On-line wine sales, Italy | According to a post by the Italian-based I Numeri del Vino website, the ecommerce of wine continues to show important growth. Of the handful of key players in the Italian market Tannico is the undisputed leader, having invested strongly in the past. Its turnover is now close to 15 million euros but still with a loss-making budget. Next comes Italian Wine Brands, which is morphing from telephone to online sales. Its turnover is approximately 12 million euros. Profit margins are unknown, IWB being a small integrated business in a much larger reality. Next comes Xtrawine whose corporate structure was revised in 2018. The latter has a turnover of around 7 million euros, including the contribution of Hong Kong’s business. I Numero del Vino sees this as one the few companies that can combine sustained growth and balanced budgets. In 2018 budget, sales grew very strongly (up around 45% in 2018 for the companies considered here), but margins remain rather limited, around 23% on average (24% on a homogeneous sample in 2017). In most cases (Vino75, Tannico and Designwine in particular) the sales margin is still largely insufficient to cover operating costs (personnel, services, depreciation) and therefore, despite a visible improvement in the stock level, we can conclude that many of the companies from which we buy wine online have yet to grow before we can “create value” for those stakeholders who have invested in it.