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Pernod Ricard, Maker Of Chivas Regal, Absolut, Predicts India To Outpace US As Their Top Market

Pernod Ricard, known for brands like Chivas Regal and Absolut, envisions India overtaking the United States as its largest global market.

Edited By : Malika Sahni | Updated: Dec 14, 2023 17:40 IST
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Pernod Ricard, known for brands like Chivas Regal, Glenlivet, and Absolut, envisions India overtaking the United States as its largest global market, although no specific timeline has been provided. Currently contributing over 10% to Pernod Ricard’s global revenue of Rs 12.1 billion, India also constitutes almost a third of its global sales volume.

Jean Touboul, Pernod Ricard India’s Managing Director, expressed India’s promising macroeconomics, making it an appealing avenue for growth. In an ET interview, he highlighted the company’s swift progress in the country, stating, “We are growing faster than many other affiliates in the group, and hopefully because we do a good job, but I don’t want to undermine my colleagues’ jobs in other countries. It’s a market where the gross potential is much higher.”

Touboul emphasized India’s standing as one of Pernod Ricard’s crucial markets, alongside the US and China, attributing the nation’s rapid growth to favorable macroeconomics, an expanding population of legal drinking-age individuals, and a demographic dividend.

While Pernod Ricard’s revenue in India soared by 10% to Rs 25,142 crore in the previous fiscal year, net profits declined by 8% to Rs 1,343 crore due to elevated taxes and promotional costs.

Though Pernod Ricard commands about a quarter of India’s whisky market, primarily in the premium and semi-premium segments with brands like Blenders Pride, Royal Stag, and Imperial Blue, it faces intensifying competition from Diageo, Beam Suntory, and local players like Amrut and John Distillers in the higher-priced categories.

Acknowledging the Indian market’s intricacies, Touboul remains optimistic amidst the competition, viewing increased competition as a positive for consumers. He expressed, “I don’t fear competition. I am happy that more players are entering and helping boost the offer for the consumer, and we can all together as an industry attract more and more consumers into our products.”

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First published on: Dec 14, 2023 05:40 PM IST

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