Pernod Ricard has agreed to sell the majority of its global wine brands, including Jacob’s Creek and Campo Viejo, as the drinks company aims to focus on its spirits and champagne businesses.
The Paris-based company, known for selling spirits such as Absolut Vodka and Beefeater Gin, said it was selling its wine brands produced in Australia, Spain and New Zealand to the owner of Australian company Accolade Wines.
Pernod did not disclose how much it made from the sale of the brands to Australian Wine Holdco Ltd (AWL), but said the products were sold at a rate of 10 million cases a year.
The company said the sale, which is expected to be completed in the second half of 2025, will allow it to redirect its resources to its premium spirits and champagne brands.
Pernod Ricard is one of the world’s largest wine and spirits companies, with brands including Havana Club rum, Jameson Irish whiskey and Perrier-Jouët champagne. It competes globally with British company Digio, owner of Johnnie Walker and Smirnoff.
The company had sales of more than £10bn last year, and an operating profit of £2.8bn. Wine sales accounted for just 4% of that, down 2% on the previous year.
Sales will also include Orlando and St Hugo brands from Australia; Stoneleigh, Brancott Estate and Church Road from New Zealand; and Ysios, Tarsus and Azpilicueta, which are produced in Spain.
Pernod will retain its wine brands in the United States and France, as well as those in Argentina and China.
AWL, the owner of Accolade Wines, is a consortium of institutional investors with backers including private equity firm Bain Capital.
Last year, the fund bought Accolade Wines, Australia’s second-largest wine producer, after it struggled to adapt to new Chinese tariffs and consumers turning away from lower-priced wine brands.
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“We will sell our wine division to a global player, with a marketing pipeline dedicated exclusively to the wine industry,” Pernod Ricard said in a statement.
“Our wine brands will benefit from the focus needed to realise their potential, strengthen their position and seize new opportunities around the world.”
“With AWL’s support, the combined company will be better able to adapt to changing consumer tastes and address the structural challenges facing the global wine industry,” said Joshua Hartz, AWL spokesman.
