A student arrives in one of Europe’s major cities and decides to start his own story. He’s in the right place, at the right time and with the right idea. He creates a company that will go on to have major international success. Sounds like a modern-day start-up success story? Perhaps so, but this story starts in 1884, just as Europe is undergoing the first major industrial revolution, and it continues today, having lived through major wars, economic crises, and a re-shaping of Europe’s geo-political landscape. This year, Stock Spirits celebrates its 140th birthday – a business success story and a celebration of the life and achievements of Lionello Stock, the company’s founder.
Lionello Stock was born on 16 December 1866 in Split. He was the first of ten children and the first to be sent to study at Trieste’s prestigious Scuola Superiore di Commercio. There, amid the dynamic economic changes taking place, he learned about business and life.
The right place at the right time – Trieste
Even before Stock’s birth, Trieste had been known as the maritime capital of the Habsburg Empire. As a port city with enviable access to the Adriatic Sea, it was experiencing a ‘boom’ period. In 1804, it was recognised as the main port for the Austrian Navy, which led to the creation of a major shipyard. In 1857, the city gained a railway connection with Vienna, which contributed to the development of industry and tourism. In 1860, it was named as the capital of the Adriatisches Küstenland, the Austrian Littoral region. It retained its prestigious position within the Austro-Hungarian Empire until its demise in 1918.
Arriving in Trieste, Lionello saw a world of opportunities. This was an intersection of capital flows, trade routes, major financial and business institutions, and a community of influential figures. Quality of life was improving among the middle classes and with it went consumption. Habits that had previously only been accessible to society’s elite – such as fashion and luxury items like coffee, chocolate and liqueur – were now available to a significantly larger portion of the population.
But in order to capitalise on these opportunities, a spark of inspiration was needed and Lionello would find it by chance as he strolled through the port of Trieste one day. There, he saw barrels of wine being loaded onto ships. They were destined for the port of La Rochelle in France and would be forwarded on to the Charente department in South-West France’s famous Cognac region. But why was wine travelling from Trieste to France – a country with its own production of wine? The answer was a shortage prompted by the destruction of European vines by the phylloxera aphid. The shortage lasted more than three decades and affected the production of wine and wine distillates in France, triggering a need for imported products such as Dalmatian wine and locally produced barrels. Lionello Stock contemplated this turn of events and concluded that – if local wines could be exported to create French cognac – there was no reason not to distil such products locally. This chain of events and thought inspired Stock to pursue his dream and set up his own business. Equipped with 2,000 Florins borrowed from his father, Lionello joined forces with his friend Veronese Carlo Camise and their business adventure began.
A strong plan and a strong will
On 26 December 1884, production commenced at the Distilleria a vapore Camis & Stock. Its flagship product was Cognac Stock Medicinal, with the indication ‘Medicinal’ included – as per the Codex Alimentarius Austriacus – to highlight the product’s unique properties and health benefits. Like many young entrepreneurs, Stock faced a shortage of cash in the early days and – in order to pay his workers – was forced to sell a gold watch that had been gifted to him by his father and which had been inscribed with his family motto. Fortunately, these early challenges were soon overcome, and the company began to prosper. Within a few years, the characteristic yellow label and typeface had become well known and the brand had become particularly popular among new groups of consumers. Both the middle class – and notably women – enjoyed the ‘medicinal’ association of the product, giving consumers an excuse to enjoy the tipple without fear of criticism from the more conservative elements of society .
The success achieved during this period demonstrates that Lionello was an outstanding entrepreneur who recognised the opportunity presented by this socio-economic evolution and delivered a high-quality product that addressed it perfectly. The popularity of Cognac Stock Medicinal soon spread beyond Trieste, into the rest of the Austro-Hungarian Empire and beyond.
Development and expansion
In 1906, Carlo Camis retired. In that same year, Lionello Stock established the entity Ampelea Società Anonima di Distillazione e Industrie Chimiche. Its management was based in Trieste while the company’s production facilities were built in Rovinj, a city in present-day Croatia. The company grew strongly right up until the outbreak of the First World War and had become the most-important private business in all of Istria.
With the outbreak of war, the company moved to Linz in Austria. After the war, the high customs duties and taxes that accompanied the fall of the Austro-Hungarian Empire made it logical to open local production plants in countries like Austria, Czechoslovakia , Hungary and Yugoslavia. Stock also recognised that a changing world brought new opportunities, as he led the creation of new distilleries and offices in Egypt, Palestine, the USA and Brazil.
Largest producer of spirits in Europe and beyond
With the revival of the alcohol trade in the 1920s, the Stock company became one of the largest of its kind in Europe. The company’s commitment to using the highest-quality ingredients, the distillation craft and the use of traditional maceration methods meant customers were spoiled for choice. The growth in the popularity of Stock products was accompanied by the addition of new facilities in Italy, Poland , Austria, Hungary and the countries known today as the Czech Republic and Croatia.
To address the needs of the market and provide competition to French producers, Lionello Stock established an independent company in 1926 to focus on the Italian market. Known as Stock Cognac Medicinal SA, it was located in Roiano, an industrial district in Trieste. The company produced dry and sweet liqueurs, the Julia brand of Grappa and the dry vermouth Bianco and Rosso, as well sparkling wine, gin, amaro, vodka and whisky. The Roiano plant focused on production for the domestic and European market, while another plant (Punto Franco Vecchio) was responsible for the markets outside of Europe.
In 1935, the Cognac Stock Medicinal brand was joined by 1884 Cognac Fine Champagne, which was subsequently renamed in 1955 as Brandy Stock 84. This iconic, world-famous product is still in production and continues to be sold in many markets. The change in name was the result of a regulation introduced in 1947 stipulating that the term ‘cognac’ could only be attributed to wine distillate products that had been produced in the French region of Cognac. Products with similar attributes but produced elsewhere, including Italy, would be known as brandy.
World War II and nationalisation of production
With growth continuing healthily – highlighted by the opening of an office in New York in 1939 and a presence in Australia – momentum was halted by the outbreak of the Second World War. The Stock factory in Pilsen in Czechoslovakia was seized by the Nazi occupiers. During the latter stages of the war, the elderly Lionello Stock’s own safety was threatened while he was in Trieste, though he was fortunate enough to escape unscathed. The Stock factory in Punto Franco Vecchio was completely destroyed and with the establishment of the Iron Curtain, Stock factories in Eastern Europe were lost to nationalisation measures introduced by communist governments.
A new generation. A new start.
In 1948, a childless Lionello Stock passed away. It fell to the near and distant family of Stock and his business partner to steer the destiny of the company through uncertain times.
On 27 December 1949, the company changed its name to Stock S.p.A. and resumed the dynamic growth and development that had been cruelly interrupted by the outbreak of war. The company embraced the emerging mass-media formats of radio and television to develop modern marketing strategies and advertising campaigns. The company flourished, entering new markets, expanding its product portfolio, increasing its production capacity, all while retaining control of the entire production process – from the vines right to the finished product, with a relentless focus on achieving the highest quality possible.
The Brandy Stock 84 brand became even more popular thanks to its presence in the iconic Italian TV show Carosello , which ran from 1957. As part of this successful partnership, Brandy Stock 84 appeared alongside celebrities such as Ugo Tognazzi, Raffaella Carrà and Silvio Berlusconi. In 1966, company president Alberto Casali commissioned twelve masters of contemporary Italian painting to create artwork based on the Brandy Stock 84 brand. Furthermore, in the 1970s and 1980s, Stock sponsored the hit Rai Radio 1 football show Tutto il calcio minuto per minuto .
In 1971, two new factories were opened in Italy – one in Trieste and one in Portogruaro. By this time, the company had grown to a headcount of 3,000 people working in 21 factories, eight of which were in Italy, with thirteen abroad. The scale of production was impressive – as an example, the Roiano plant in Trieste was capable of producing 165,000 bottles a day.
Recent developments and a period of mergers and acquisitions
In 1991, Camis & Stock became a publicly listed company. In May 1995, Stock Italia and its Austrian and Czech subsidiaries were acquired by the German company Eckes A.G. The resulting company, Eckes & Stock GmbH, became one of the leading producers and distributors of spirits in Europe and remained so until its acquisition by the American investment fund Oaktree Capital Management.
In 2008, Eckes & Stock GmbH merged with the Polish producer Polmos Lublin to create the Stock Spirits Group. Like Stock, Polmos enjoys a rich history having been founded as the Rektyfikacja Lubelska (Lublin Distillery) in 1906. It was nationalised by the communist government of Poland in 1951 and then privatised 50 years later, in 2001. The headquarters of the Stock Spirits Group were established in London and, in 2009, efforts to re-structure the company commenced.
In April 2012, production was moved from Trieste to the Czech Republic and, in 2013, the company was listed on the London Stock Exchange. Since November 2021, Stock Spirits Group has been part of the portfolio of companies owned by the private equity company CVC Capital Partners. In August and September 2023, Stock Spirits Group completed the acquisitions of Polmos Bielsko-Biała in Poland, Borco (the owner of the iconic Sierra Tequila brand and the Finsbury gin brand) in Germany, as well as the Dugas company and Clan Campbell Scotch whisky brand, both in France.
Strong brands on major European markets
In 2024, Stock celebrates the 140th anniversary of its creation. Since 1884, the company has prided itself on having strong local brands on major European markets. The products are united by the passion with which they are created, the respect for local traditions and heritage, a commitment to using the best ingredients, and a deep-rooted desire to celebrate artisan craft while blending it with innovation and modern production methods for the benefit of consumers.
Today, the Stock Spirits Group portfolio consists of more than 80 brands that are sold in more than 50 countries worldwide. The leading brands are Stock 84, Żołądkowa Gorzka, Amundsen, Milhill’s, Božkov, Fernet Stock, Republica, Limonce’, Keglevich, Grappa Distillerie Franciacorta, Clan Campbell and Sierra Tequila.
Stock Spirits Group operates in nine European countries: Poland, Czech Republic, Slovakia, France, Italy, Germany, Austria, Croatia and Bosnia & Herzegovina. The company employs more than 1,800 people and has production facilities in Poland (2), Czech Republic (2), Germany (2), Italy (1) and France (1).
