Pernod Ricard said today it agreed to sell the majority of its wine portfolio to the owners of Australia's Accolade Wines, disposing of a dragging division to focus on its core business of spirits.
Pernod Ricard said today it agreed to sell the majority of its wine portfolio to the owners of Australia's Accolade Wines, disposing of a dragging division to focus on its core business of spirits.
It will also continue to own champagne brands like Mumm and its US and French wine brands, as well as labels in Argentina and China. Wine sales made up just 4% of Pernod's sales in the financial year that ended in June 2023, when they declined by 2%. The company has increasingly focused on expensive liquors as wine has lost drinkers to beer and spirits in Western markets. Consumption in China, a former high-growth wine market, is now shrinking.
"The deal will create a more certain and financially sustainable future for the business," AWL spokesperson Joshua Hart said, adding the combined business would be better able to adapt to changing consumer tastes and meet the challenges facing the industry.The deal reflects a"de-cluttering" taking place across the spirits sector, Jefferies analyst Edward Mundy said in a note.
Business Pernod Ricard Spirits Wine
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