Spirits giant Pernod Ricard has signed a strategic cooperation memorandum of understanding with Wuliangye International (HK) Limited in Sichuan, one of China’s largest baijiu producers.
Through this partnership, the companies aim to capitalise on shared resources to boost their development in Asia as well as global spirits markets.
'Innovative Forces'
Chairman and CEO of Pernod Ricard Asia, Philippe Guettat, said, "We are excited to form a new strategic partnership with a respected Baiju leader, Wuliangye, and embark a new adventure together.
"Imported spirits and baiju have both enjoyed a long and glorious history in their respective markets. Leveraging Pernod Ricard’s established network and experience, I am sure this partnership will bring unprecedented innovative forces to the market."
The companies have agreed to carry out collaborative communication and comprehensive exchanges by jointly strengthening infrastructure, developing regional sales channel systems starting from Southeast Asia, Pernod Ricard said in a statement.
The agreement also includes potential expansion to other markets in Asia outside of China and beyond.
'Important Stepping Stone'
Li Shuguang, party committee secretary and chairman of Wuliangye Group, said, "The Asia market beyond China will be a very important stepping stone for Wuliangye as it treads into the international market.
"Wuliangye attaches paramount importance to its partnership with Pernod Ricard and is confident that by working together we will expand across the Asia market."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
