Pernod Ricard said the sale will enable it to fully tap into premiumization trends and support sustainable growth
Through the Imperial Blue sale process, Pernod Ricard can focus on higher-margin, premium brands like Glenlivet, Jameson, and Chivas Regal.
The order comes despite an Indian appeals authority in February asking city officials to reconsider the rejections as investigations against Pernod for allegedly breaching the city's liquor policy in 2021 had not so far resulted in any conviction.
The case is among growing challenges for Pernod in India, its largest market by volume sales
Wednesday’s surprise raids by the Competition Commission of India (CCI) targeted offices in the city of Hyderabad, and some retailers in nearby Telangana state, the five sources said, in one of the biggest such industry crackdowns in recent years.
With the sale process of Imperial Blue, French liquor major Pernod Ricard can focus on higher-margin, premium brands such as Glenlivet, Chivas Regal, and Jameson
Enforcement Directorate in January 2023 accused Pernod Ricard India (PRI) of engaging in money laundering
The rejection adds to Pernod's India woes, with the French drinks group facing two antitrust cases in India while it also contests a tax demand for nearly $250 million for alleged undervaluation of imports
With brands such as Chivas Regal, Glenlivet and Absolut vodka, Pernod has a share of 17% in a liquor market it says is its second biggest globally by net sales, but one where it is embroiled in licence, tax and antitrust difficulties.
Senior advocate Harish Salve appeared for the executive, Benoy Babu, and argued that he has been in custody for the last 13 months and that he does not occupy a policy making position in Pernod Ricard.
Special Judge M K Nagpal dismissed Babu's application seeking extension of his interim bail for three weeks on the ground of his daughter's medical condition.
French spirits giant Pernod Ricard's India head of corporate affairs, Yashika Singh, has resigned
Pernod, the world's second-biggest spirits group after Diageo (DGE.L), said that it expected consumer demand to recover further in China post COVID restrictions in the fourth quarter. It also banked on more favourable comparables in the United States and China, where it planned further price increases.
The excise department of the government of the national capital territory of Delhi had last week decided not to renew the sales licence of Pernod Ricard, said official sources. India is one of the growth markets for Pernod Ricard.
The April 13 order from city authorities, seen by Reuters and not previously reported, said the decision was reached after reviewing Pernod's licence application along with "considerable documents" received from investigating agencies in India.
Diageo appointed Chief Operating Officer (COO) Debra Crew as CEO to replace retiring long-time boss Ivan Menezes, becoming one of only a handful of women to lead a company in Britain's blue-chip FTSE 100 index.
The latest accusations against Pernod by India's financial crime agency, the Enforcement Directorate, detailed in the agency's 14,000-page filing of Jan. 6 in a New Delhi court, formally name the French group's local unit as an accused.
Pernod Ricard India said it strongly denies the allegations of the directorate, adding that it "will continue to fully cooperate with the Indian authorities in this matter."
Special Judge M K Nagpal, who was scheduled to hear the arguments on Babu's bail application on Monday, adjourned the matter on pleas made by the Enforcement Directorate (ED) as well as the advocate appearing for the accused.
Paul-Robert Bouhier takes the reins from Thibault Cuny, who stepped down in October 2022 due to health issues.
Thibault Cuny, who has been dealing with health concerns for some years, will take a break from his professional duties on medical advice, but will stay on with Pernod, the company said in its statement to Reuters.
Ann Mukherjee, 56, is the CEO and chairman of Pernod Ricard North America, the world’s second-largest seller of wine and spirits
Some of its key brands such as Royal Stag, Blenders Pride and 100 Pipers had a very dynamic performance in the domestic market, the company said in its Q3 FY22 sales data released on Thursday.
Absolut Vodka launched in America in 1979, and got a shot in the arm when Andy Warhol created over 50 artworks around the bottle.
Pernod, the world's second-biggest spirits group after Britain's Diageo, kept its profit outlook unchanged and achieved some robust quarterly growth in the United States and in Europe.