Whereas wine sector is permanently restructuring to be more competitive, this research proposes to analyse the new forms of vertical and horizontal co-operation that are emerging in the French wine industry thanks to the Vinadéis case study. Focusing on strategy and governance, our theoretical framework points out that partnership is rarely precisely defined. Between strategic alliances and mergers, strategic partnerships are new forms of inter-firms co-operation that can be vertical or horizontal. Regarding co-ops governance, it appears to be complex and multi dimensionnal with a great partnership facet. Involving stakehoders in the decision making process is a specificity of certain types of co-ops. This research highlights three key elements regarding the strategic partnerships that are emerging in the French wine industry: the usefulness of analysing strategy and governance from a resource and a path dependence sides, the key role of “opened governance” in managing the inter-firms relationships and a realistic understanding of the intricacies and dynamics of partnering in practice.