Date
19 October 2017

Pernod Ricard targets China wine acquisitions, WSJ says

France’s Pernod Ricard S.A., maker of Chivas Regal scotch whiskey and Absolut vodka, is looking for acquisitions in China’s wine sector, a segment in one of the world’s largest alcoholic-drinks markets that could see rapid growth with the emergence of a new middle class and rapid urbanization, the Wall Street Journal reported Thursday, citing chief executive Pierre Pringuet. China overtook France and Italy last year as the world’s largest consumer of red wine, with consumption volumes tripling between 2007 and 2013, the newspaper said, citing a new study from International Wine & Spirit Research. Pernod Ricard issued a profit warning on Thursday as demand for cognac and scotch in China plunged as a result of the government’s crackdown on lavish receptions and gift-giving, the report said.

– Contact HKEJ [email protected]

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