2. PERNOD RICARD
BUSINESS REPORT
Group E1
DARA COYNE 14204332
PATRICK CONNOLLY 14205706
ROBYN PIM 11511247
SEBASTIEN GIANCOLA 14200517
TRISHNA GUHA 14200592
XINTONG LIU 14203319
SBUS40650
Strategic Service Performance
Simulation
Prof.Drs.R. Sybren Tijmstra
Lars van der Meulen MBA
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1. INTRODUCTION
The global alcohol industry is estimated to be worth around $1.5 trillion, and has enjoyed
steady growth of 1.4% for the last decade with much of this growth being driven by
premiumization and demographic shifts in emerging markets. At the moment, 36% of
revenue is generated by Europe, 28% by Asia and 36% in North America. Recent years have
seen a decline in spending by European customers and significant increases in Asia and
South America. That being said, it is crucial that key players in the industry adjust their
strategies in order to take advantage of these trends. One of the most prominent figures in the
industry is the Pernod Ricard group, who is currently a co-leader in the industry alongside
Diageo. (Dagong Europe, 2014)
The purpose of this analysis is to assess the alcohol beverage industry and gain a deeper
understanding about the French Group Pernod Ricard. The Group is one of the global leaders
in the industry, by virtue a wide portfolio in Champagne, Wine and Spirits. This Analysis will
be divided into three segments: Standard, Premium and Super Premium. Pernod Ricard is
comprised of eighteen products, thirteen premium Products and six Super Premium brands.
There are many varieties amongst the segments with regard to their respective target markets:
- The Standard brands are typically marketed towards younger (18-30 years old) and lower
income demographics who either lack the resources to purchase products from the other
two ranges or who have yet to develop a palate for the more upmarket products in the
range.
- Premium products are primarily marketed to consumers who are middle aged or older and
middle/higher income groups.
- Super Premium brands are targeted at consumers who belong to the highest income
groups in the marketplace.
The Pernod Ricard brand portfolio is characterized by its diverse offerings, ranging from the
parochial to the iconic. As a consequence, the group caters to a wide range of preferences
ranging from luxury champagne products to locally produced budget whiskeys. Its global
presence and ownership of influential brands provides it with a strong infrastructure for
marketing and brand development efforts.
In terms of the firms geographical reach, Pernod Ricard operates in eighty markets globally in
3 main regions - Europe, Americas and Asia/Rest of the World (ROW). The Group possesses
101 production sites, which characteristics a decentralised business model proving to be a
major strategic advantage for presenting flexibility and effectiveness in attending its
customers demand.
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2. FINANCIAL OPPORTUNITIES
Growth forecasts for the global spirits industry have posited mixed results. In America,
consumer trends favoring craft distilleries have taken hold in the United States. This has
created structural challenges for established players in the industry like Pernod Ricard. In
Brazil, imported spirits have declined due to deteriorating economic circumstances and a
strengthening American dollar, leading to inflation. European consumers are turning away
from Scotch products, with blended Scotch being hit particularly hard due to its lack of
appeal for younger consumers. The other segments of the spirits industry have exhibited
growth in European markets however. The outlook for Asia and ROW is also ambiguous. The
Chinese market has been weak as many consumers are trading down despite a boost in
revenue from the New Year celebrations. Finally, Indian markets have proven to be
responsive to premiumization, with revenue growth being primarily driven by efforts to
provide customer value in areas apart from price (PRNewswire, 2015).
Geopolitical developments are also sure to create significant revenue opportunities for
Pernod Ricard. The restoration of diplomatic ties between the United States and Cuba have
made the repeal of the embargo more of a possibility than ever before. Currently, the firm is
unable to sell its Havana Club brand in the American market due to the fact that it is
produced in Cuba. In the event of a repeal, Pernod Ricard would finally be able to do so.
This is an important opportunity, as the American market is the largest market in the world for
rum. It is projected that the abolition of trade barriers could increase sales of Havana Club by
as much as fifty percent (Guion, 2015). If developments in Cuba-US relations continue in the
same vein, it would be safe to say that revenues in the Premium category would increase
given Havana Club status (which is already Top 25 Spirit Brand) as one of Pernod Ricard most
renown Premium products.
The global spirits industry is dominated by a handful of conglomerates. Key amongst these
are Diageo and Pernod Ricard, who serve as the co-leaders of the industry. They are closely
followed by Beam Suntory and Bacardi-Maritni, with many prominent brands being owned
by these four groups. Analysts reckon that it is highly unlikely for any of these firms to be
purchased themselves, and that prospects for further expansion through M&A will be found
in smaller boutique manufacturers such as the Campari group. It should also be noted that in
the spirits industry scale does not necessarily result in higher profit margins and that many
distilleries may be content to remain small provided that their brands can still appeal to
consumers (Gelles, 2014). That said, it is apparent that any efforts by Pernod Ricard to attain
market share will be primarily through other means for the foreseeable future.
Research into of the price elasticities for products in the spirits and wine category has yielded
interesting results with elasticities between developed and developing markets differing
substantially. For example, blended Scotch whisky has a price elasticity of -.01 in developing
markets compared to -0.5 in developed markets. Other notable categories such as vodka and
single malt whiskey possess figures of -0.15 and -0.17 globally. As a consequence, it should
be relatively easy for Pernod Ricard to adjust prices for its vital spirit portfolio (Ha, 2014).
However, it should be noted that many spirits in developing economies are operating in the
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early stages of the product life cycle, implying that elasticities should increase as the market
becomes more populated.
3. COSTS
In the case of Pernod Ricard, many of the cost reduction opportunities can be found in the
structure of the organization itself. The firm has already taken action in the form of Project
Allegro, an initiative that seeks to improve organizational efficiency through a number of
restructuring efforts. The first is to prioritize and focus efforts across the brand and market
companies in addition to the holdings company by emphasising the key functions of each.
The second is to simplify the organization and its processes by consolidating many of the
management entities and executive positions within the organization. The third aspect is that
of mutualisation, which seeks to improve the proliferation of important information
throughout the organization by centralizing back office functions and the sharing of IT
functions between different divisions (Pernod Ricard, 2014).
In implementing these measures, the firm hopes to save approximately €150 million over the
next three years. To date, it has saved €30 million in 2013/14 and hopes to save €75 million
in 2014/15 with additional savings of €45 million throughout 2015-17, with at least €50
million of these being reinvested in high priority brands. Many of these savings have resulted
from job cuts, which are set to total 900 from the firms global operations (Hopkins, 2014).
Pernod Ricard has also attempted to reduce costs by acquiring production facilities in key
markets that are expected to drive future growth. In doing so, it hopes to cut costs associated
with transporting and marketing international brands in emerging markets. For example,
although wines currently account for approximately 10% of the firm’s profits, the firm has
commenced winemaking operations in China, an important growth area. The Chinese brand
Helan Mountain was acquired by the firm in 2012 and has been used as a staging ground for
the firm’s incursion into the burgeoning Chinese market for red wine. (Stone, 2014). The firm
could reduce costs by exploiting their vast portfolio of local brands to strengthen the group’s
presence in these embryonic markets, enabling its premium and high premium brands to be
marketed at lower costs.
Another cost reduction opportunity can be found in Pernod Ricard’s emphasis on
premiumization. Central to this process is the notion that the added value associated with
luxury goods is more than enough to offset the adverse impact that high prices will have on
revenues, due to the relatively low price elasticity of demand that many luxury goods
possess (Pernod Ricard, 2015). For this reason, it may be prudent to reduce costs by cutting
back on the capacity of some of the brands in Pernod Ricard’s portfolio, as a combination of
low supply and high recommended retail prices could serve to aid the firms premiumization
strategy while also freeing up some resources that could be reinvested in other, more
sensitive areas such as marketing. In the case of Pernod Ricard, it would be most prudent to
implement these measures in the Super Premium segment and Premium segments albeit to a
lesser extent.
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4. INDUSTRY ATTRACTIVENESS
Before assessing the attractiveness of each segment it is first necessary to examine the
profitability of each one on the basis of past financial reports. Starting with Pernod Ricard’s
Super Premium category, represented by: Martell Cognac, The Glenlivet, G.H Mumm, Perrier-
Jouët and Royal Salute. In terms of organic net sales growth, the Champagne brands Perrier-
Jouët and G.H Mumm have posited results of 8% and 9% respectively. The Scotch brand
Royal Salute has suffered a decline of 5%, while the malt The Glenlivet has enjoyed an
increase of 14% (Pernod Ricard Press Release, 2015). This is hardly surprising, given the
decline in Scotch consumption in the European market. Overall, Pernod Ricards Super
Premium segment has enjoyed an increase in organic net sales growth of 5.4% for the year
2014/15 to date.
Moving on to the Premium category, there are thirteen brands encompassing eight spirits
brands and five Premium wine brands. Net sales growth in the firms wine portfolio has
remained constant at exactly 0% and accounts for 10% of the firms overall revenue. The
Premium spirits portfolio has elicited more ambiguous results however. The two global icons
in the Pernod Ricard portfolio Absolut Vodka and Chiva’s Regal blended whiskey have
declined by 1% and remained constant respectively. The Scotch Ballentine has increased by
4%. Malibu and Havana Club rum have recorded shortfalls of 6% and 1% respectively.
Beefeater Gin has grown by 4% while the anise liquor Ricard enjoyed sales growth of 2%.
The biggest winner by far is Jameson Irish whiskey, which has enjoyed an increase of 9% in
net organic sales growth (Pernod Ricard Press Release 2015). Taking these figures into
account, it is apparent that the firms Premium segment has grown slightly at 0.8% net
organic sales growth on average. Figures for the firm’s Standard portfolio have indicated an
increase in sales growth of 5%. Although a breakdown of sales figures on a brand-by-brand
basis is unavailable from official sources, it has been noted that Indian whiskeys, such as
Imperial Blue have driven much of this growth.
Sales figures by region have been in line with the firms past estimates, with organic net sales
figures for Asia and ROW increasing by 14%. American figures have increased by 5%, while
European organic sales figures have fallen by 1%. (Pernod Ricard Press Release, 2015). That
said, it is apparent that much of firms future growth will be driven by sales in the American
and Asia/ROW markets. This could do much to explain the lacklustre growth levels in the
firm’s Premium portfolio and steady growth in the Standard and Super Premium segments.
One possible explanation is that Standard brands remain popular with less cosmopolitan,
lower income consumers living in vital emerging markets such as India and Brazil. The Super
Premium brands could also be popular due to the consumer habits of the emerging middle
classes, who may be keen to engage in conspicuous consumption due to their newly
acquired wealth. As a consequence, the Premium brands are relatively neglected as the
liquor markets in many emerging countries are still in the early stage of the product life cycle,
leaving little room for middle of the range options that would appeal to establish middle-
income consumers.
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Taking into account the revenue and cost reduction opportunities that have also been
identified, it is obvious that the Standard and Super Premium brands are the most attractive in
the short to medium term, with the premium segment possibly becoming more lucrative in
the long run. Price elasticity in developing markets are less pronounced, meaning that
premiumization will be more potent. The establishment of production facilities for the
Standard segment brands could also do much to bolster growth in this portfolio whilst also
paving the way for long run growth in the Premium segment. The possibility of an
improvement in US-Cuba relations and the abolition of the embargo could greatly bolster
Havana Club sales in the United States and contribute to a notable increase in long run
premium growth. To summarize, the Standard and Super Premium segments will be the most
attractive prospects for short to medium run growth until the emerging markets become more
mature in the long run. After this occurs, we would expect the Premium segment to pick up
and for the firms portfolio to become more balanced.
5. CUSTOMER SENSITIVITY
ST: Short Term LS: Low Sensitive HS: Highly sensitive
LT: Long Term S: Sensitive
Standard brands will not be as effected by customer sensitivities as the Premium and Super
Premium markets. Price is the main sensitivity in the local market where a higher price may
lead to a decrease in units sold. Conversely, the Premium and Super Premium markets are
less affected by price as the consumers are purchasing the product based on its high quality.
Overall, economic studies suggest that that alcohol advertising increases consumption while
a ban on or counter advertising reduces alcohol consumption (Saffer and Dave, 2006). This
is true for the Premium and Super Premium markets rather than in local markets. This can be
seen in Pernod Ricard’s marketing campaigns that are ran over a long period. Similarly,
POSITION STANDARD PREMIUM SUPER PREMIUM
1 PRICE - ST & HS MARKETING - LT & HS MARKETING - LT & HS
2
ADVERTISING - ST & S SKILLS INVESTMENTS -
LT & HS
SKILLS INVESTMENTS -
LT & HS
3
VALUE ADD - LT & S ADVERTISING - ST & S DELIVERY
COMMITMENT - ST & S
4
PROCESS SUPPORT - LT
& LS
VALUE ADD - ST & S VALUE ADD - ST & HS
5
MARKETING - LT & LS PRICE - ST & LS PROCESS SUPPORT - LT
& S
6
SKILLS INVESTMENT - LT
& LS
DELIVERY
COMMITMENT - ST & S
ADVERTISING - ST & S
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DELIVERY
COMMITMENT - LT & LS
PROCESS SUPPORT - LT
& LS
PRICE - LT & LS
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advertising affects the amount of alcohol consumed, especially by young people. This can be
seen in exposure to advertising and promotional activity, which creates a positive association
with the alcoholic beverage and therefore increases consumption (Smith, Foxcroft).
Short-term value add on the other hand, will not heavily influence the consumption of
alcohol. A value add can either increase or decrease the price of the product, but the nature
of alcoholic beverages does not lend itself to being susceptible to value add offerings apart
from those in the Super Premium market. For example, the release of special bottles of a
Super Premium brands for St. Patrick’s Day. It is clear that a strong brand message creates
business value and leads to a better customer relationship; and these relationships are
founded on consistent delivery of a relevant business offer and good customer service.
6. CRITICAL SUCCESS FACTORS
6.1 Pernod Ricard Success Factors
Pernod Ricard is known for their strong portfolio of Premium and Super Premium brands.
Their relevant brand strategies are linked to their consumers and trade. The message is a
simple, disruptive message that engages the customers at key points of contact. Coupled with
properly trained teams, the company prides itself on the dynamic culture that is based on a
shared passion for continuous improvement. Pernod Ricard has a strong global foundation
for growth due to its network of partners and finance available to invest in brands. (Pernod
Ricard, 2014)
6.2 Standard
As was seen in the customer sensitivities for the Standard market, the brands here were
mainly sensitive to changes in price. An example is the low cost Scottish whisky, Clan
Campbell. Standard brands are integrated with the local culture and traditions. An example
of this is the Ricard liquor in France where the tradition is to have a glass at 5pm. This is an
example of how the marketing in the local markets is low sensitive. The main success factor
in this market is to offer a low cost product to consumers. Pernod Ricard establishes a
Standard brand presence through acquisition as was seen in the Mini Ouzo brand in Greece.
(Pernod Ricard, 2014)
6.3 Premium
There are several key success factors for Pernod Ricard in the Premium market. In this
market, the marketing strategies of the company are extremely important to its success. It is
important that the brands here stay relevant to its key influences such as bartenders. The
strategy included marketing to further deepen the connection between the customer and the
brand. An example is the Absolute Vodka brand and its success in increasing by 8% in the
worldwide spirit industry. Brand awareness was created through establishing a connection
with music, art and culture and this connection led to a drive in innovation and growth. Such
connections emphasise the brands relevance to youth culture and commitment to
recognising new talent (intangible business, power brand, 2015).
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6.4 Super Premium
The success of brands in the Super premium market is influenced by sensitivities such as
marketing, skills investment and value add. Maison Martell (Cognac) brand is an example of
a Super Premium brand, which used success factors to successfully increase sales in the
Chinese market. Pernod Ricard’s successful geographical expansion in China was based on
several success factors. Firstly, there is a comprehensive range of Super Premium and
Prestige. Secondly, these brands were marketing to wide targets and by having direct contact
with customers. For example, local prestigious events and events with famous chefs were a
typical way of promoting the product. This also ensured that the product was associated with
sophistication and grandeur. Customers were also engaged with through education about the
brand and PR events (Pernod Ricard, 2014).
7. COMPETITORS
In 2011 the alcohol industry market share was made up of 17% for wine, 34% for spirits and
49% for beer. When focusing on the spirits sector in more detail, it is possible to see that the
three biggest varieties of are vodka (28%), whisk(e)y (25%) and rum (13%). (Demeter Group,
2013)
Pernod Ricard has three main competitors in the Standard, Premium and Super Premium
markets of the wine/champagne and spirit industry: Diageo, Bacardi-Martini and Beam
Suntory.
At the end of 2012, Pernod Ricard held the second position in the overall industry with a
share of 19%. The group was responsible for 7% of the whiskey industry and 9% of the
vodka industry. The competitive advantage of the Group stems from its diversified range of
alcoholic beverages. Furthermore, there are 18 brands within the company’s portfolio which
are present in the top 100 brands, thus illustrating how well diversified it is and how well the
brands are accepted by the consumers. (Pernod Ricard, 2014)
Diageo is by far the most aggressive competitor within the Premium and standard markets.
The Group controls a wide portfolio of brands that are strongly positioned in their respective
markets. At the end of 2012, Diageo held 25% of the Vodka market share. This domination is
partially due to the brand Smirnoff being one of the leading worldwide spirits brands. This
dominant presence in the spirit industry has led to the group acquiring 26% of the overall
market share. (Demeter Group, 2013)
Bacardi-Martini represents 8% of the overall market share industry. It is responsible for 6% of
the vodka market share with the brand Grey Goose, and does not have any significant
participation in the whisky industry.
Beam Suntory is a particularly new entrant as a competitor and it is already considered one
of the 4 biggest Groups in the world. This illustrates the potential that this new group has as a
leader and as a major future competitor. It possesses 8 brands in the top 100 brands ranking.
Its main activity is in the US market where its portfolio comprises of Bourbon, whisky and
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tequila. There is a strong possibility that the group may expand past the American market due
to its dominance there.
8. STRATEGIC POSITIONING
Standard
Premium
Super Premium
8.1 Standard Brands
Pernod Ricard is in a favourable position within this market. Although the group has a
diversified market here, it is in a weaker position from than that of its major competitors.
Pernod Ricard possesses five brands badly positioned on the top 100 ranking (see APPENDIX
I). Diageo is a clear leader on this segment with a high structural attractiveness. It possesses
seven brands from the top 100. It is clearly the competitive advantage of Diageo. Bacardi-
Martini is weak in this segment with only two brands in the top 100 and can be considered
badly positioned. Beam Suntory is strong on this segment with 4 brands from the top 100.
8.2 Premium Brands
This market is the main challenge for Pernod Ricard. Although the Group possess 9 Premium
brands in the list of Top 100, the best is only ranked at number seven. On the other hand,
Diageo is a clear leader with two brands in the top of the ranking and three other brands well
positioned. Bacardi-Martini is a strong competitor in the Premium sector with four strong
Brands well positioned. Beam Suntory is a new entrant and offer four brands as Premium,
however they can be considered defendable or even weak.
8.3 Super Premium Brands
Pernod Ricard is a clear leader on the Super Premium Category. They are highly attractive in
this category by possessing four High Premium brands in the list of the top 100 spirits 2015.
Conversely, Diageo only has one and the other two major competitors have none.
CLEAR LEADER
DIAGEO/DIAGEO/
PERNOD RICARD
STRONG BEAM SUNTORY
FAVOURABLE PERNOD RICARD BACARDI-MARTINI
DEFENDABLE
PERNOD RICARD/
DIAGEO
WEAK BEAM SUNTORY BACARDI-MARTINI
HIGH MODERATE LOW
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9. RECOMMENDATIONS
9.1 Managerial
The Standard market is in a defendable competitive position and a moderate segment
structural attractiveness. Although the market is in stable, it is still considered the cash cow
for Pernod Ricard. The market contains many notable brands that are imbedded in the
different strategy markets. In total there are 18 local brands (5 are present in the top 100 spirit
brands, thus showing its importance) and these brands have ensured that the group has a
strong foothold in local distribution channels that act as spring boards for developing
international brands. The Standard market is not the clear cash cow but brings financial
security and stability.
It is important that Pernod Ricard continues to focus on cost awareness rather than marketing
as the cost is the main customer sensitivity in the market. Standard markets are less affected
by marketing as many of the brands are intertwined with local traditions and culture. There
should be a long-term investment in more efficient ways of production and transportation.
In assessing the overall state of Pernod Ricard’s business strategy and the performance of its
numerous brands, it is apparent that markets will drive much of the firm’s future growth in the
emerging economies of Asia and Latin America. In these economies, the firm’s sales are
primarily derived from products in the Standard and Super Premium segments, with the
Premium segment being relatively neglected. This can be primarily attributed to the fact that
the market for spirits in many of these economies is relatively young, and yet to be saturated.
Standard brands appeal to younger and lower income demographics that purchase these
products for their functional benefits, while products in the Super Premium range are popular
amongst the emerging middle and upper classes for reasons pertaining to conspicuous
consumption.
Although Standard and Super Premium brands are the key growth drivers in the short to
medium term, it is clear that the Premium segment will pick up in these markets as
consumer sensibilities and tastes become more developed and refined in the long run. For
these reasons, it would be prudent for Pernod Ricard to sustain its investments in the
added value and skills categories, while gradually increasing its marketing expenditures so
as to establish brand awareness during this important, nascent stage of development.
Studies have also shown that the price elasticity for spirits in developing economies tend
to be less severe than those in the developed world, so it would be prudent to keep prices
constant or even to increase them so as to foster premiumization depending on future
sales figures.
For the Super Premium category, Pernod Ricard is a clear leader. The domination in this
sector gives to the Group a strategic freedom. They should continue investing in the same
way in both long term, such as marketing, process support and skills awareness; and short
term, such as advertising. The emergence of promising markets such as Latin America and
Asia makes this sector even more attractive and propitious to provide positive results to the
Group.
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However it is a capital intensive sector, which demands a significant amount of capital
that can certainly be provided by the Group cash flow.
9.2 Strategic
1. Re-adjust emphasis in portfolio:
We suggest the group reallocates resources from the standard market to the
premium market due to two main reasons. Firstly, the premium market has a better
potential for return on investment. Secondly, the group has a favourable strategic
position in the market with major potential for growth.
2. Re-adjust strategy is wine sector:
Decreasing the portfolio of wines and investing in a stronger branded wine that can
be transferred worldwide. For example, pruchasing a vineyard from the bordeax
region as products from the region are associated with the protected designation of
origin (PDO), thus giving the brand an instant recognition worldwide.
3. 5 Year plan:
Currently, Diagio is the clear laeder in the premium and local markets, Bacardi is
second in the premium market, Beam is second in local and Pernod Ricard is third
in both the premium and local markets. The five year aim for the group should be
to be first in both the super premium and premium markets.
4. Overal Focus:
Keep a wide portfolio of brands. The group should maintain their strategy in super
premium, improve premium brand market and maintain standard market.
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REFERENCES
DEMETER GROUP, State of the Spirits Industry. 2013
GELLES. D: “After Beam Deal, Few Big Liquor Mergers Left” (NY Times, January 2014)
available at: [http://dealbook.nytimes.com/2014/01/13/after-beam-deal-few-big-liquor-
deals-left/?_r=0]
GUION. P:”Cuban Rum could soon hit US shores after more than half a century of
embargo” (The Independent, May 2015) available at: [http://www.independent.co.uk/
news/world/americas/cuban-rum-could-soon-hit-us-shores-after-more-than-a-halfcentury-
of-embargo-10262072.html]
HA. L: “Price Elasticities in Alcoholic Drinks” (Euromonitor International, August 2014)
available at: [http://blog.euromonitor.com/2014/08/price-elasticities-in-alcoholic-
drinks.html]
HOPKINS. A: “Pernod Ricard to Cut 900 Jobs Globally” (the Spirits Business, August 2014)
available at: [http://www.thespiritsbusiness.com/2014/08/pernod-ricard-to-cut-900-jobs-
globally/]
Intangible Business. The Power 100. The world’s most powerful spirits & wine brands,
2015.
Pernod Ricard Annual Report 2013/14 Corporate Section available at: [http://pernod-
ricard.com/files/fichiers/RA2013_2014_GB_PR__WEB.pdf]
Pernod Ricard Press Kit – February 2015 available at: [http://pernod-ricard.com/files/
fichiers/Press%20Kit_Pernod_Ricard_February%202015.pdf]
Pernod Record Press Release 9M Sales 2014/15 available at: [http://pernod-ricard.com/
files/fichiers/Press%20Release_Sales%20Q3%202014-15.pdf]
PR Newswire: ”Rabobank Report: Global Spirits Industry Q2 2015 - A "Crafty
Conundrum" (PRNewswire, March 2015) available at: [http://www.prnewswire.com/news-
r e l e a s e s / ra b o b a n k - r e p o r t - g l o b a l - s p i r i t s - i n d u s t r y - q 2 - 2 0 1 5 - - - a - c ra f t y -
conundrum-300051045.html]
SAFFER H. and DAVE, D. (2006). Alcohol advertising and alcohol consumption by
adolescents. Health Econ., 15(6), pp.617-637.
STONE. G:”Pernod Reacts to Dissapointing First Half” (TheDrinksBusiness.com, February
2014) available at: [http://www.thedrinksbusiness.com/2014/02/pernod-reacts-to-
disappointing-first-half/]
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APPENDIX I
Source: The Power 100. The World’s Most Powerful Spirits & Wine Brands, 2015
Standard Brand
Premium Brand
Super Premium Brand
Wine
PERNOD RICARD DIAGEO BACARDI-MARTINI BEAM SUNTORY
7. Absolut 1. Johnnie Walkers 3. Bacardi 12. Jim Beam
9. Chivas Regal 2. Smirnoff 8. Martini Vermouth 15. Suntory Whisky
11. Ballantine’s 6. Captain Morgan 17. Dewar’s 49. Sauza
14. Jameson 13. Baileys 21. Grey Goose 50. Maker’s Mark
25. Havana Club 20. Crown Royal 41. Bombay Saphire 58. Pinnacle
27. Ricard 24. Gordon’s 89. Martini Sparkling Wine 66. Teacher’s
31. Martell 36. J&B 67. Canadian Club
38. Malibu 37. Cîroc 74. Courvoisier
47. Beefeater 40. Tanqueray
62. Seagram’s Gin 64. Bell’s
68. Jacobs Creek 72. Seagram’s 7 Crown
75. The Glenlivet 79. Blossom Hill
76. Kahlua 83. Buchanan’s
78. Wiborowa 88. Cacique
84. Clan Campbell
86. Mumm
95. 100 Pipers
99. Pastis 51
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