 "Pernod Ricard")
French distiller Pernod Ricard is exploring options to introduce high-end spirits brands in India, including whiskies, rums, and gins, according to the Economic Times. The company has already launched an Indian single malt, which is currently being test-marketed in Mumbai and Goa.
Kartik Mohindra, chief marketing officer and head global business development, at Pernod Ricard India told ET, "We are evaluating other categories for premium brands, based on whether it will be profitable and have a sustained value. Some segments like top-end rum and tequila are unexploited markets right now in India."
Mohindra added that the company is aiming to target mature whisky consumers with the new product, which is priced between Rs 5,500 and Rs 6,000 per bottle. The company is also considering opportunities in other premium categories such as top-end rums and tequilas, which have yet to be exploited in India.
Pernod Ricard plans to export these premium Indian brands to overseas markets with a significant Indian diaspora, such as the Middle East, the UK, and the US. The company's strategy is to take on the competition from Indian brands, including startups, who are trying to "premiumise" their portfolios and also widen its presence in the premium segment across price points, where it currently sells only imported products.
India is the third largest market for Pernod Ricard, after the US and China. The company is the largest whisky maker in the country, controlling a fourth of the segment with Indian brands, including Royal Stag, Imperial Blue, and Blenders Pride. The company also owns India's highest-selling Scotch, 100 Pipers, with sales of over 1.5 million cases annually.
The company is planning to invest Rs 200-300 crore annually in capex over the next few years, and it is targeting double-digit growth in India in the mid-to-long term. The company believes that the overall investment thesis for India is positive, and it is committed to making the necessary investments.
