Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Pernod Ricard to cease operations in Russia

Published 12/05/2023, 17:31
Updated 13/05/2023, 10:00
© Reuters. FILE PHOTO: A logo is seen on a bottle of the Ricard aniseed-flavoured beverage displayed during French drinks maker Pernod Ricard news conference to announce the company annual results in Paris, France, August 29, 2018.   REUTERS/Christian Hartmann

(This May 12 story has been corrected to remove references to 'premium' and 'local brands' in paragraphs 1 and 2)

PARIS (Reuters) - French spirits group Pernod Ricard (EPA:PERP) said on Friday it stopped exports of all its international brands to Russia at the end of April and also plans to end the distribution of its portfolio of brands to Russia.

Ending the distribution of the portfolio, which includes brands such as Armenian brandy Ararat, is a process that Pernod Ricard expects to take "some months" to complete, the group said in a statement on its website.

A spokesperson for Pernod Ricard said the company, which owns international brands such as Martell cognac and Beefeater gin, would keep a "limited team" in Russia in order to eventually resume business in the future.

Downsizing local operations would mean the loss of around 300 jobs in Russia, she said.

Last month, Pernod Ricard had said it was suspending exports entirely of its premium vodka Absolut to Russia, having previously reduced sales following Moscow's invasion of Ukraine.

It said at the time it was still supplying a limited supply of other brands in Russia.

Like many Western consumer goods companies, Pernod Ricard cut back heavily on products it sells in Russia last year, having previously derived around 3% of its sales there.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.