Drinks group Anora has established Anora Lithuania, which the group has described as a 'key step' in the execution of its strategy to scale its position in the Baltic Region.
Lithuania is the largest market among the Baltic countries, with Anora saying that the establishment of an office there, located in the capital, Vilnius, offers new growth potential for the business.
Anora Lithuania was officially established on 13 November, and is set to commence commercial operations next year, supported by a local team.
“Establishing our presence in Lithuania is a crucial step towards achieving our growth ambitions and our commitment to delivering high-quality wine and spirits to our regional markets beyond the Nordics,” commented Kirsi Puntila, SVP, Spirits at Anora.
'Deep Expertise'
“Anora Lithuania builds on our successful Baltic operations in Estonia and Latvia and will feature a local team with deep expertise in the Lithuanian market. We are excited to serve our Lithuanian customers directly and anticipate a bright future in this vibrant, open market.”
Anora added that its portfolio in Lithuania will be built around flagship brands including Koskenkorva, Chill Out and Il Capolavoro, as well as global spirits and wine partner brands.
Third-Quarter Performance
Earlier this month, Anora reported a 6.0% decline in net sales in the third quarter of its financial year, with sales in key markets declining by more than previously forecasted.
The company’s EBITDA for Q3 stood at €15.3 million, a decline from €28.9 million in the same quarter last year. However, the previous year’s figures included a one-time capital gain from the divestment of the Larsen business, it added.
In 2023, Anora's net sales totalled €726.5 million, with the company employing a workforce of around 1,200.
