Management leases and joint ventures: how wine reacts to uncertainty

One of the most interesting trends at the moment is the lease-to-management model , a concept already known in other sectors but relatively new to the wine industry. In practice, it's possible to rent individual parts of a winery—such as vineyards, cellars, hospitality areas, or production facilities—without immediately relinquishing ownership.

As wine law expert Giuri explains:

"Leasing allows you to introduce new organizational, production, or commercial models into your business through third parties, without immediately giving up your shares. At the same time, the incoming owner can decide, at the end of the contract, whether or not to purchase the business."

In the wine industry, management lease agreements generally last between 5 and 7 years . Shorter periods would prevent the parties from truly determining whether it's worth pursuing an acquisition or returning to direct management.

A concrete example comes from Tuscany:

• A historic family business, with 600 m² of cellar and denomination vineyards , sees the owners increasingly less involved and the children uncertain about the future.
• A 5-year management lease was proposed, with a fixed annual fee plus a percentage of the turnover .
• At the end of the five-year period, there is an option to buy at an agreed price , while the tenant undertakes to maintain the certifications and make improvements.

The advantage of this formula is twofold:

• For the owner : secure income and time to decide whether to sell or return to management.
• For the tenant : the ability to operate without large initial investments, evaluate profitability, and only then decide on a possible acquisition.

In short, the management lease represents a flexible waiting tool , ideal for dealing with market uncertainty and even for facilitating generational transition .

Alongside this trend, the model of joint ventures between wineries is also becoming increasingly widespread. Historically, these collaborations were born to expand commercial presence in new markets , but today the main reasons have changed:

• Production of dealcoholized wines : the costs of dealcoholization equipment and technology are high, so several companies join together in a new company to share expenses and know-how.
• Creation of new complex products , such as a Classic Method sparkling wine, taking advantage of the skills and infrastructure of an already equipped winery.

In other words, joint ventures allow for innovation and risk mitigation , giving companies the opportunity to jointly tackle challenges that they could not sustain alone.

Today, the wine sector is navigating a balance between waiting and collaboration , seeking to transform uncertainty into opportunity. Management leases and joint ventures are not just defense mechanisms, but also strategic levers for building the future of wine in an increasingly complex global context.