Earlier this week, Campari Group purchased the - obscure, to most - French flavoured liqueur brand Picon from Diageo for around EUR119m (US$125m). The transaction follows Campari's template of acquiring dusty brands - We're looking at you, Grand Marnier - and dragging them into the 21st Century. But, what is Picon? Invented in 1837 by Gaétan Picon, the brand comprises a portfolio of two expressions: Amer Picon Club, a bittersweet orange liqueur consisting of herbs and dried oranges, and Amer Picon Bière, which is designed to be mixed with beer. Today annual sales are around EUR21.5m (US$22.3m), with about 80% hailing from France and the rest from the neighbouring Benelux markets. Speaking to Just Drinks following Tuesday's announcement, Campari CEO Bob Kunze Concewitz explained the rationale behind the move. "What we normally do when we first acquire a new brand is to study what we have," he said. "Then, we look at its established markets and the consumption habits it is connected to. "Only after that do we work on developing a strategy that aims to bring out the full potential of the brand. We think Picon has the value to resonate on a wider international level.” In France, the group has been strengthening its position in recent years, first with the 2016 purchase of Grande Marnier parent Société Des Produits Marnier Lapostolle for US$760m, then spending $62m on Cognac brand Bisquit Dubouché et Cie from Distell two years later. Underlining the market's importance to Campari - France is the company's fourth largest - rhum agricole producer Bellonnie & Bourdillon Successeurs joined the fold in 2019 for $66m followed by Champagne Lallier for an undisclosed sum two years ago. On the distribution side, 2019 closed with $66.7m securing the distribution operations of Baron Philippe de Rothschild in the country. At the time, Kunze-Concewitz said: "France is a … high potential market for Campari Group, mainly thanks to our aperitifs business and the (then) newly-acquired rhum agricole premium brands. "This deal offers us a unique opportunity to in-source RFD’s strong distribution capabilities and therefore operate directly in this market.” Returning to Picon, Diageo currently produces the liqueur at its Santa Vittoria site in Italy. As part of the sale, Diageo and Campari have agreed a two-year supply arrangement.