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Atlanta/Hong Kong CNN —Britain has reached an agreement to join a major trans-Pacific partnership, calling it its biggest trade deal since Brexit. The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The UK agreement comes almost two years after it began talks to join the pact. In the year through September 2022, the United Kingdom exported £60.5 billion ($75 billion) worth of goods to CPTPP countries, Sunak’s office said in a statement. Services made up a huge chunk — 43% — of overall UK trade with CPTPP members last year, according to Sunak’s office.

The CPTPP is a free trade agreement with 11 members: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam. The UK agreement comes almost two years after it began talks to join the pact. The UK Office for Budget Responsibility, which produces economic forecasts for the government, expects Brexit to reduce Britain’s output by 4% over 15 years compared with remaining in the bloc. Becoming a CPTPP member means that more than 99% of UK exports to the 11 other countries will now be eligible for tariff-free trade. Services made up a huge chunk — 43% — of overall UK trade with CPTPP members last year, according to Sunak’s office.

☆ Easy Diageo succession belies new CEO’s hard job
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

On Tuesday, the 80 billion pound maker of Guinness and Don Julio tequila announced that Chief Operating Officer Debra Crew would replace CEO Ivan Menezes in July. Menezes has been gunning for 5%-7% annual revenue growth and a 6%-9% annual increase in operating profit over the next three years. The company operates with a 31% operating profit margin, higher than its closest rival Pernod Ricard (PERP.PA), which runs on 29%. With the price of staff, ingredients and packaging soaring, cost cutting will be hard to pull off. Diageo’s smooth succession may lay the path for a bumpy road.

☆ European stocks rebound as banking jitters ease
▼ + stars: | 2023-03-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

European banks (.SX7P) rose 0.9% after shedding 3.8% on Friday, when Deutsche Bank (DBKGn.DE) sparked a rout in the sector. "Many investors still don't want to touch the banking sector for fears there is more distress to come," said Russ Mould, investment director at AJ Bell. "Yet for every bleak situation, there is always someone who sees an opportunity to make money, hence why we're seeing a rise in the share price of many European banks today." European stocks are looking to end the first quarter of the year with gains, buoyed by signs of economic resilience and hopes that central banks are near the end of their tightening cycles. However, European banks are set to end the quarter nearly flat amid the banking sector turmoil.

☆ Brown-Forman misses quarterly profit estimates as costs weigh
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Brown-Forman Corp (BFb.N) missed Wall Street expectations for third-quarter profit on Wednesday, as the Jack Daniel's whiskey maker struggled to keep a tight lid on costs. Spirit makers such as Brown-Forman have had to raise prices to shield their margins from soaring transportation and input costs. The company's selling, general and administrative expenses rose 14% to $186 million in the quarter. On an adjusted basis, the company earned 25 cents per share, missing analysts' average estimate of 47 cents, according to Refinitiv data. The Louisville, Kentucky-based company's quarterly revenue rose 4.2% to $1.08 billion, edging past analysts' expectations of $1.01 billion.

☆ Top Delhi minister arrested in India liquor probe
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 27 (Reuters) - India's federal investigating agency arrested a top local minister in the capital territory of New Delhi late on Sunday in connection with alleged irregularities in a liquor policy, the most high-profile arrest in the case so far. Manish Sisodia, the deputy chief minister in the Delhi government was arrested by India's federal crime agency, the CBI (Central Bureau of Investigation) late Sunday night and will be produced in a local court on Monday. Sisodia was arrested in an ongoing investigation in "a case related to alleged irregularities in framing & implementation of the excise policy", the CBI said in a release. His arrest is dirty politics," Arvind Kejriwal, Delhi's chief minister and head of the Aam Aadmi Party said in a tweet hours after Sisodia's arrest. India's financial crime-fighting agency, the Enforcement Directorate is separately investigating French liquor major Pernod Ricard for allegedly violating the same liquor policy.

European demand is deepening a shortage of agave, the prickly plant native to Mexico's Jalisco region that's used to make tequila. Tequila prices have leapt. Compounding matters, the flow to Europe of high-quality 100% agave tequila - which has to be bottled in Mexico - has also been constrained by the supply-chain chaos from COVID-19. Michael Merolli, head of Pernod Ricard's tequila business, which includes Olmeca, said there were far fewer tequila brands in Europe than the United States, where the market was more mature and competitive, with new brands emerging every week. U.S. A-listers like Dwayne "The Rock" Johnson, Kendall Jenner and Kevin Hart have all launched tequila brands in recent years.

☆ Pernod Ricard eyes more price hikes in second half, confident on China
▼ + stars: | 2023-02-16 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

The world's second largest spirits group after Diageo (DGE.L) reported forecast-beating first-half profit and sales, helped by price hikes of around 10%. During the COVID pandemic Pernod Ricard and its rivals benefited from people drinking more expensive types of alcohol at home. There have been, however, growing signs the spirits industry growth was stabilising, notably in the United States, as positive effects from the pandemic fizzle out. The strong first-half reflected a 5% rise in the United States, Pernod's top market, with growth driven by strong price hikes across its portfolio. In China, first-half sales grew 4%, reflecting a strong first quarter with solid demand for Martell cognac during the Mid-Autumn festival but a soft second quarter due to COVID-19 restrictions.

Pernod Ricard India said it strongly denies the allegations of the directorate, adding that it "will continue to fully cooperate with the Indian authorities in this matter." Benoy Babu, head for international brands for Pernod India, was arrested in November and remains in jail over the case. He faces allegations of money laundering under Indian laws and violating Delhi's liquor policy rules, but has denied wrongdoing. Under the 2021 Delhi liquor policy, hundreds of store licences were awarded to private players as the city government exited the retail business in a move to liberalise trade and boost local government revenue. One Enforcement Directorate document dated Nov. 10 says: "The main motive of Pernod Ricard in cartel creation was to ensure that the retail shops of the cartel partners purchased higher quantity of Pernod Ricard brands ... in lieu of the financial assistance provided."

☆ Why 2022 is the year of the espresso martini
▼ + stars: | 2022-12-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN Business —It might be 2022, but people are still ordering espresso martinis like it’s the 90s. The espresso martini has even displaced the classic Manhattan, a bourbon-based cocktail, in the top 10. “The elegance of the espresso martini elevates your cocktail experience at a bar or restaurant, and it also serves as an impressive after-dinner cocktail when entertaining guests at home.”2022 was the year of the espresso martini. Adobe StockThe espresso martini is a mix of vodka, coffee liqueur and espresso. Espresso martinis have also made the 86-year-old brand more appealing to younger drinkers, according to Rima Sawaya, Kahlúa’s brand director.

☆ Pernod Ricard confident about Europe, Mid-East, Africa and Latam business
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 22 (Reuters) - French spirits group Pernod Ricard (PERP.PA) is confident that its business in Europe, the Middle East, Africa and Latin America (EMEA/LATAM) will continue to deliver above market sales growth while protecting its margins in the 2023 fiscal year, EMEA-LATAM CEO Gilles Bogaert said on Tuesday. Bogaert was speaking in a video clip ahead of an investor presentation later in the day. A key focus for the region, which accounts for about 30% of group sales, entailed growing revenue to protect margins, continuing to increase prices, "agile" resource allocation and further digital transformation, he said. Last month, Pernod Ricard, the world's second-biggest spirits group behind Diageo (DGE.L), said it was confident group sales growth would remain dynamic through the fiscal year to June 30 after it delivered forecast-beating sales in the first quarter helped by price increases as consumers trade up to its premium spirits. Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Macy's raises annual profit forecast on firm luxury demand
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Upscale department store chain Macy's Inc (M.N) raised its annual profit forecast on Thursday on resilient demand for high-end suits, gowns and beauty products as wealthier shoppers were undeterred by inflation. Like other retailers, Macy's has introduced more discounts to clear excess stock of casual and athleisure apparel, while luxury goods sales has held up relatively well. The department store chain said it expects fiscal 2022 adjusted profit of $4.07 to $4.27 per share compared with its previous forecast of $4 to $4.20. Net sales at the department store chain fell to $5.23 billion in the third quarter ended Oct, 29 compared with $5.44 billion a year earlier. Reporting by Deborah Sophia and Uday Sampath in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Indian court sends Pernod Ricard exec, Aurobindo director to agency custody
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

The court's decision came hours after P. Sarath Chandra Reddy of Aurobindo Pharma and Pernod Ricard's Benoy Babu were arrested by the Enforcement Directorate (ED), the country's federal financial crime-fighting agency. The ED last month raided several liquor companies, suppliers and distributors in a money-laundering investigation, according to media reports. Babu is a general manager at Pernod Ricard and handles the French company's international brands business in India, according to his LinkedIn profile. Spokespersons for Pernod Ricard and Aurobindo did not immediately respond to Reuters' requests for comment. Shares in Aurobindo, which makes a range of medicines from antibacterials to antidepressants, fell by 11.75% by close of day.

☆ European shares gain ground on boost from travel stocks
▼ + stars: | 2022-11-07 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

REUTERS/StaffSummarySummary Companies Flutter, Ryanair lead travel stocks higherTravel & leisure index hits near 3-month highsChina-exposed luxury companies declineIrish stocks rallyNov 7 (Reuters) - European shares rose on Monday, reversing declines from the opening bell, as a jump in travel stocks helped outweigh a drag from China-exposed luxury giants. The benchmark STOXX 600 index (.STOXX) added 0.6% by 0929 GMT, extending gains after its fourth straight weekly rise. Flutter Entertainment Plc rose 4.5%, boosting European travel & leisure stocks (.SXTP) by 2.3% and helping it touch a near three-month high. European luxury stocks, including LVMH (LVMH.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA), dipped between 0.1% and 0.4%. Dutch fertiliser maker OCI (OCI.AS) fell 3.7% to the bottom of the STOXX 600 after J.P. Morgan cut its rating on the stock on softer quarterly outlook.

☆ European shares rise as China reopening hopes lift luxury, mining stocks
▼ + stars: | 2022-11-04 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The STOXX 600 (.STOXX) rose 1.1% by 0932 GMT. The European basic resources index (.SXPP) surged 4.6% to a seven-week high and was set for its biggest weekly gain in more than three months. Luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Pernod Ricard (PERP.PA) and Hermes International (HRMS.PA) climbed between 2.5% and 3.5%. Among other stocks, manufacturer Andritz (ANDR.VI) surged 9.2% to the top of the STOXX 600, as its quarterly sales and profit rose significantly. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ European shares jump as luxury stocks, miners rally amid Fed pivot hopes
▼ + stars: | 2022-11-01 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Luxury stocks lift euro zone blue-chipsMining, energy stocks rise on higher commodity pricesFed's two-day meeting to start later in the dayMonte dei Paschi up as cash call 93% coveredNov 1 (Reuters) - European shares jumped on Tuesday, boosted by miners and luxury stocks, amid rising hopes that the U.S. Federal Reserve would slow down the pace of its interest rate hikes next month. The pan-European STOXX 600 index (.STOXX) rose 1.2% by 0905 GMT, kicking off November on a solid footing and hovering at their highest in more than six weeks. The EURO STOXX 50 index (.STOXX50E) gained 1.2% after luxury giants including LVMH (LVMH.PA), Kering (PRTP.PA), Hermes International (HRMS.PA) and Pernod Ricard (PERP.PA) jumped between 2.2% and 3.9%. Miners in Europe (.SXPP) leapt 3.0% while oil & gas stocks (.SXEP) added 1%, as prices of oil and industrial metals rose against declines in the dollar. ECB President Christine Lagarde said the central bank must keep raising interest rates to fight off inflation even if the probability of a euro zone recession has increased.

☆ Stocks are suddenly getting hit with higher Treasury yields and some worrisome earnings
▼ + stars: | 2022-10-21 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Markets are being hit with a double whammy this morning: multi-year high in Treasury yields, and earnings. Earnings and revenues were higher than expected. Spending was strong (consumer and commercial-billed business growing 22% and 20% year-over-year), new card growth (3.3 million) was good. But AmEx set aside $778 million for potential future losses, nearly $200 million higher than expected. Robert Ottenstein at Evercore ISI said in a note, commenting late last night on very strong earnings from French spirits maker Pernod Ricard.

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes (HRMS.PA) and Pernod Ricard (PERP.PA) both said they will continue to raise prices, after beating expectations in the July-September quarter. Mainland China also saw a strong rebound after COVID-19 restrictions were lifted, although some restrictions have since been reimposed. PRICE RISESThe world's biggest luxury group LVMH (LVMH.PA) last week kicked off the earnings season with forecast-beating sales -- and no signs of a let-up in demand. The results from Pernod and Hermes bode well for beauty giant L'Oreal (OREP.PA) and Gucci-owner Kering (PRTP.PA), which both report results later on Thursday.

☆ Pernod Ricard confident over FY as Q1 sales beat expectations
▼ + stars: | 2022-10-20 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

REUTERS/Denis Balibouse/File PhotoPARIS, Oct 20 (Reuters) - French spirits maker Pernod Ricard (PERP.PA) said on Thursday it was confident sales growth would remain dynamic through its 2023 fiscal year after it delivered a forecast-beating 11% sales growth in the first quarter helped by price increases in the United States, its top market. Pernod, the world's second-biggest spirits group behind Diageo (DGE.L), said the strong start to the year also reflected strong demand in China and in India and a continued rebound in global travel retail. "I am hugely encouraged by our start to the year," Chairman and CEO Alexandre Ricard said in a statement. In China alone, sales rose 9% in the first quarter thanks strong mid-Autumn festival sales. The Martell cognac brand recorded double-digit sales growth during the quarter in China despite COVID restrictions.

The customs authority says Pernod did so to evade full payment of import taxes. Pernod has been "a habitual litigant and always attempts to abuse the due process of law," the filing added, referring to some previous tax demands Pernod challenged in India. It declined further comment due to ongoing litigation and because the filing by the customs authority wasn't public. To compensate for the undervalued imports, Pernod paid "hefty" dividends to the group's holding company, Pernod Ricard in France, which also owns Chivas Brothers, the investigation found. Last week, Pernod said its India CEO, Thibault Cuny, had stepped down due to health reasons.

☆ Pernod Ricard to Buy Stake in Tequila Maker Backed by Country Star George Strait
▼ + stars: | 2022-10-18 | by ( Joshua Kirby | ) www.wsj.com time to read: 1 min

Pernod Ricard said Codigo would complement its broad portfolio of products. Pernod Ricard SA has agreed to buy a majority stake in Codigo 1530 Tequila, a premium spirits brand backed by country-music star George Strait, in the distiller’s latest move to boost its exposure to high-end booze in the U.S. The French company said late Monday it would pay an undisclosed sum to acquire a majority stake in Codigo, which produces a range of ultrapremium and prestige tequilas.

☆ Pernod Ricard India CEO Cuny steps down due to health reasons
▼ + stars: | 2022-10-14 | by ( Aditya Kalra | ) www.reuters.com time to read: +2 min

Cuny, who has been dealing with health concerns for some years, will take a break from his professional duties on medical advice, but will stay on with Pernod, the company said in its statement to Reuters. Cuny took over as the managing director and CEO of Pernod Ricard South Asia in 2019 after serving as Pernod Ricard Brazil as president and CEO. The company, which is embroiled in various tax and legal battles, is the second biggest spirits player in India where it competes with the likes of Diageo (DGE.L). Reuters reported last week Indian tax authorities, following an investigation, have demanded $244 million from Pernod India for undervaluing certain liquor imports for over a decade to avoid full payment of federal duties. In the interim, Philippe Guettat, Chairman and CEO of Pernod Ricard Asia, will take charge of Pernod Ricard South Asia, including India, the company said.

☆ Social audio marketing challenges for 2021
▼ + stars: | 2021-04-22 | by ( Debra Aho Williamson | ) www.businessinsider.com time to read: +6 min

The following is a preview of one Media, Advertising, and Marketing report, Clubhouse and Social Audio 2021. But any marketer that's active in social media should weigh the drawbacks of entering social audio right now. Social audio sits at the juncture of four activities: social media, digital audio, virtual events, and conversations. For now, social audio is a fraction of the size of social networking or podcasting. Social audio marketing efforts: minimal payoffMarketers shouldn't enter social audio in 2021 with the idea of generating a massive return.

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