Global distillery giant Pernod Ricard has set up a local joint venture with a unit of tycoon Lucio Co-led Cosco Capital Inc., deepening their partnership in bringing a suite of liquor products to local consumers.
In a statement from Hong Kong, Pernod Ricard Asia announced that after a few decades of successful years working together, it would further strengthen its partnership with Cosco’s Premier Wine & Spirits by forming joint venture firm Pernod Ricard Philippines.
The local unit of Pernod Ricard will cater to the fast growing middle-income and affluent consumers’ needs in the Philippines’ market.
The move is seen to amplify the presence of Pernod Ricard’s international brands such as Martell, Chivas Regal, The Glenlivet, Absolut Vodka and Jameson, and widen their domestic consumer reach.
Philippe Guettat, chair and CEO at Pernod Ricard Asia said , “our relationship with Premier Wine & Spirits has been excellent since we started to work together in 2001 when Pernod Ricard acquired Seagram’s distribution companies in Asia. Today we are delighted to strengthen our partnership to further grow our brands and accelerate their distribution in the Philippines.
“We are committed to respond to Filipino consumers’ taste and trends by tailoring our portfolio to the local needs and leverage our experience and capabilities in innovation,” he added.
Robin Chua, managing director at Premier Wine & Spirits, said: “After many years of partnership, it is truly a great step forward as Pernod Ricard and Premier Wine & Spirits together aim to capitalize on the needs and demands of the Filipino audience. With this new venture, we not only push to strengthen our existing business but also expand into new frontiers in the category.”
With this partnership, Pernod Ricard seeks to boost its innovation capabilities in developing locally relevant products such as the recently launched Seagram’s Imperial Blue and Imperial Blue Light.
Pernod Ricard Philippines will be equipped with full fledged functional capabilities dedicated to the Pernod Ricard portfolio, but it is also expected to benefit significantly from Premier Wine & Spirits’ sales and distribution expertise, and by being part of Cosco Capital’s extensive network.
The joint venture is also expected to ride on Pernod Ricard’s global marketing expertise in brand building, new product development, digital and its best in class manufacturing and supply chain capabilities.
Pernod Ricard is the world’s second largest wine and spirits company, with consolidated revenue of 8,987 million euros in 2018. It has one of the most prestigious brands in the sector: Absolut vodka, Pastis Ricard, Ballantine’s Scotch Whiskeys, Chivas Regal, Royal Salute and The Glenlivet, Irish Whiskey Jameson, Martell cognac, Rum Havana Club, Beefeater gin, Kahlúa and Malibu liqueurs, Mumm and Perrier-Jouët champagnes as well as Jacob’s Creek, Brancott Estate, Campo Viejo and Kenwood wines.