Pernod Ricard Increases Stake In Sovereign BrandsOctober 14, 2022
Pernod Ricard is “significantly” upping its minority investment in U.S.-based spirits and wine marketer Sovereign Brands. No financials were disclosed. Pernod initially took a minority stake in Sovereign last year and has call options in place to potentially further increase its interest looking ahead. Sovereign is owned and operated by brothers Brett and Brian Berish.
Pernod says the partnership has already accelerated the marketer’s brands, including including French super-premium sparkling wine Luc Belaire (circa 1 million 9-liter cases in 2021), a range of Caribbean rums sold under the Bumbu brand (300,000 cases in 2021), Brazilian gin McQueen and the Violet Fog, and French liqueur Villon. The two companies also have joint incubation projects underway, “with an initial brand planned for a full scale launch in the coming months.”
“Our partnership with Sovereign Brands has already proven to be very successful, with brands such as Bumbu and Luc Belaire now reaching an ever growing number of consumers in the U.S. and abroad,” said Pernod chairman and CEO Alexandre Ricard. “I believe we are perfectly matched as two consumer-centric companies with a shared commitment of creativity, innovation, and brand building.”—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.