reading of Cartizze, one capable of
highlighting both varietal purity and territorial
identity. Even the packaging reinforces
this message, incorporating mineral
pigments, natural powders and materials
derived directly from the Cartizze subzone,
transforming the bottle itself into an extension
of the cru.
La Tordera: Cartizze Through Time
Multivintage thinking also lies at the heart
of La Tordera’s most symbolic release
of the year. Presented at Vinitaly 2026, the
Conegliano Valdobbiadene Prosecco Superiore
DOCG Cartizze Brut Multivintage
“85 Vendemmie di Pietro” was created to
honour founder Pietro Vettoretti and his
Matteo Bruno Lunelli
16

eighty-five harvests. Combining
the 2023, 2024 and
2025 vintages, the wine
challenges one of the fundamental
assumptions of
Prosecco production: its
traditional connection to a
single harvest. Instead, La
Tordera uses multiple vintages
to build complexity
and continuity, creating a
Cartizze that seeks depth
as much as freshness.
The project is more
than a commemorative
bottling. It is a
statement about the
ageing and blending
potential of the
most celebrated cru
within Conegliano
Valdobbiadene
Prosecco Superiore
DOCG, positioning
Cartizze within a
broader international
conversation
about premium
sparkling wines.
Col Vetoraz: New Experiences
Around Cartizze
At Col Vetoraz, the emphasis in 2026 has been
on experience and hospitality. During Vinitaly,
the winery used gastronomy to showcase
the versatility of Cartizze, presenting a pairing
created by chef Paolo Speranzon that combined
Venetian sopressa with Asian-inspired influences
through a steamed dumpling served
alongside Conegliano Valdobbiadene Prosecco
Superiore DOCG Superiore di Cartizze.
The initiative reflected a broader ambition:
demonstrating how Conegliano Valdobbiadene
Prosecco Superiore DOCG can engage
with contemporary cuisine while remaining
firmly anchored to its territory. The positive
commercial results reported during Vinitaly
further reinforced the perception of a winery
capable of balancing tradition and innovation.
Ruggeri: A New Visual Identity for
the Classics of Valdobbiadene
Not all innovation in Conegliano Valdobbiadene
Prosecco Superiore DOCG takes
place in the vineyard or the winery. At Vinitaly
2026, Ruggeri unveiled the new look
of I Classici, the collection that includes
Giall’Oro, Quartese, Saltèr and Santo Stefano.
The restyling reinterprets the symbols
and visual heritage of Valdobbiadene through
a contemporary language inspired by
local traditions, from the sundial that once
marked vineyard work to the distinctive
headgear of vineyard guardians. Developed
in collaboration with artist and spatial designer
Sara Ricciardi, the project translates
the landscape of the Valdobbiadene hills
into a vibrant visual universe of colour, light
and movement, creating a bridge between
territorial heritage and contemporary design.
Through I Classici, Ruggeri demonstrates
that the future of Conegliano Valdobbiadene
Prosecco Superiore DOCG is also
being shaped through new ways of communicating
place, identity and recognisability.
17

Chianti Classico
Gains Ground
Rising value, stronger exports and a promising 2025 vintage reinforce
the Black Rooster’s momentum
Few wine regions in the world can claim a history as clearly defined
as Chianti Classico. Delimited by decree in 1716 by Grand
Duke Cosimo III of Tuscany, the denomination occupies the
historic territory between Florence and Siena and today remains
the original birthplace of Chianti Classico, distinguished by its
iconic Black Rooster symbol.
Covering approximately 70,000 hectares, of which around 10,000 are
planted to vineyards, the denomination is centred on Sangiovese, which
must account for at least 80% of Chianti Classico and Riserva, and at
least 90% of Gran Selezione. Annual production averages between 35
and 38 million bottles exported to more than 160 countries worldwide.
Over the past decade, Chianti Classico has pursued a deliberate strategy
of premiumisation. The introduction of Gran Selezione in 2014
reshaped the denomination’s quality pyramid, creating a top tier reserved
for estate-grown fruit from the producer’s finest vineyards
and requiring a minimum ageing period of thirty months. Today,
Annata, Riserva and Gran Selezione form a hierarchy increasingly
recognised by international consumers seeking both terroir expression
and ageing potential.
That strategy continues to deliver results. In 2025, Chianti Classico
recorded sales growth of more than one percentage point in volume,
extending a positive trend established over the previous three years.
More significantly, value continued to rise steadily, driven above all by
Riserva and Gran Selezione, which together accounted for 43% of total
volume and 55.2% of the denomination’s value.
“The growers of Chianti Classico embarked on a path of enhancing
the value of Chianti Classico wines decades ago. As is always the case
in agriculture, change is slow and gradual, but today we can see it clearly:
the growth in the value of Chianti Classico wine is undeniable,
particularly for the two premium categories, Chianti Classico Riserva
and Chianti Classico Gran Selezione,” said Consorzio President
Giovanni Manetti.
The domestic market now represents 19% of total sales, reflecting
what the Consorzio describes as a growing Italian preference to “drink
less, drink better,” with particular appreciation for Gran Selezione.
Exports remain the denomination’s principal engine. North America
strengthened its role in 2025, with the United States increasing
its share from 36% to 37% of total volume and Canada recording
one of the year’s standout performances, rising from 10% to 12%.
Together, the two markets absorbed nearly half of total production.
Premium categories proved especially successful, with Riserva and
Gran Selezione posting double-digit growth in both countries. Market
distribution in 2025 saw the United States account for 37% of
sales, followed by Italy at 19%, Canada at 12%, Scandinavia at 6%,
and Germany and France at 4% each.
Beyond North America, several mature markets are increasingly
rewarding value over volume. Sweden, Germany and Norway all
reported rising revenues, while France emerged as one of the strongest
performers for Gran Selezione, with both average prices and
volumes increasing significantly. Asia, particularly China, Hong
Kong and Singapore, remains comparatively small in volume but
increasingly important in value terms.
The strengthening market performance coincides with a growing
emphasis on territorial identity. Since 2023, eleven officially recognised
Unità Geografiche Aggiuntive (UGA) have been available
for Gran Selezione wines, highlighting the diversity of soils, elevations
and microclimates across the denomination and reinforcing
the link between wine and place.
18

Giovanni Manetti
If market indicators are encouraging, the outlook from the vineyards
appears equally promising. The newly released 2025 vintage is already
attracting considerable attention. After a cold winter ensured
complete vine dormancy, spring unfolded with stable temperatures,
well-distributed rainfall and no frost events. Summer remained remarkably
balanced, interrupted only by two short heat peaks and
supported by significant day-night temperature variation. Healthy,
uniform Sangiovese bunches reached harvest in excellent condition,
while disease pressure remained limited despite spring rainfall. Early
assessments from wineries point to wines defined by aromatic
precision, fresh acidity and finely integrated tannins. Production reached
approximately 265,000 hectolitres, and many growers already
regard balance as the defining characteristic of the vintage.
The recent succession of vintages further illustrates the adaptability
of Chianti Classico’s vineyards. The elegant and fresh 2024, the
structured and balanced 2023, the harmonious 2022 and the highly
regarded 2021 all demonstrate how the denomination has navigated
increasingly variable climatic conditions while preserving the distinctive
identity of Sangiovese. The pandemic harvest of 2020 delivered
wines of concentration and balance despite lower yields, while 2019
remains one of the benchmark vintages of the decade, combining freshness,
aromatic intensity and ageing potential. Even the more challenging
2018 season, marked by abundant rainfall and delayed ripening,
ultimately produced wines of remarkable equilibrium, where
vibrant acidity, ripe tannins and pronounced sapidity highlighted the
resilience of the territory. Together, these consecutive vintages reveal
a denomination capable of expressing consistency across widely different
growing conditions, reinforcing Chianti Classico’s reputation
as one of Italy’s most reliable sources of age-worthy Sangiovese.
As global fine wine markets continue to evolve, Chianti Classico appears
increasingly comfortable in its own skin. The combination of
rising value, resilient international demand and a promising 2025
harvest paints a clear picture: Chianti Classico is not simply defending
its historic position. It is strengthening it.
19

Montefalco
Beyond Power
Why Sagrantino’s homeland is entering
its most important transformation in decades
For decades, Montefalco Sagrantino
built its reputation on attributes few
wines could rival: immense tannic
structure, extraordinary concentration
and a capacity for ageing measured
not in years but in decades. Those qualities
made the grape one of Italy’s most distinctive
red varieties. They also risked turning
it into a stereotype. Today, something
is changing in Montefalco. Not through
a rejection of Sagrantino’s identity, but
through a more nuanced understanding of
it. Across wineries, investment projects and
new wine styles, the territory appears increasingly
focused on a common objective:
transforming power into balance, without
sacrificing authenticity.
Tenuta Brancalupo: Reinterpreting
Sagrantino Through Balance
Few examples illustrate this evolution
more clearly than the transformation underway
at Tenuta Brancalupo, the Montefalco
estate acquired by the Lungarotti
family in 1999 and now at the centre of a
broader renewal project launched by the
company in 2024.
Under the guidance of Chiara Lungarotti,
the estate has embraced a new vision
encompassing hospitality, brand identity
and, above all, wine style. The key word
is balance. If Sagrantino was once defined
primarily by extraction and tannic force,
Lungarotti is pursuing a more refined interpretation,
built around fruit precision,
freshness and tannin management.
A vertical tasting spanning the 2008,
2010, 2014, 2018, 2019, 2021 and 2022
vintages revealed more than fifteen years
of stylistic evolution, highlighting a
gradual shift towards wines that retain
depth and ageing potential while gaining
harmony and drinkability. The 2014, 2018
and 2022 vintages were particularly revealing:
monumental not for their power, but
for their accessibility.
This search for equilibrium extends
beyond Sagrantino itself. Montefalco Rosso
emerges as a contemporary expression
of the territory, where Sangiovese contributes
freshness and immediacy while
Sagrantino provides depth and identity.
Equally significant is the debut of Tenuta
Brancalupo’s Trebbiano Spoletino 2024,
the first white wine of the estate’s new
phase and a signal that Montefalco’s future
may be broader than its most famous red
grape alone.
20

Marco Caprai and Alberto Lusini
te wines and lower-alcohol categories. For
Lusini, however, the value of the winery lies
precisely in its broader identity: "You need
to look deeper. Arnaldo Caprai is not just
Sagrantino."
That observation may ultimately describe
Montefalco itself: a territory whose future
is increasingly shaped not by a single iconic
wine, but by its ability to combine great
reds, whites, hospitality and a stronger sense
of place.
Carapace Centenario: When
Montefalco Meets Contemporary Art
Montefalco’s evolution is not limited to wine
alone. The territory is increasingly positioning
itself at the intersection of viticulture,
hospitality and culture.
A powerful example arrived with the launch
of Carapace Centenario, the special
project created by Tenute Lunelli to celebrate
the centenary of sculptor Arnaldo
Pomodoro. The initiative consists of one
hundred limited-edition three-litre jeroboams
of Carapace Montefalco Sagrantino
DOCG 2016, presented as part of the official
programme organised by the Fondazione
Arnaldo Pomodoro.
The project is inseparable from the Carapa-
21
Arnaldo Caprai: Why Angelini Chose
Montefalco
If Tenuta Brancalupo reflects a stylistic evolution,
the acquisition of a majority stake in
Arnaldo Caprai by Angelini Wines & Estates
represents a strategic endorsement of
Montefalco's long-term potential. Announced
in April 2026, the transaction stands
among the most significant developments in
Italian wine this year.
Few wineries are as closely linked to a denomination
as Arnaldo Caprai is to Sagrantino.
Under the leadership of Marco Caprai, the
estate transformed a little-known local variety
into one of Italy's most recognised fine
wines through pioneering work in clonal selection,
vineyard research and winemaking
innovation. The creation of Sagrantino 25
Anni in 1993 became a defining moment,
demonstrating that the grape could compete
on the international fine wine stage.
Yet for Angelini Wines & Estates, the attraction
extended well beyond Sagrantino
itself. "When you do M&A, you need to
understand whether you are choosing a
region or a brand. I have always said that
if there is a brand outside the beaten track
that is capable of functioning as a true
brand, then it can be very interesting", says
CEO Alberto Lusini.
In his view, Arnaldo Caprai represents precisely
that rare combination.
"Arnaldo Caprai has a positioning, an average
price point and a type of work that very
few wineries in Italy can match."
What particularly impressed Angelini was
the ecosystem built around the winery and
its ability to elevate the visibility of an entire
territory.
"They do remarkable work in hospitality:
18,000 visitors a year in a territory that lies
outside the most travelled routes. It has become
a destination. You go to Umbria and
you have to visit Caprai”.
The acquisition is particularly noteworthy
at a time when much of the industry's attention
is focused on sparkling wines, whice
winery itself, the monumental sculpture-winery
designed by Pomodoro and one
of the most distinctive examples of wine architecture
in the world. Featuring a copper
label inspired by the dome of the structure
and bearing the official centenary logo, the
bottle becomes an extension of the artistic
vision that gave rise to the winery.
In doing so, Carapace Centenario reinforces
a broader trend. Montefalco is increasingly
becoming a destination where wine
serves as a gateway to a wider narrative
involving landscape, architecture, art and
cultural identity.
Taken together, these developments suggest
that Montefalco is entering a period
of profound evolution. The territory that
once relied almost exclusively on the formidable
reputation of Sagrantino is becoming
more diverse, more experiential and more
confident in the breadth of its offering. Sagrantino
remains at the centre of the story,
but the narrative itself is changing. The
emphasis is shifting from sheer power to
balance, from extraction to precision, and
from a single iconic wine to a territory capable
of expressing itself through multiple
voices. That may prove to be the most significant
transformation of all.

Asti DOCG
Bets on Rosé
A new category designed to expand consumers,
occasions and markets
The first toast took place at Vinitaly 2026. The real challenge
begins now.
With its official inclusion in the Asti DOCG production
regulations, one of Italy’s most internationally recognised
sparkling wine denominations has introduced a new category
aimed at broadening its appeal
beyond traditional consumption
occasions. More
than a new product category,
the move signals a strategic
effort to broaden the denomination’s
appeal and adapt
its offering to evolving consumption
habits.
The new Asti Rosé is created
from a blend of Moscato grapes
destined for Asti DOCG,
accounting for between 70%
and 90% of the final composition,
and Brachetto grapes
destined for Brachetto d’Acqui
DOCG, representing
between 10% and 30%. The
result is a distinctive expression
that brings together two
aromatic varieties within
a single sparkling wine, a
combination that makes Asti
Rosé unique within the Italian
wine landscape.
The category has been designed
with considerable
stylistic flexibility. Producers
can release Asti Rosé
across the full spectrum of
sweetness levels, from sweet
to extra brut, allowing each
winery to adapt its style to
specific market requirements
and consumer preferences.
Commercial ambitions are
significant. Around ten wineries
have already launched
pre-production projects or
experimental bottlings, while
initial estimates suggest
a potential production of
between five and ten million
bottles, depending on market
response.
Interest from distributors and importers has already emerged
across Europe, including the United Kingdom, as well as North
America and, where conditions allow, Russia. Together with the
domestic market, these regions are expected to become the first testing
ground for the new category.
For the Asti DOCG Consortium, the objective extends beyond the
launch of a rosé sparkling wine. The broader ambition is to reposition
the denomination within a contemporary beverage landscape
increasingly shaped by
versatility, lifestyle-driven
consumption and product
diversification.
“With this new category, we
want to identify new consumers
and new consumption
occasions, moving beyond
a traditional interpretation
linked to specific moments
and opening the denomination
to increasingly versatile
and contemporary ways of
enjoyment,” says Stefano Ricagno,
President of the Asti
DOCG Consortium.
The target audience identified
by the Consortium
is predominantly female,
between 35 and 50 years old:
consumers already familiar
with wine, attentive to quality
and inclined to experiment
with new styles and
formats.
Alongside the introduction
of Asti Rosé, the updated regulations
also include sustainability-focused
measures,
notably the removal of minimum
bottle-weight requirements,
allowing producers
to adopt lighter packaging
solutions and reduce environmental
impact.
For a denomination historically
associated with celebration
and ritual occasions,
Asti Rosé represents
an attempt to broaden the
role of the appellation itself.
By combining Moscato and
Brachetto in a format designed
for greater stylistic
freedom and wider consumption opportunities, the Consortium is
betting on a more contemporary vision of aromatic sparkling wine.
Whether consumers embrace that vision will determine how quickly
pink becomes part of Asti’s future.
Consorzio Asti Docg: Giacomo Pondini (left) Director and Stefano Ricagno (right) President
22

Italy's White Wine
Paradox
Why Italy’s greatest white wines are shaped more
by vision than by appellation
When international markets think of Italian fine wine, the
conversation almost always begins with reds. Barolo,
Barbaresco, Brunello di Montalcino and Amarone have
long defined the country’s global reputation. Yet Italy is
also one of the world’s great producers of white wine.
The question is not whether Italy makes outstanding
white wines. It is why so few denominations
have achieved the same iconic status as the country’s
leading reds.
Unlike Burgundy or Germany, Italy lacks a universally
recognised benchmark appellation for
age-worthy white wine. Instead, greatness often
emerges from the vision of individual producers
willing to invest time, resources and conviction in
challenging conventional expectations.
A great white wine begins in the vineyard, frequently
through rigorous selection or single-vineyard
sourcing, and is refined in the cellar through
decisions that enhance complexity, structure
and longevity. The result is a wine capable of evolving
over time, combining depth, persistence and
freshness with the ability to age for years, sometimes
decades.
Few producers illustrate this philosophy better
than Stefano Inama, whose work has helped redefine the potential of
Garganega and Sauvignon Blanc in Veneto.
“The timeframe is a lifetime; there are no shortcuts,” says Inama.
“Method makes the difference, but first you need the territory. Comparison
is fundamental. Our strength as a company is working as a team, and
that is why we are able to move faster.” For Inama, precision, vineyard
knowledge and long-term investment matter more than any single winemaking
technique. He also points to a structural weakness within Italy:
the absence of a clear hierarchy capable of codifying vineyards and wines
in a way that is immediately understandable to consumers and professionals
alike.
Further south, Roberto Di Meo has spent decades
demonstrating the ageing potential of Fiano. His
definition of greatness revolves around harmony
rather than power.
“A great white wine has no edges; it has a harmonious
structure,” he explains.
For Di Meo, acidity forms the backbone of a wine,
while alcohol, texture and aromatic complexity
provide the foundations for long-term evolution.
Minerality and persistence become equally important
markers of excellence.
“Exceptional white wines often carry a mineral
or saline note, that almost tactile sensation that
evokes the sea, rock or earth,” he says. “Many
people believe white wines should be consumed
young. A great white wine, on the contrary, challenges
time, transforming youthful freshness into
noble and profound complexity.”
Their perspectives converge on a simple conclusion. Italy may not possess
a universally recognised hierarchy of great white wines, but it possesses
something equally powerful: producers willing to dedicate a lifetime
to proving that greatness is possible. In Italy, great white wines are rarely
born from convention. More often, they are born from ambition.
23

The WineCouture International Curated Selection
G.D. VAJRA
LANGHE DOC
RIESLING PÉTRACINE
2025
ORLANDO ABRIGO
LANGHE DOC
TRÈS PLUS
Born from some of Piedmont’s oldest
Riesling vineyards, Pétracine reveals the
most mineral side of the Langhe. The
bouquet opens with pear, white peach
and lemon zest, layered with a precise
stony minerality. On the palate, it is
taut, luminous and energetic, driven by
vibrant freshness that carries through a
long finish.
Chardonnay and Nascetta create a white
wine of rare personality. The former is
fermented and aged in barrique, while
the latter preserves its varietal fragrance
in stainless steel. The result is an intense,
complex wine where lemon, exotic fruit,
honey, sage and rosemary intertwine
within a broad, enveloping texture.
MARCHESI DI BAROLO
LANGHE DOC
SAUVIGNON
CASTEL LA VOLTA 2024
TEDESCHI
GA.RY
IGT VENETO BIANCO
A Sauvignon Blanc that combines
aromatic precision with depth. Grapes
grown on calcareous soils rich in quartz
sands are fermented in French barriques
and tonneaux, followed by lees ageing
that enhances complexity and volume.
White flowers emerge on the nose
alongside delicate notes of almond and
pastry cream. The palate is rounded,
savoury and pleasantly fresh.
An original blend of Garganega, Riesling
and Chardonnay. Aromas of white musk,
tea, flowers and ripe yellow fruit lead to a
palate that combines structure and lively
acidity in an elegant, dynamic balance.
Fresh yet never simple, aromatic yet
restrained.
MONTE DEL FRÀ
CÀ DEL MAGRO
CUSTOZA SUPERIORE DOC
INAMA
VINTAGE COLLECTION 2016
SOAVE CLASSICO DOC
Produced from a vineyard more than
thirty years old southeast of Lake Garda,
this is one of the territory’s benchmark
white wines. Chamomile, white flowers,
Golden apple, yellow peach, mango and
a refined touch of ginger build a rich,
layered bouquet. The palate is savoury,
dry and persistent, with remarkable
ageing potential.
A 100% Garganega that rests for years
in horizontal stainless-steel tanks,
awaiting the perfect moment to enter
bottle. Demonstrating the extraordinary
and seemingly endless potential of the
variety, this Soave stands out for its
candied yellow fruit, citron peel and stillvibrant
floral and herbal notes.
24

The WineCouture International Curated Selection
CANTINA SANKT PAULS
PLÖTZNER PINOT BIANCO
ALTO ADIGE DOC 2025
BORGO CONVENTI
LUNA DI PONCA
COLLIO DOC
The most authentic expression of
mountain Pinot Bianco. Grown between
550 and 650 metres above sea level on
calcareous and porphyry soils above San
Paolo, it reveals aromas of green apple,
pear, white peach, flowers and aromatic
herbs. The palate is fresh, refined and
savoury, with an appealing mineral
tension.
Friulano, Chardonnay and Malvasia
come together in a white wine that
captures the essence of Collio. Citrus
fruits, linden blossom, jasmine and
yellow roses give way to notes of freshly
baked bread and butter biscuits. On
the palate, the structure is broad and
harmonious: Chardonnay provides drive,
Friulano softness and Malvasia a savoury,
persistent finish. A wine of rare elegance
and personality.
RUSSIZ SUPERIORE
BIANCO COL DISÔRE
COLLIO DOC
SANTA BARBARA
LE VAGLIE
VERDICCHIO DEI CASTELLI
DI JESI CLASSICO DOC
The flagship wine of Russiz Superiore,
Col Disôre is a profound interpretation
of a historic Collio cru. A blend of Pinot
Bianco, Friulano, Sauvignon and Ribolla
Gialla, it ferments in oak casks, rests on
its lees and undergoes extended bottle
ageing. The result is an enveloping,
balanced white wine, defined by
integrated freshness, marked savouriness
and a long, warm finish with delicate
almond notes.
Since 1992, it has represented a modern,
unconventional interpretation of
Verdicchio from the Marche. The nose
opens with white flowers, citrus fruits
and fresh almond, while the palate
combines softness and freshness in an
agile, refined progression. The classic
almond-like finish defines a wine that
continues to win over enthusiasts.
POGGIO AL TESORO
SOLOSOLE
VERMENTINO BOLGHERI
DOC 2025
CA’ MARCANDA
VISTAMARE 2025
TOSCANA IGP
Solosole captures the luminous
character of Bolgheri in a Vermentino
that combines immediacy with
precision. Aromas of flowers and
yellow fruit lead into a juicy, flowing
palate of remarkable balance.
Its evolution in the glass reveals
unexpected complexity and hints
at uncommon ageing potential. A
Mediterranean white wine suited to
any occasion.
Vermentino, Viognier and Fiano come
together in a white wine scented with
the Tuscan coast. White spices, aromatic
herbs, yellow flowers and fresh pineapple
intertwine with subtle smoky and
vanilla notes. On the palate, it is precise,
luminous and savoury, finishing on a
note of green almond. Its freshness and
aromatic definition make it an ideal
companion to Mediterranean cuisine.
25

The WineCouture International Curated Selection
RÊVE OFFIDA
PECORINO DOCG
VELENOSI VINI
MASCIARELLI
TREBBIANO D’ABRUZZO DOC
RISERVA MARINA CVETIC
A flagship wine of Velenosi Vini, Rêve
reflects Angela Velenosi’s visionary
decision to replace Chardonnay with
Pecorino long before the variety gained
widespread recognition. Produced from
a late harvest and aged for around 24
months, partly in barrique, it reveals
aromas of white flowers, ripe fruit,
vanilla and sweet spices. Rich, opulent
and persistent on the palate.
A Trebbiano that belongs among the great
age-worthy white wines. Fermentation in
barrique and extended lees ageing create
a complex profile in which apple, plum,
hawthorn, honey, vanilla and hazelnut
unfold with elegance. The palate is broad
and deep, supported by remarkable
ageing potential.
ARNALDO CAPRAI
CUVÉE SECRÈTE
UMBRIA BIANCO IGT
DI MEO
FIANO DI AVELLINO DOCG
RISERVA ALESSANDRA
2015
Born from a research project launched in
2012, Cuvée Secrète combines Grechetto
with other varieties selected according
to the vintage. The bouquet ranges from
anise, citrus fruits and vanilla to menthol
notes, white pepper and acacia honey.
On the palate, it is rounded, fresh and
surprisingly persistent.
Made from 100% Fiano and aged
exclusively in stainless steel. Straw yellow
in colour, it opens with clear, precise
aromas of yellow and white flowers,
followed by fruit evocative of summer,
notably peach and apricot. Subtle smoky
notes add structure while highlighting
its capacity for ageing and long-term
development.
MARISA CUOMO
FIORDUVA 2024
COSTA D’AMALFI DOC
FEDERICO GRAZIANI
MARENEVE
TERRE SICILIANE
BIANCO IGT
Among the great white wines of the
Mediterranean, Fiorduva remains an
absolute benchmark. Ripoli, Fenile and
Ginestra grown on dramatic seaside
terraces create an intense, refined wine
where nectarine, yellow melon, lychee,
white pepper, honey and aromatic herbs
intertwine with saline nuances. The
palate is fresh, savoury and enveloping.
Carricante, Riesling Renano,
Gewürztraminer, Chenin Blanc and
Grecanico create one of Etna’s most
original white wines. Tropical fruit,
lychee, rose, lava stone and salt tell the
story of a wine that unites mountain and
sea. The palate is vertical, saline and
luminous, with a freshness that evokes
both snow and the Mediterranean.
26

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Pasqua and Charles Smith
Rewrite Pinot Noir's Rulebook
A multivintage Pinot Noir connecting Valpolicella
and Washington State
Innovation is a word frequently invoked in wine. Rarely does it arrive
in a form that genuinely challenges established assumptions.
With Pasqua + Smith Pinot Noir, unveiled as the latest chapter in
the collaboration between Verona-based Pasqua Vini and Washington
State winemaker Charles Smith, innovation takes the shape of a
project that bridges continents, philosophies and winemaking cultures.
More than a partnership, it is an attempt to rethink what Pinot Noir
can become when Old World terroir meets New World instinct. The
wine originates from the Campiano estate above San Giovanni Ilarione
in eastern Valpolicella, where a nine-hectare vineyard sits at approximately
600 metres above sea level. Here, clay-limestone soils with volcanic
components, south-west exposure, constant airflow and significant
diurnal shifts create conditions that Pasqua describes as fundamental
to the character of the wine. Cultivating Pinot Noir in Valpolicella was
itself a radical decision, one that became the foundation for a project
years in the making. The collaboration began taking shape in 2021, although
Pasqua’s work on the vineyard dates back eight years. Regular
visits by Charles Smith and tastings of base wines from the 2018 vintage
onwards eventually led to the defining choice: a multivintage blend
combining the 2018, 2022, 2023 and 2025 harvests. For Pasqua, the
technique represents a stylistic signature; for this project, it becomes
an expressive tool capable of bringing together contrasting growing seasons
into a single narrative.
“The innovation cannot simply be declared; it must be demonstrated
through projects,” says Riccardo Pasqua, Chief Executive Officer of Pasqua
Vini. “Pasqua + Smith Pinot Noir is the answer to that promise.
Charles Smith, his vision, his perspective free from prejudice and his
dedication to quality have always been a great source of inspiration for
us. For a project as disruptive as this one, right from its roots, he imme-
diately felt like the ideal partner. To Charles Smith’s mastery, particularly
with Pinot Noir, we add our experience with multivintage blends,
which has become our stylistic signature and strongest expression of
innovation.”
Smith sees the project as an opportunity to move beyond convention. “I
accepted the challenge because I saw the opportunity to do something
that had never been done before, fully aware that collaborations can
be very complex. When you work without preconceptions, interesting
things always happen. Pasqua + Smith Pinot Noir is pure energy: a wine
that does not want to imitate anyone, but simply be authentic. It takes
the depth of the Old World and pushes it towards something more immediate,
alive and accessible.”
The winemaking reflects this dialogue. Hand-harvested grapes undergo
cold maceration before fermentation at controlled temperatures. Part
of the wine ages in tonneaux for two years and part in barriques for one
year, with malolactic fermentation taking place during maturation. The
individual vintages are assembled only after stabilisation in stainless
steel. The resulting wine is layered and vibrant. Aromas of black pepper,
cardamom, blackberries and wild strawberries are accompanied by
herbal freshness, while the palate remains energetic and approachable,
supported by refined tannins and the balance provided by the multivintage
blend. With an ageing potential of around ten years, the wine seeks
complexity without sacrificing drinkability.
At a time when collaboration has become a recurring theme across the
wine industry, Pasqua + Smith Pinot Noir stands apart for its ambition.
It is neither an Old World Pinot Noir nor a New World interpretation.
Instead, it occupies the space between the two—a wine built on dialogue,
experimentation and the conviction that innovation begins by
questioning what seems already defined.
28

Fine Wine's Missing Generation
Was Never Missing
Why the future of fine wine looks different
from what the trade expected
The fine wine industry may have spent years looking for the
wrong consumer. According to a new study from Areni Global,
the next generation of fine wine buyers is neither absent nor
disinterested. It is already here. The challenge is that the industry
has misunderstood how these consumers discover wine, why they
engage with it and what ultimately convinces them to stay.
Based on eighteen months of research across London, Paris, New York,
Hong Kong, Shanghai and Singapore, The New Fine Wine Consumer:
How People Under 40 Find Their Way into Fine Wine offers one
of the clearest portraits yet of a demographic
increasingly shaping the future of the category.
The central finding is both encouraging
and disruptive: a new generation of fine
wine enthusiasts and buyers already exists,
and it looks very different from the one the
industry expected. Conducted with the support
of Berry Bros. & Rudd, 67 Pall Mall and
LVMH Vins d’Exception, the study focused
on consumers aged between 28 and 40—a
cohort that until recently was largely absent
from auctions, specialist retailers and the market for iconic wines. The
findings challenge several long-held assumptions. The first concerns
family influence. Fine wine appreciation is not primarily transmitted
at the family table. Instead, friends, peer groups and wine communities
emerge as the most influential entry points into the category. The
second misconception concerns luxury itself. For decades, the trade
assumed that aspiration and status were sufficient to attract younger
consumers. Areni Global’s findings suggest otherwise. Authenticity,
access and guidance matter far more than prestige in the early stages of
engagement. Luxury branding may reinforce interest, but it rarely creates
it. The third misconception concerns collecting. The industry often
treats buyers and collectors as interchangeable categories. The study
shows they are not. Collecting frequently begins around the age of thirty
and is shaped by motivations that extend well beyond purchasing power
alone. Across all markets examined, three factors consistently determine
whether initial curiosity develops into lasting engagement: access, education
and community. Remove any one of them and the relationship
with fine wine tends to fade quickly. One of the most significant findings
concerns gender. Women enter the world of
fine wine in numbers equal to men and show
a greater willingness to invest in formal education.
Yet only a quarter become regular buyers.
According to Areni Global, the sharp decline
in participation around the age of thirty reflects
structural barriers rather than a lack of
interest. For the fine wine industry, the implications
are considerable. The category has not
lost its cultural relevance, but it is confronting
a convergence of pressures: demographic contraction
among consumers aged 25 to 40, reduced purchasing power,
changing attitudes toward alcohol and profound shifts in professional
lifestyles. Fine wine has long relied on values such as heritage, craftsmanship,
time and culture. Those foundations remain intact. What the Areni
study suggests is that they are no longer sufficient on their own. If the
sector wants to secure its future, it must build real access, targeted education
and welcoming communities around its wines. The next generation
of fine wine consumers already exists. The challenge is no longer finding
them but creating the conditions that encourage them to stay.
Pauline Vicard, Co-Founder and Executive Director, and Felicity Carter, Editorial Director, present The New Fine Wine Consumer at Wine Paris 2026.
Credits: Romain Becker for Areni Global
30

Italy Becomes Fine Wine's
Auction Star
While the global market turns more cautious, Italian wines gain ground
in both volume and value on iDealwine
The fine wine market is entering a new phase—less driven by
momentum, more by selectivity. In this changing landscape,
one country has emerged as a clear winner: Italy. According
to iDealwine, the leading online auction platform closed
2025 with total revenues of €58 million. Yet behind the headline
figures lies a significant shift in buyer behaviour. Average bottle prices
across auctions fell by 9%, while volumes sold increased by 19%,
reflecting a market increasingly focused on value rather than bidding
wars. Against this backdrop, Italian wine delivered one of the strongest
performances in the global secondary market. More than 10,000
Italian bottles were sold through iDealwine auctions in 2025, with
total value approaching €1 million, up 37% compared with the previous
year. While average prices across the wider market declined by
around 8%, Italian wines recorded a 2% increase, reaching an average
auction price of €96 per bottle.
The figures confirm Italy’s growing relevance among collectors.
Italian wines now account for 50% of all non-French wines sold on
the platform and represent 51% of volumes and 54% of value among
non-French auction lots. Italy remains the leading foreign vineyard
on iDealwine and ranks sixth overall by demand.
The trend reflects a broader evolution in collector behaviour. As
buyers increasingly explore territories beyond France’s traditional
fine wine strongholds, Italy is benefiting from a combination of
established prestige and discovery potential. Interest in Italian wines
rebounded sharply during 2025, growing by roughly one third compared
with previous years and confirming their appeal among collectors
seeking both heritage and value.
Red wines continue to dominate almost completely, representing
95% of volumes and 97% of total value. Geography is equally con-
centrated. Piedmont accounts for 60% of all Italian bottles sold at
auction, followed by Tuscany with 21%, reinforcing the central role
of Nebbiolo and Tuscany’s iconic reds within the country’s fine wine
identity. Veneto, Sicily and Abruzzo also attracted growing attention,
albeit from a smaller base.
Perhaps the most revealing figure concerns age. In 2025, 41% of Italian
bottles sold at auction were more than twenty years old, while a
further 24% came from vintages produced between 2006 and 2015.
The data points to increasing confidence in the ageing potential of
Italian wines and confirms their full integration into the international
collectors’ market.
The market continues to be anchored by established names. Sassicaia,
Masseto, Ornellaia, Tignanello and Solaia remain among the most
sought-after labels, while producers such as Giacomo Conterno, Bartolo
Mascarello, Gianfranco Soldera, Angelo Gaja and Roberto Voerzio
continue to define the upper tier of Italian fine wine.
At the same time, collectors are widening their horizons. The return
of Emidio Pepe to iDealwine’s Top 20 after four years of absence highlights
renewed interest in wines outside the most established circuits.
Similar dynamics are benefiting producers such as Giuseppe
Quintarelli in Veneto and Frank Cornelissen on Mount Etna, whose
wines are increasingly attracting international attention.
The message emerging from iDealwine’s 2025 results is clear. Italy
is no longer succeeding at auction solely through its most iconic
denominations. Its strength increasingly lies in the coexistence of
blue-chip labels and a broader constellation of producers capable of
offering rarity, ageing potential and distinctive stories. In a market
becoming more rational and selective, that diversity is proving to be
one of Italian wine’s greatest competitive advantages.
31

Two styles. multiple
consumption occasions.