Pernod Ricard has announced the sale of its strategic wine brands to a consortium of institutional investors and the owner of Accolade Wines as it switches focus to the premium spirits and champagne market.
The deal, announced on Wednesday, will see one of the world’s largest distillers offload brands including Jacob’s Creek, Orlando and St Hugo from Australia. No financial details on the deal were disclosed.
In a statement, the French group said the sale would allow it to “direct resources” to its portfolio of premium international spirits and champagne brands that drive the growth of the business.
“The transaction is the result of Pernod Ricard’s continuous assessment of its strategic opportunities,” it added.
The disposal comes after Pernod Ricard reported a 7 per cent fall in sales of strategic wines in the first quarter of this year, mainly driven by a decline of Jacob’s Creek in India and Campo Viejo in the US.