Guinness maker Diageo to offset US tariffs with cost cuts Business London’s biggest drinks business, Diageo, has unveiled a $500m (£375m) cost-cutting programme as it struggles with the impact of US tariffs. Guinness and Johnnie Walker maker Diageo said it would make the cost savings over the course of three years, but did not confirm how many jobs would be impacted by the move. The firm [...]
Weak demand for cognac and spirits pulls down LVMH, Diageo and Pernod Retail Weak demand for cognac and spirits has sparked a sell-off of LVMH shares and a dip for other listed luxury brands. Shares in LVMH fell 7.25 per cent in early trade, causing the fashion behemoth to lose its crown to Hermes as the world’s most valuable luxury company. Shares in London spirits maker Diageo and [...]
The Famous Grouse sale to billionaire’s empire on the rocks Retail A deal which saw whisky giant The Famous Grouse sold to one of the UK’s richest men is to be investigated by the Competition and Markets Authority (CMA). Drinks business Edrington sold the brand, which been owned by its 1887 Company, to William Grant & Sons in September last year for an undisclosed sum. William Grant & [...]
Brits warned to brace for higher alcohol prices from next week January 28, 2025 On February 1 new duty rates on wine and spirits will come into force, meaning a rise in price for most alcohol. Under a new sliding system of duties, wine with a higher abv (alcohol by volume) will see the biggest price increase, with the duty on a 14.5 per cent abv wine to rise [...]
Bacardi: Martini maker shaken as UK drinkers move away from spirits January 7, 2025 UK drinkers ditching spirits in favour of wine, beer and non-alcoholic drinks has hit the sales of Bacardi, it has been revealed. The division of the Bermuda-headquartered drinks giant has said its performance has also been impacted by “a combination of post-Covid challenges, ongoing global conflicts and a tough economic environment marked by rising living [...]
Renais: Gin brand co-founded by Harry Potter star Emma Watson raises £5m January 6, 2025 The luxury gin brand co-founded by Harry Potter star Emma Watson and her brother has raised almost £5m. Renais Gin, which was launched in May 2023, has secured £4.95m on the back of expanding into the US last year. The spirit is now sold in 11 countries while the company has distribution deals agreed with [...]
Fevertree: US growth makes up for ‘unseasonable’ weather hitting UK sales September 12, 2024 Premium drink mixer brand Fevertree has reported a modest rate of growth despite a weak consumer backdrop after being boosted by sales in the US. The company told the London Stock Exchange this morning that revenue grew by two per cent year on year at constant currency rates in the six months to 30 June. [...]
Spirits trade has tough year in 2023 according to AIM-listed Distil June 12, 2024 Despite the difficult environment, turnover at the firm increased 15 per cent year-on-year to £1.5m with Goulding pointing to a "continued expansion" of its brands in the UK on-trade.