Entreprendre No. 47, Spring-Summer 2005

Transcription

The magazine for
P e r n o d
R i c a r d
s h a r e h o l d e r s
…
THE
ALLIED DOMECQ
EFFECT!
INTEGRATION UNDERWAY
Updates from the divisional
heads
entreprendre No.47 - AUTUMN / WINTER 2005
SUCCESS STORY
Rioja, a new horizon
for Pernod Ricard
VISITORS’ CENTRE
Mumm, blending a tradition
of excellence with a sense
of style
No.47 • AUTUMN / WINTER 2005
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STRATEGY
THE INTEGRATION
OF ALLIED DOMECQ
IS GOING VERY WELL
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ENTREPRENDRE
SHARE FOCUS
Interview with Patrick Ricard,
Chairman of Pernod Ricard,
by Nadège Forestier.
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REGION
NEW BRANDS
INTEGRATION
UNDERWAY
EIGHT NEW BRANDS
TO ENHANCE
THE PORTFOLIO
Updates from
the divisional heads.
Ballantine’s, Malibu, Kahlúa,
Beefeater, Stolichnaya, Mumm,
Perrier-Jouët and Montana.
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SUCCESS STORY
RIOJA,
A NEW HORIZON
FOR PERNOD RICARD
A journey into the heart
of one of Spain’s most prestigious
wine-making regions.
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VISITORS ’ CENTRE
G.H.MUMM, BLENDING
A TRADITION
OF EXCELLENCE WITH
A SENSE OF STYLE
Tracking down a Grand Cru
in the vineyards of Champagne.
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ON THE MOVE
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SUPPORTING THE ARTS
FOUR-HANDED
MASTERPIECE
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NEWS
2005: an exceptional year
and an exceptional cover
for the annual report.
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I N T E R V I E W W I T H PAT R I C K R I CA R D ,
C H A I R M A N O F P E R N O D R I CA R D
BY NADÈGE FORESTIER
The Integration of
Allied Domecq
is going very well
WITH THE ACQUISITION OF ALLIED DOMECQ, PERNOD RICARD ONCE AGAIN HAS TO
ABSORB A GROUP OF EQUAL SIZE. HOW IS THE INTEGRATION GOING?
PATRICK RICARD: Very well. We acquired Allied Domecq on July 26, and by the
following day our Chinese team had absorbed the local business there. As of today,
around half of the business overall has been integrated, and the balance will be completed by the end of March 2006, with the exception of one or two smaller markets.
Pernod Ricard has issued operational guidelines that our subsidiaries are implementing locally without any major difficulties.
Broadly speaking, the Pernod Ricard businesses are absorbing those of Allied
Domecq. There are a few exceptions, as sometimes we have to adapt to specific local
circumstances, such as in Mexico and Canada, or in the Balkans, where we don’t have
a local subsidiary. In Japan as well the situation is unusual. There we’ll have three
different companies – Pernod Ricard Japan, which is fully-owned and distributes our
own brands; a joint venture with Kirin that came from Seagram; and a third company
held with Suntory that Allied Domecq has brought us.
The only problem this raises is in dealing with the people concerned. Some of our new
Allied Domecq colleagues have been employed on very advantageous terms. Others
aren’t able to switch locations.
SYNERGIES TOTALLING €300 MILLION IN VALUE HAVE BEEN MENTIONED. ISN’T THIS
A LITTLE OPTIMISTIC?
PATRICK RICARD: It’s a bit early to say for sure, but there’s nothing to suggest that we
won’t be on track. We based our synergy calculations on what we achieved with
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“PERNOD RICARD’S
SUCCESS COMES
FROM ITS PEOPLE,
BUT ALSO FROM
A SOLID FOUNDATION
OF LOYAL
SHAREHOLDERS.”
Seagram. That’s how we arrived at this figure. There’s no reason why something that
worked the first time round won’t work again, all the more so since we’re starting from
a much better position. Any surprises are more likely to be pleasant than otherwise.
IN THE UNITED STATES YOUR MARKET SHARE WILL DOUBLE FROM 4% TO 8%. HOW WILL
YOU HANDLE THIS CHANGE?
PATRICK RICARD: Even after this growth, we are still small in the United States: we’re
only ranked No.4 in spirits, and No.5 when wine is included. Despite our modest
standing, we’ve always had a good relationship with wholesalers because we brought
them brands that offered volume, such as Seagram’s Gin, or high rates of growth,
such as Jameson. Today we’re adding new brands with strong volume sales and high
margins. That’s why all the American distributors are keen to talk to us. However
Pernod Ricard and Allied Domecq have different distributors. This means we’ll have
some choices to make at the start of next year, and we’ll base these on the criteria of
efficiency and growth potential. It won’t always be easy, but we’ve allowed for that
in our cost and synergy forecasts.
HOW WILL YOU COPE WITH YOUR GROWTH IN MEXICO AND CANADA, MARKETS WHERE
YOUR SHARE HAS GROWN TENFOLD?
PATRICK RICARD: In Canada we can’t sell directly, but have to work with the Governmentrun monopolies, so the most important thing is to be listed. We’ve two companies
there, Pernod Ricard Canada, our wholly-owned subsidiary, and Corby, the Allied
Domecq subsidiary, which is quoted on the stock exchange. For the moment, there
won’t be any changes. We must get to know each other.
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WHEN YOU BOUGHT SEAGRAM, IT TOOK SOME TIME TO GET CHIVAS AND
MARTELL BACK ON TRACK. WILL IT BE THE SAME WITH THE ALLIED DOMECQ
BRANDS?
PATRICK RICARD: The situation is different. Seagram had lost interest in
Chivas and Martell, and had focused on other brands such as Absolut. By
contrast, Allied Domecq has taken quite good care of its brands. Some,
like Stolichnaya for example, are tremendously successful. Malibu’s
growing very well. For Ballantine’s, the picture is perhaps a little more
mixed. On a personal note, I’m not sure its current advertising is effective. But before making changes, you should think carefully about what’s
feasible. However, we must be ready to start new campaigns at the
beginning of next year. The Brand Owners will have to decide quite
quickly on a course of action and test their ideas in the marketplace.
YOU’RE PUTTING SUZE, BYRRH, BARTISSOL AND PERHAPS DUBONNET
UP FOR SALE IN FRANCE. DOES THIS SIGNAL A CHANGE OF STRATEGY ON
LOCAL BRANDS AT A TIME WHEN SOME MAJOR GLOBAL BRANDS ARE JOINING
THE PORTFOLIO?
PATRICK RICARD: You need local brands to build up the infrastructure that enables you to
develop other brands internationally. If we’d been able to make Ricard a global brand, we
wouldn’t have needed local brands. Having bought Allied Domecq, we have less need of some
very French local brands. However, it’s not certain that we’ll proceed with these sales. We’re
looking at the options, and we wouldn’t complete that process without telling the staff
concerned. It’s conceivable that one day, in a country with very strong local brands, imported
brands get the upper hand. The future of some local brands would then come into question.
But for now, this is all just speculation. We own a lot of brands and we have substantial
resources. We’ll use these to support the brands showing the best growth. It’s an evolution,
rather than a revolution, for our local roots that are so important in many countries.
DIAGEO HAD AN OPTION TO BUY THE MONTANA WINE
BRAND FROM NEW ZEALAND, BUT DECIDED NOT TO
PROCEED. WAS THERE SOMETHING LURKING?
PATRICK RICARD: Not at all. Our sales teams, who
wanted to get hold of Montana, are really pleased. To
acquire Allied Domecq, we needed to find the
financial means. That’s why we
offered Diageo an option on
Montana and the chance to buy
Bushmills. If the British group
decided not to buy Montana, it’s
probably because the price
agreed – €469 million – seemed
too high for him.
For our part, we’re very happy
to keep a brand showing great
promise for the future. And
we’re now the No.3 globally in
quality wine.
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YOU’VE ALWAYS SAID YOU WEREN’T INTERESTED
IN CHAMPAGNE. YOU’VE NOW TAKEN ON MUMM
AND PERRIER-JOUËT AND HAVE DECIDED TO
KEEP THEM. WHY?
PATRICK RICARD: It’s part of our move to focus
on wines and spirits and on premium products.
Our sales teams have been asking us for a
champagne, especially for nightclubs and bars.
If you don’t have one, you’re leaving the field
open to competitors. These superb brands
enable us to offer a range of products for all
tastes, as champagne drinkers are not always
scotch or cognac drinkers as well.
YOU’VE JUST ANNOUNCED THAT PERNOD RICARD WILL ABSORB SIFA,
A COMPANY THAT’S CLOSE TO THE GROUP AND THAT HOLDS MORE THAN 13%
OF ITS VOTING RIGHTS. WHAT’S THE REASON FOR THIS DECISION? AREN’T
YOU AFRAID PERNOD RICARD WILL LOSE ITS FAMILY COMPANY IMAGE?
PATRICK RICARD: Taking in SIFA will give us a simpler, more logical
structure and a direct relationship with the shareholders. SIFA has
3 main shareholders: Kirin, Mr. Gonzalez Gallarza, one of Larios’
former owners, and Pernod Ricard with a minority. At the end of
this transaction, Pernod Ricard will have a year to decide what it wants
to do with the shares it is taking back: sell them, use them to buy
something or cancel them.
Pernod Ricard will continue to think as a family company. The younger generation clearly
want to increase their holding to 10% of the Group. Before the Allied Domecq acquisition,
they owned 12% via the Paul Ricard company. During the summer, they bought shares to
the value of €40 million. Today, after the Group’s share issue to finance the Allied acquisition,
they own 9.5% of the shares. With a 10% holding, the family will be well-placed to act as
a loyal and decisive shareholder. Pernod Ricard’s success comes from its people but also from
a solid foundation of loyal shareholders.
YOU’VE SAID THAT, WITH A LITTLE IMAGINATION, PERNOD RICARD
COULD BE THE WORLD’S No.1 WINE AND SPIRIT GROUP IN 10 YEARS. IS THIS
POSSIBLE WITHOUT TAKING ON THE CENTRALISED APPROACH OF THE
CURRENT No.1?
“PERNOD RICARD
WILL CONTINUE TO THINK
AS A FAMILY COMPANY.”
PATRICK RICARD: It’s precisely because we’re decentralised that we can
imagine ourselves one day as the world’s No.1. Decentralisation
means you can keep in touch with the consumer, react faster. That’s
how we were able to integrate Seagram so quickly in the past, and
Allied Domecq at present. The difference between centralisation
and decentralisation is something like the difference between moving
a large army and fighting with a guerrilla force. You can’t defend
yourself against guerrilla attacks, especially if those tactics on the
ground are part of a much larger strategy where everyone knows
the rules of engagement. ■
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THE MARKET GIVES THE ALLIED DOM
FROM THE FIRST RUMOURS OF THE ALLIED DOMECQ PURCHASE IN
APRIL 2005, PERNOD RICARD SHARES HAVE BEEN AMONG THE BEST
PERFORMERS ON THE STOCKMARKET.
Between 1 April and 30 September 2005, the Pernod Ricard share price recorded
growth of 35.7%, while the CAC 40 index put on 12.7% over the same period. The
reason for this spectacular rise was the purchase of British-based Allied Domecq.
Pernod Ricard’s growth prospects have been recognised by the financial community
as a whole. The Allied Domecq acquisition has been described as a unique opportunity for Pernod Ricard. The number of analysts’ “buy” recommendations for the
Group has continually climbed since the acquisition was announced. From 26 July
onwards, the date when the deal took effect, this upward trend has been unbroken. ■
UPDATE ON THE 18 MONTH EXTENDED FINANCIAL YEAR
In 2004/2005, the Pernod Ricard share price continued to rise, by some +49.7% overall. This remarkable progress
reflects the financial markets’ confidence following the successful Seagram integration and the announcement of
strong results. Other positives welcomed by the financial community were the Group’s resolve in paying down its
debt quickly, and its presence in markets with strong potential. The shares finished the extended financial year on
30 June 2005 at €132, up +49.7% against a CAC index that rose +18.9%.
Given the extended financial year for 2004/2005 of 18 months, the Board decided to distribute two interim dividend
payments and one final dividend payment. The first interim of €0.98 was paid on 11 January 2005. The second interim
dividend of €1.16 was paid on 7 June 2005. The final and remaining dividend of €1.08 per share was distributed on
Thursday, 17 November, at the shareholders’ Annual General Meeting.
DATES TO NOTE
TURNOVER FIGURES FOR Q1 2005/2006
10 NOVEMBER 2005
COMBINED GENERAL MEETING
10 NOVEMBER 2005
TURNOVER FIGURES FOR THE FIRST
HALF-YEAR 2005/2006
9 FEBRUARY 2006
RESULTS FOR THE FIRST HALF-YEAR 2005/2006
23 MARCH 2006
TURNOVER FIGURES FOR THE FIRST
9 MONTHS 2005/2006
11 MAY 2006
TURNOVER FIGURES FOR Q4 2005/2006
27 JULY 2006
ANNUAL RESULTS 2005/2006
21 SEPTEMBER 2006
COMBINED GENERAL MEETING 2005/2006
7 NOVEMBER 2006
SEEN IN THE PRESS
P ERNOD R ICARD ’ S MARKET CAPITALISATION IS ON THE UP
“Bolstered by the 17.7 million shares issued as payment to Allied
Domecq shareholders, as well as by the 21% rise in its share price
since January, Pernod Ricard weighs in at €12 billion, up 50%,
or €4 billion, compared to the start of the year.”
LA TRIBUNE – 29-30/07/2005
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THE ANNUAL REPORT 2004/2005 WAS PUBLISHED
ON 10 NOVEMBER 2005, THE DAY OF THE COMBINED
GENERAL MEETING. IT COVERS A PERIOD OF 18 MONTHS,
RUNNING FROM 1 JANUARY 2004 TO 30 JUNE 2005,
REFLECTING THE REVISED FINANCIAL YEAR.
[
E N T R E P R E N D R E
S H A R E
F O C U S
]
150
140
130
120
110
ECQ ACQUISITION A WARM WELCOME
100
90
THE PERNOD RICARD SHARE PRICE GAINED 37.5% BETWEEN 1 APRIL AND 30 SEPTEMBER 2005
140
ACQUISITION OF ALLIED DOMECQ ANNOUNCED (21 APRIL)
ACQUISITION COMPLETED (26 JULY)
+35.7%
135
130
PERNOD RICARD SHARE PRICE
ON 30 SEPTEMBER: €146.9
PERNOD RICARD
125
120
115
+12.7%
CAC
110
105
100
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12
Au
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19
Au
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26
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16
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Se
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25
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Se
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30
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Se
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29
Ju
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22
Ju
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15
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30
Ju
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24
Ju
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20
Ju
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13
Ju
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6J
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30
M
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23
M
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16
M
ay
6M
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29
Ap
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21
Ap
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14
Ap
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6A
pr
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1A
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95
COMPARISON OF THE PERNOD RICARD SHARE PRICE WITH THE CAC 40 INDEX FROM 1 APRIL TO 30 SEPTEMBER 2005 [CLOSING PRICE IN EUROS] – BASE 100 ON APRIL 1ST 2005.
EXPERT OPINIONS
“Pernod Ricard will make substantial economies of scale and
get a much better return on its distribution infrastructure. The
French-based group hopes to achieve synergies of around €300
million over 3 years. That equates to 13% of the turnover
acquired from Allied, which is a very high multiple.”
“We believe that between now and 2010, Pernod Ricard could sell
an additional 5.1 million cases of the former Allied Domecq
brands, which represents growth of 12% on the volumes sold by
Allied Domecq in 2004.”
NIKOLAAS FAES, ANALYST WITH EXANE BNP PARIBAS
CYRIL FREU, WINE AND SPIRIT ANALYST WITH IXIS SECURITIES
“The acquisition builds on the quality of Pernod Ricard’s
brand portfolio. We expect the key brands to contribute more
than 50% of the Group’s profits and bring about volume
growth in the region of 4-5% per year.”
“Allied Domecq allows Pernod Ricard both to achieve critical
mass in the fast-growing North American market, and to
optimise its structure costs globally through the greater
distribution efficiencies that come from incremental volume
on the international brands.”
ALEXANDRA OLDROYD, ANALYST WITH MORGAN STANLEY
FRANÇOIS DIGARD, ANALYST WITH CA CHEUVREUX
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THE ALLIED DOMECQ EFFECT HAS GREATLY ENHANCED PERNOD RICARD’S BRAND PORTFOLIO. AMONG THE
NEW BRANDS ACQUIRED, 8 ARE KEY: 5 OF THEM ARE SPIRITS – BALLANTINE’S, MALIBU, KAHLÚA, BEEFEATER
AND STOLICHNAYA – WHILE 3 ARE WINES – MUMM, PERRIER-JOUËT AND MONTANA. TOGETHER WITH RICARD,
CHIVAS REGAL, HAVANA CLUB, JAMESON, MARTELL, THE GLENLIVET AND JACOB’S CREEK, THEY FORM THE
15 KEY BRANDS OF THE NEW PERNOD RICARD.
SPIRITS
BALLANTINE’S, UNIQUE IN CHARACTER
Over 175 years after it was founded, Ballantine’s continues to show its contemporary
spirit. Its secret is a blend of more than 50 malts, each one matured in oak casks. Right
from its Edinburgh origins in 1827 at the hands of George Ballantine, this whisky has
secured a strong following among those who know their Scotch.
10
key brands
BALLANTINE’S
THE RANGE: Ballantine’s Finest,
Ballantine’s 17 Years Old; Ballantine’s Black
Selected Malts; Ballantine’s 21 Years Old;
Ballantine’s 12 Years Old; Ballantine’s
Limited; Ballantine’s Master’s; Ballantine’s
30 Years Old / LEADING MARKETS: Spain,
Australia, Central Europe, France, Germany,
Italy, Portugal / VOLUME: 5.9 million nine
litre cases (12 months to 30 June 2005) /
FOR FURTHER INFORMATION:
www.ballantines.com
The brand grew fast, even finding favour with the British royal family. This was how
Ballantine’s acquired its noble credentials, as shown by the coats of arms of Queen Victoria and King Edward VII that still grace the label today, alongside the company’s own
heraldic arms as an “incorporation noble on the Noblesse of Scotland”.
CAPTURING NEW MARKETS. After ownership of the brand passed to Hiram Walker
Gooderham & Worts in 1937, Ballantine’s became one of the world’s leading Scotch
whiskies. In 1977, the company opened Europe’s most advanced blending and
bottling plant at Kilmalid.
UNHURRIED MATURATION
The first stage in the making of Ballantine’s calls for ripened barley to be soaked in water, drained and then spread out
on to the malting floor to germinate. The “green malt” that results is dried using traditional methods and then crushed
in a mill. This “grist” is mixed with hot water, and yeast is later added. The consequent fermentation yields a beer low
in alcohol that’s known as the “wash”. Two successive distillations purify and strengthen the spirit, which is then put into
oak casks. Although the law requires at least three years’ maturation, the whiskies making up Ballantine’s can spend
several dozen years ageing gracefully.
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WHITE SPIRITS
STOLICHNAYA, A PURE TRADITION IN VODKA
Often known as “Stoli”, Stolichnaya is genuine Russian vodka. Some historians
believe vodka’s origins date back to the 12th century. Others claim it first appeared in
the 14th century. It’s certain, however, that vodka had become so popular in Russia by
the 16th century that the British ambassador to Moscow referred to it as the national
drink! Stolichnaya is part and parcel of vodka’s historical tradition, using distillation
methods that date back to the 15th century and filtration techniques invented around
1800.
STRONG GROWTH POTENTIAL. The brand’s growth highlights its great potential. In
2004/2005, Stolichnaya grew by 23% in Canada and by 7% in the United-States.
Over the same period, it maintained its market share in Britain and Greece. Substantial advertising and promotional investment is instrumental in these results.
STOLICHNAYA
THE RANGE: Stolichnaya Red;
Stolichnaya Blue; Stolichnaya
Gold; Stolichnaya Elit; Stoli
Ohranj; Stoli Razberi; Stoli Vanil;
Stoli Strasberi; Stoli Persik; Stoli
Citros; Stoli Cranberi / LEADING
MARKETS:
United States, Greece, United
Kingdom / VOLUME: 2.2 million nine litre
cases (12 months to 30 June 2005) / FOR
FURTHER INFORMATION: www.stoli.com
DOUBLE DISTILLATION, QUADRUPLE FILTRATION
Stolichnaya combines winter wheat, soft water and yeast with a Russian double distillation
process that dates back over five centuries. Instead of the single filtration most vodkas
undergo, ours is purified no fewer than four times using quartz, charcoal, quartz again and
then fine-woven cloth. The end result is a Russian vodka of great purity and quality that
marries complex aromas and flavours.
BEEFEATER’S RECIPE FOR SUCCESS
The Beefeater story starts in London during the year 1820, when trained pharmacist
James Burrough developed his blend of botanicals and grains to produce the perfect
gin. Burrough wasn’t the first to settle in London for the purpose of distilling spirits.
Gin had already acquired wide popularity since its arrival in Britain with William of
Orange in 1689. But Burrough gave the spirit a fresh, crisp taste that set his brand apart
straight away. When he established his first distillery in Chelsea, he further distinguished his gin by naming it “Beefeater” after the yeoman warders guarding the Tower
of London. The current label still shows a Beefeater proudly sporting his distinctive
red uniform and halberd.
CONTINUED SUCCESS. The distillery moved from Chelsea to Lambeth, before finally
settling in Kennington. It’s there that, to this day, the gin’s characteristic formulation
remains a closely-guarded secret. In 2004 / 2005, the brand’s inherent momentum saw
it achieve further strong growth in Canada (+12%) and Spain (+7%).
FLAVOURS FROM SPAIN, ITALY, FLANDERS AND RUSSIA
Wheat and barley harvested at the height of maturity are needed to make Beefeater. These
are carefully blended to produce a pure grain spirit. Botanicals are then added – juniper
berries from Italy, coriander from Romania, Russia and Bulgaria, orange and lemon peels
from Spain, angelica from Flanders, as well as other secret ingredients. The mix is left to
infuse for longer than any other premium gin, producing, after distillation, the perfectly
balanced gin that is Beefeater.
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BEEFEATER
THE RANGE: Beefeater London Dry Gin;
WET by Beefeater; Crown Jewel by
Beefeater / LEADING MARKETS: United
Kingdom, Spain, and the United States /
VOLUME: 2.4 million nine litre cases
(12 months to 30 June 2005).
(9 million nine litre cases) / FOR FURTHER
INFORMATION: www.beefeatergin. com
KAHLÚA
THE RANGE: Kahlúa; Kahlúa Especial;
Kahlúa Ready to Drink range /
LEADING MARKETS: United States,
Asia-Pacific, United Kingdom / VOLUME
(excluding RTDs): 3 million nine litre
cases (12 months to 30 June 2005) /
www.kahlúa.com
CAMPAIGN USED IN THE UNITED STATES.
MALIBU
THE RANGE: Malibu; Malibu Pineapple;
Malibu Mango; Malibu Passion Fruit;
Malibu Chill Ready to Drink /
LEADING MARKETS: United Kingdom,
Spain, United States / VOLUME
(excluding RTDs): 3.1 million nine litre
cases (12 months to 30 June 2005) /
www.malibu-rum.com
LIQUEURS
KAHLÚA: A LIQUEUR IN THE U.S. TOP 30
Kahlúa’s track record is impressive – the world’s best-known coffee liqueur as well as the
best seller. It figures among the Top 30 spirits in the United States. This coffee liqueur
originated in Mexico, but international success has transformed it into a global brand.
The breadth of its appeal is reflected in the sheer diversity of cocktails that can be made
with Kahlúa – over 220 have been recorded.
Another indication of the brand’s potential is its 2003 bronze medal at the prestigious San
Francisco World Spirits Competition.
THE FINEST INGREDIENTS
To make Kahlúa, the starting point is simply selecting the very best Arabica coffee beans,
in itself no simple task. These are found in Mexico, and they are blended with vanilla, cane
spirit and rum, all of the highest quality.
MALIBU: EXOTIC AND SERIOUSLY EASY GOING
“Over 220 cocktail
recipes have
helped build
awareness
of the coffee
liqueur, Kahlúa.”
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Rum, sugarcane and coconut are the three ingredients that give Malibu its unique taste.
Palm trees and the warm Caribbean sun set the mood. Soft sea breezes turn the sugar
mills. The same warmth and gentle strength are found in Malibu, made with Barbadian
rum aged up to two years in oak casks.
GROWTH OF 11% IN 18 MONTHS. Over the last 20 years, more than 300 million bottles have
been sold in over 100 countries. Malibu achieved an impressive 11% growth rate in
2004/2005, with sales in North and South America, as well as Europe, contributing to
this double-digit progress.
THE OLD AND THE NEW
With pure spring water and carefully-selected yeasts to encourage fermentation, fine
molasses from Barbados are still used in the making of Malibu rum. Coconut and sugarcane
add a final touch of smoothness.
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WINE AND CHAMPAGNE
MONTANA
The Montana name was first used in 1934 by Ivan Yukich, a Yugoslav immigrant who had travelled to New Zealand to make
wine in the new world. He settled to the west of Auckland on a raised patch of land, and his vineyard took the name Montana,
or ‘mountain’. Montana has come a long way since then. The leading brand in New Zealand, Montana offers an extensive range
of quality wines. Following the first exports in 1980, it became the best-selling New Zealand wine in the world, distributed in
over 30 countries.
G.H. MUMM, THE No.3 CHAMPAGNE GLOBALLY
MUMM
THE RANGE: Mumm Cordon Rouge;
Mumm Grand Cru; Mumm Cordon Rouge
Millésimé; Mumm Demi-sec;
Mumm Rosé; Mumm Carte Classique;
Mumm de Cramant / LEADING MARKETS:
France, United Kingdom, United States,
Germany, Belgium, Italy, Switzerland,
Japan, Netherlands, Spain / VOLUME IN
2003: 8 million bottles / FOR FURTHER
INFORMATION: www.mumm.com
In 1827, three brothers from a family of prosperous German wine merchants moved
to Reims. Together with their business associate Friedrich Giesler, Jacobus, Gottfried
and Philippe created the champagne to which they gave their name – Mumm. Their
first address was in the aptly-named “rue de la Grosse Bouteille” or “Big Bottle Street”
When he took the business over in 1853, Georges Hermann Mumm added his initials
to the brand name, and this has remained as G.H.Mumm & Company ever since.
FOCUS ON HIGH VALUE MARKETS. By the close of the 19th century, the brand’s reputation was higher than ever. And so it has remained, with the brand continually extending its reach to new markets. With a presence in over 80 countries, G.H. Mumm has
placed particular emphasis on high value markets. The brand continues to innovate, as
the recent launch of Mumm Grand Cru demonstrates (see the G.H. Mumm feature
on pages 26-29).
”Perrier-Jouët’s
first export
shipment was
to Great Britain
in 1815.”
PERRIER-JOUËT
THE RANGE: Perrier-Jouët Grand Brut;
Perrier-Jouët Blason Rosé; Perrier-Jouët
Grand Brut Vintage; Perrier-Jouët Cuvée
Belle Époque Vintage; Perrier-Jouët Cuvée
Belle Époque Rosé Vintage / LEADING
MARKETS: France, United Kingdom, United
States, Germany, Belgium, Italy,
Switzerland, Japan, Netherlands, Spain /
VOLUMES IN 2003: 2.5 million bottles /
www.perrier-jouet.com
PERRIER-JOUËT
Founded in Épernay by Nicolas Perrier and Adèle Jouët in 1811, Perrier-Jouët met
with early success. Both husband and wife were gifted wine growers, but also farsighted business partners. Sensing the potential of markets overseas, they exported
their first shipment of champagne to Britain in 1815. Success on an increasingly international scale followed, as Perrier-Jouët were appointed to supply Queen Victoria, as
well as the Swedish royal family and the King of Belgium.
PREMIUM POSITIONING. In 1902 the company asked glassmaker Émile Gallé, a leading artist of the school of Nancy, to create a magnum for their best champagne. The
result was a true work of art, decorated with white anemones and enamel roses edged
in gold. Although overlooked for several decades, the design was resurrected in 1964
as the brand’s signature with the creation of the “Cuvée Belle Époque”. ■
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DECENTRALISATION, THE PRINCIPAL ON WHICH PERNOD RICARD’S
STRUCTURE IS BASED, WILL NOT CHANGE WITH THE ALLIED DOMECQ
ACQUISITION. HOWEVER, WITH NEW BRANDS AND NEW FACES JOINING
THE GROUP, BOTH DISTRIBUTION COMPANIES AND BRAND OWNERS
WILL HAVE TO ADJUST. THE MANAGEMENT TEAMS OF THE MAIN BUSINESSES HAVE BEEN QUICK OFF THE MARK IN STARTING THE INTEGRATION PROCESS.
Integration
Underway
“As of today, almost
half of the business
has been integrated,
and the balance will
be completed by the
end of March 2006.”
Patrick Ricard
16
The Allied Domecq acquisition was
completed on 26 July 2005. From that
point on, the watchword has been
“integration”, both of people and
brands. The Group’s distribution subsidiaries have been quick to start the
process at local level, using the guidelines set by the Holding company.
The priority in each market has been
the creation of a single, unified sales
force to distribute the Group’s new
portfolio. In most cases, the Pernod
Ricard business unit has taken on the
distribution role, except in markets
where Allied Domecq’s presence is
significantly larger than Pernod
Ricard’s. Such was the case in Mexico
and Korea, for example. The other
exception has been when the Allied
Domecq portfolio is distributed by a
third party or via a joint venture. In
these instances, negotiations ensue to
secure the early transfer of the brands
to the Pernod Ricard subsidiary.
In Central and South America, our rate
of volume growth has increased by
around 50% thanks especially to the
Argentinian and Brazilian markets. In
Argentina we’re gaining prestige
brands such as Graffigna, already
exported to many countries, as well as
Mumm Espumante. Domecq Brandy,
both well known and widely distributed,
joins our portfolio in Brazil. Ballantine’s
enjoys broad recognition across the
region, particularly in Chile. It will
round off perfectly our range of
whiskies, the dominant spirit category
throughout the continent after local
products. The merger of the Pernod
Ricard and Allied Domecq businesses
was very swift in Brazil, with a single
sales force in place from 15 September.
Things went a little more slowly in
Argentina because of the local antitrust
authorities’ lead time for approval, and
there we’ve had a unified sales force
since 1 November. So Pernod Ricard
has now taken on its mantle as the
region’s undisputed leading wine and
spirit company.”
FRANCESCO TADDONIO,
CEO OF PERNOD RICARD CESAM
“Pernod Ricard has become
the undisputed leader in
wines and spirits
throughout Asia.”
Philippe Dréano
The acquisition has had a significant
impact on Pernod Ricard Europe’s
business, with our volumes growing
by 60% and our profit by 70%.
Ballantine’s, Beefeater and Malibu
are for us the three major brands in
this acquisition, while Spain and
Britain are the two countries most
affected (representing 50% of the
additional contribution acquired).
Integrating Allied Domecq Bodegas
will substantially increase Pernod
Ricard’s presence in the production
and marketing of Spanish wines.
The Group will also be strengthened
on the ground by taking in seven
former Allied Domecq distribution
companies (in the Balkans, Turkey
and Iceland) and welcoming 200
new colleagues into our sales
teams. The immediate priority is to
complete the integration process.
Then, together with the brand
owners, we’ll focus on plans for
relaunching the main new brands in
a region which, with the exception of
Spain, was more interested in shortterm profit than investing for the
future.”
THIERRY BILLOT,
CEO OF PERNOD RICARD EUROPE
The Ricard company is delighted
it will soon be distributing five
prestigious brands from the Allied
Domecq portfolio: the liqueurs
Malibu and Kahlúa, Beefeater gin
(all three brands figuring in the
world’s Top 30), Long John Scotch
whisky and Perrier-Jouët
champagne. At a little over
700,000 cases sold in France in
2004, these five brands will
represent about 12% of the Ricard
company’s total French volume
sales, and 9% of total annual sales
including exports. Each of these
brands should see distribution gains
thanks to Ricard’s 500-strong sales
force. The advertising will build on
the company’s marketing expertise,
in conjunction with the brand
owners and taking account of BMD’s
work in France. Promotional
budgets are under discussion and
will be allocated among Ricard’s
four sales divisions: daytime onpremise, nightime on-premise,
multiples and business sector.”
PHILIPPE SAVINEL,
CEO OF RICARD
We’re extraordinarily fortunate
to be entrusted with the future
of such prestigious brands as
Ballantine’s and Mumm. This is a
unique opportunity to turn a page
in the company’s history and
reshape Pernod. We shall undergo
major change (+15% volume growth
and +70% profit growth) which
means we’ll have to revisit many
aspects of our structure and the
way we do things. We welcome
these brands with open arms,
together with the people who have
worked on them.”
PIERRE COPPÉRÉ,
CEO OF PERNOD
The acquisition of Allied Domecq's
business has further strengthened
Pernod Ricard Asia, particularly in
Korea where we have now reached
the position of joint leader with a
market share of over 35% (instead
of 4% before the acquisition). This,
together with the continuing strong
development of Pernod Ricard Asia
subsidiaries in all other Asian
markets, makes Pernod Ricard
the undisputed market leader
of imported Spirits & Wines in Asia.
Despite differences between the
Pernod Ricard Asia business model
and that of AlliedDomecq, the team
has managed to overcome challenges
to meet the aggressive integration
schedule in each market. We are now
in full control of all acquired
businesses and the brand plans
for further development are currently
in progress.”
PHILIPPE DRÉANO,
CEO OF PERNOD RICARD ASIA
17
“On the U.S. spirits market,
our sales have doubled.”
Michel Bord
The integration process is moving forward smoothly for the brand-owning
subsidiaries as well. Brand owners will
handle the marketing, international
sales and, in most cases, production and
purchasing functions. “Starter packs”
containing details of the various brands’
strategies, how to order stock and other
operational information have already
been sent to distribution companies.
In North America, a new brand owner,
Malibu-Kahlúa International, is being
“Cognac and champagne
originate from the same raw
material – the vine.”
Lionel Breton
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The integration of the Allied Domecq business
into Pernod Ricard North America brings us a
full portfolio with exciting opportunities in new
and growing categories. Key additions to our
product line are three premium brands –
Kahlúa, Malibu and Stolichnaya – that fill
previous gaps in the critical liqueur, rum and
vodka categories. Our new, combined
company also will benefit from a significantly
enhanced National Accounts business.
Pernod Ricard is now the second-largest
player in the fast-growing North American
market, with the region (Canada, USA, Mexico
and Caribbean) now accounting for 26% of
Pernod Ricard's sales, up from 12% before
the acquisition. In Mexico, Pernod Ricard now
is the market leader, with a 28% market
share, and we will benefit from the addition of
two iconic Mexican brands : Presidente and
Don Pedro Brandies. In the U.S. spirits
market, our sales volume and value doubled
(to 8% and 10% respectively), making Pernod
Ricard USA the third largest player in terms of
sales value, and the fourth largest in terms
of sales volume. Our region also is
the headquarters for the Malibu-Kahlúa
International Company, which will drive the
growth of these brands and Tia Maria globally.
As with the Seagram acquisition, Pernod
Ricard North America looks forward quickly
integrating and adding value to our new
brands, and to partnering with our
distributors for mutual success.
MICHEL BORD,
CEO OF PERNOD RICARD
NORTH AMERICA
[
set up. This new division, which will
manage the Malibu, Kahlúa and Tia
Maria liqueur brands, will be operational from 1 January 2006.
Elsewhere, a new agreement has been
reached with the SPI Group for the
exclusive distribution of Stolichnaya
internationally. A new company – The
Stolichnaya Brand Organisation – has
just been started in London to support
the development of this brand and of
Moskovskaya. ■
The Allied Domecq acquisition has
led Pernod Ricard to create a single
brand owner for cognac and
champagne under the name
of Martell Mumm Perrier-Jouët.
The rationale for this lies in what
these brands share - vineyard
origins, French heritage and an aura
of luxury. Cognac and champagne
obviously originate from the same
raw material. Their French heritage
gave them the national ‘appellation
contrôlée’ system that governs
these categories, while the aura
of luxury points to the
premiumisation that’s an essential
part of Group strategy. Having a
single marketing and commercial
team to manage Martell, Mumm
and Perrier-Jouët will lead
to substantial operational synergies.
Pernod Ricard’s arrival in the
Champagne region has found a very
favourable reception, both with
the local winegrowers and the staff
at Mumm and Perrier-Jouët. This is
a key factor for future success.”
LIONEL BRETON,
CEO OF MARTELL MUMM
PERRIER-JOUËT
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“In Ballantine’s and Beefeater,
we’re acquiring two of the industry’s
finest brands.”
Christian Porta
In Ballantine's and Beefeater
we have acquired two of the best
premium brands in the industry,
both with enormous global potential.
The addition of the new brands into
our portfolio sees our volume,
number of employees, sites and
scale of business double. It is a very
exciting time for us and our priority
is to implement fundamental
changes to combine both
companies, improve efficiency, align
with the Pernod Ricard model and
build enthusiasm and support for
the new brands globally.
We have announced a new senior
management structure who are
ensuring we have the best people,
procedures and creativity in place
to become the world's leading
premium Scotch whisky and Gin
company.”
CHRISTIAN PORTA,
CEO OF CHIVAS BROTHERS
The retention of the Montana New
Zealand wine operations will have a
major and positive impact on Orlando
Wyndham and Pernod Ricard wine
businesses. In the first instance the
Allied Domecq acquisition delivered
strong premium brands, Corbans,
Stoneleigh and Church Road. The
addition of Montana, which is in a
sense the jewel in the crown, is even
more exciting and makes Pernod
Ricard the leader of the New Zealand
wine industry. It is early days, however,
the Orlando Wyndham and Montana
teams are working hard and very
closely on all integration issues, while
at the same time ensuring the
business continues to deliver strong
growth. The acquisition also brings
almost 5,000 hectares of vineyards
under control and five modern
wineries. Now New Zealand wine
volumes will exceed three million ninelitre cases of premium and super
premium bottled wine. We will be
adding to our wine portfolio dynamic
international brands that will perfectly
compliment our strong Australian
leading brands, Jacob's Creek and
Wyndham Estate".
LAURENT LACASSAGNE,
CEO OF ORLANDO WYNDHAM
Irish Distillers had to relinquish
Bushmills as part of the Allied
Domecq acquisition. Although there
was little rejoicing over the sale,
it allows us to focus fully on
the development of Jameson and
maintaining its status as the world’s
fastest-growing international
whiskey brand. As for our
businesses in Ireland and South
Africa, the arrival of prestige brands,
including Malibu, Montana wines
and the champagnes for Ireland,
and Malibu for South Africa, will
impact very positively on our
turnover, adding substantially
to our existing portfolio.”
PAUL DUFFY,
CEO OF IRISH DISTILLERS
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S PA N I S H W I N E
Rioja
a unique region
making unique wines
THE ALLIED DOMECQ ACQUISITION GIVES PERNOD RICARD ENTRY INTO THE HEART OF ONE OF SPAIN’S MOST
EXALTED WINE PRODUCING REGIONS, RIOJA. BY EMBRACING THE COUNTRY’S OLDEST RECOGNISED WINE,
PERNOD RICARD, WITH ITS DOMECQ BODEGAS SUBSIDIARY, IS NOT ONLY GAINING VOLUME. IT IS ALSO UNDERLINING ITS RESOLVE TO PRODUCE QUALITY WINES.
20
AS PART OF THE ALLIED DOMECQ ACQUISITION, PERNOD RICARD IS ACQUIRING 4 BODEGAS WITHIN THE DESIGNATED RIOJA REGION.
ioja, the quintessential wine-making region, stretches out
over almost 5,000 km2. Castles, abbeys and archaeological sites jostle for space throughout the 174 communes of
this land, rich in both history and culture. But Rioja is also the
home of good food and drink, of pepper, tender meat cooked in
red wine, chard, cutlets in vine leaves and, naturally, of wine.
More than 500 winemakers tempt the visitor every year along
the fascinating wine trail.
The Rioja designation covers three separate communities:
Rioja, accounting for 70%, the Basque country (20%) and
Navarra (10%). 63,000 hectares in total, of which 58,000 are
given over to producing red wine. 4,000 hectares are now controled by Pernod Ricard, divided between the four designated
R
Rioja producers: Juan Alcorta, Ysios, Age and Marquès de
Arienzo. These four make all the wine for the different ranges.
RIGOROUS QUALITY CONTROL
Rioja’s designated wines owe their excellent reputation to the
composition of the soil, a favourable mountainous relief that
protects the vineyards from cold winds, a strong tradition of
wine making and the support of a watchdog organisation, the
regulatory council or Consejo Regulador.
According to Javier Elizalde, director of producer Marquès de
Arienzo, the region’s soil is hard and poor in nutrients (100%
acidic limestone). The vines have to struggle and dig deep to find
the minerals they need. “The end result is wines that are more com-
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THE BODEGA YSIOS.
plex. You can compare them to two children – one to whom everything
has been given and the other who has had to fend for himself from an
early age. The latter will have a stronger character than the former.”
Quality control among the individual vineyard plots begins in
depth with the pruning of the vines, the point at which the
coming year’s harvest is first gauged. As the days lengthen, the
vines “become active”. The roots absorb nutrients and the
crude sap spreads through the vines, known as the “tears”
stage. The buds follow, and then the first shoots emerge until
the grape reaches the size of a small pea. Throughout this
growing phase, the vines are watched over constantly by four
people. At the end of August, test samples are taken from each
plot in the vineyard. The vines continue to grow before the
harvest date is fixed.
22
The Consejo Regulador then issues strict guidelines for production, setting maxima per hectare for the grape yields
that can be made into wine. For 2005, the Consejo Regulador set the maximum yield per hectare of vineyard at
6,500 kg of grapes.
METICULOUS VINIFICATION
Elena Adell San Pedro, wine maker at producer Juan Alcorta,
explains in detail how the wine is made. “Grapes reaching the
winery will have already been carefully sorted by their characteristics
and destination. The first task is to analyse their acidity, their freedom
from any infection, their pH and their residual alcoholic strength. The
grapes are then put into a hopper and laid out on a conveyor belt to
be inspected and selected for the stemmers. Depending on the thickness
RIOJA IN FIGURES
THE BODEGA JUAN ALCORTA.
The Rioja designation extends to 3 SEPARATE COMMUNITIES / It brings together
120,000 VINEYARD PLOTS / The average plot covers 0.52 HECTARES / In 2005, 13,000
TONNES of grapes were produced and 251 MILLION LITRES of wine sold /
The Rioja designation accounts for 40% of all high quality wines sold in Spain / The
industry is estimated to be worth €9 bn.
DISTINCTIVE BODEGAS
of their skins, the grapes may be put through the grape crusher. Once
the juice is in the fermentation tanks, we decide on the appropriate
temperature and whether the fermenting juice (or ‘must’) needs to be
aerated by pumping it from the bottom of the tank to the top, and if so,
for how long. Every day, the must is tasted to gauge the nutrients and
tannins present, and to establish which yeast strains should be used.”
The Consejo Regulador allows up to 15% of the blend to come
from other vintages, the rule applying within the four producers. At Juan Alcorta, the four best known wines – Campo Viejo,
Viña Alcorta, Marquès de Villamagna and Azpilicueta – retain
their own style. The predominant grape variety used is Tempranillo, and the average age of the vineyard is 25 years. At Marquès de Arienzo the Tempranillo and Graciano varieties are used
for the red wines (98% of the production) and the Viura varietal
for the whites. Diego Pinilla, wine maker at Ysios, confirms that
the vinification will vary with the vineyard. While heavy, late
rains will dilute the concentration of fruit, a dry year such as we
saw this year leaves the grapes with greater density. Whatever
the conditions, the first requirement is to retain the specific
character of Rioja, a red wine with fruit notes of watermelon,
blackberry, bilberry and raspberry.
Each of the four producers has its own identity. The constant
preoccupation of these Bodegas is to keep the character of the
wines they produce. The extent of this preoccupation can be
measured by the substantial investments made in the facilities
of the four producers.
Juan Alcorta’s complex was designed by Ignacio Quemada,
who has been working with the renowned architect Rafael
Moneo for the last seven years. A masterpiece of design, the
complex is strikingly modern. Most of the facility is underground to reduce its environmental impact. Although immense
in size – the warehouse that houses the barrels measures
12,000 m2 on its own – the level of attention to detail means
that only two people are needed to manage it outside peak
usage. In 2004, it received almost 20,000 visitors.
Ysios was designed by Santiago Calatrava, among the most
gifted architects of his generation. The bodega is fully integrated
with the countryside around it, at the foot of the Sierra de
Cantabria that shields it from the northwest winds. An impressive silhouette of gigantic vats apparently hanging in mid air
stands out, a wave of wood and aluminium that produces a
unique visual effect.
The Age bodega is far more traditional, its origins dating back
to 1881, and it stands at the other end of the scale from its
two avant-garde “colleagues”. Its founder, Féliz Apolicueta,
went beyond simply giving his employees work. He arranged
their housing, coal for the winter and schooling for their children. The bodega was renovated by the architect Francés Borsari in 1913. The control panels installed at that time can still
be seen, as can the enormous 22,000 litre-capacity oak vats
and the old trucks.
CO-ORDINATED DISTRIBUTION
Sr. Don Victor Pascual, President of the Consejo Regulador of
Rioja and CEO of Domecq bodegas, explains that “the Rioja
wine industry association is drawn equally from among the producers and the merchants. All decisions are taken in a collegiate system
with a 75% quorum. We differ from other European countries in
that our regulatory system gives us more administrative flexibility.
The synergy we get from the involvement of all the stakeholders has
proved really cost-effective”.
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THE BODEGA JUAN ALCORTA.
1 SR. DON VÍCTOR PASCUAL, PRESIDENT
OF THE CONSEJO REGULADOR OF RIOJA AND CEO
OF DOMECQ BODEGAS.
2 ELENA ADELL SAN PEDRO, WINE MAKER
OF JUAN ALCORTA.
3 DIEGO PINILLA, WINE MAKER AT YSIOS.
1
2
Market strength determines the extent to which decisions
taken within the Consejo can be influenced. However, “representatives from all four of the administrations concerned (Rioja,
Navarra, the Basque country and the central administration) intend
to work together to safeguard and develop the Rioja brand as being
synonymous with quality, prestige and wine-making expertise.”
Pernod Ricard’s arrival in the renowned Rioja region will help
guarantee the quality of the wines distributed by the Group. As
a final pointer to future success, were one needed, sales of
Rioja wines last year grew by 7% in Spain and by 4.3% internationally. The region received an award for the excellence of
the 2004 vintage. ■
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THAT FAMILIAR RIOJA STYLE
Rioja in the Upper Ebro valley, with Logroño as its capital, is both Spain’s largest
exporter and the producer of her best-loved wines. The region was the first
Denominación de Origen Calificada, a distinction bestowed in 1991. And if Rioja’s wines
bear a family resemblance to those of Bordeaux, this is no mere coincidence. Bordeaux
wine growers, ruined by the mildew outbreaks between 1857 and 1862, and those
whose vines fell victim to phylloxera from 1868 onwards, moved to Rioja. With them
they brought their vinification techniques that would prove so successful in their
adopted region.
As part of the Allied Domecq purchase, Pernod Ricard is acquiring 4 bodegas within the designated Rioja region: Juan Alcorta, Age,
Marquès de Arienzo and Ysios. Between them, these four cover the entire range of wines. Retaining the individual characteristics
of each bodega, and thereby producing distinctive, easily recognisable wines, is a constant preoccupation of the people who work
there. Rioja makes some of the most prized wines in the world.
A RANGE OF WINES THAT HAS EARNED RECOGNITION
CAMPO VIEJO
ALCORTA
AZPILICUETA
“At Juan Alcorta, the
cellars where we age
the wine use dark colours
and indirect lighting to
create a calm, tranquil
atmosphere. I wanted to
give something of this
feel to Campo Viejo
Crianza, a wine that’s
smooth-textured and
elegant. Campo Viejo
is the main brand sold
in the UK.”
ELENA ADELL,
WINEMAKER AT JUAN
ALCORTA
The wine-making
methods and winery
layout at Juan Alcorta
are designed to produce
a wine – Alcorta – of very
high quality in the
modern, full-flavoured
style. The grapes are
vinified in underground
vats that are fed using the
natural force of gravity.
This reduces the need to
pump the fruit or wine,
helping to keep both
aroma and taste intact.
“In Azpilicueta we’ve
managed to produce a
Crianza full of light and
brightness with a broad
spectrum of aromas. The
grape varieties used,
Tempranillo, Graciano
and Mazuelo, lend the
wine a vivid freshness.”
ELENA ADELL,
WINEMAKER AT JUAN
ALCORTA.
MARQUÉS DE
VILLAMAGNA
“From the start, we
wanted Marqués de
Villamagna Crianza to
reflect its fine
Tempranillo origins in a
blend of fruit and wood
notes. We’re proud of the
result – a beautifullybalanced wine with a
satisfyingly long finish.”
ELENA ADELL,
WINEMAKER AT JUAN
ALCORTA.
YSIOS RESERVA
SIGLO
“Ysios is a fine blend that
allies the Tempranillo
grape’s capacity for
ageing with its natural
maturity. The care taken
in vinifying Ysios Reserva
makes it elegant and
smooth. In short, a wine
in the modern style, but
still clearly a Rioja.”
DIEGO PINILLA,
WINEMAKER AT YSIOS.
The traditional methods
employed at the Age
bodega since 1881 make
Siglo an iconic wine, as
well as a best-seller in
Japan and a large part of
Europe.
MARQUÉS
DE ARIENZO
Created in 1986 by Caves
Domecq founders José
Ignacio Domecq and
Emile Peynaud, Marqués
de Arienzo captures the
fruit and aroma styles
long sought by both men.
This classic Rioja is made
with quality, character
and elegance firmly in
mind. On the nose, notes
of red fruit, such as
blackberry, and of oak
can be detected.
It’s a tremendous opportunity for Pernod Ricard España to become a producer of Rioja. The Rioja designation is a seal
of quality and fits perfectly with the Group’s objective of premiumisation. In addition, the acquisition of Domecq
Bodegas represents a significant boost in volume terms – almost 6.5 million cases. These wines are some of the most
widely-exported in the world, with a third of the volume heading overseas. Campo Viejo, a very fast-growing brand in
the UK, and Siglo, a firm favourite in Japan, both reflect this international dimension.”
BRUNO RAIN, CEO OF PERNOD RICARD ESPAÑA
25
G. H. Mum
THE HOUSE OF MUMM INVITES
YOU TO VISIT ITS CELLARS IN
THE HEART OF THE CHAMPAGNE
REGION, WHERE 25 MILLION
BOTTLES ARE SLOWLY
MATURING. MUMM RECEIVES
50,000 VISITORS EVERY YEAR.
G.H. MUMM REPRESENTS 218 HECTARES OF COMPAGNY-OWNED VINEYARDS.
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Blending a tradition of excellence
with a sense of style
G.H. MUMM’S STORY IS ONE OF REMARKABLE PERSONAL ENDEAVOUR, A CONSTANT
QUEST FOR PERFECTION AND AN UNMISTAKEABLE SENSE OF STYLE. A SUBTLE BALANCE OF THE CHARDONNAY’S FRESHNESS, THE EXCEPTIONAL WHITE GRAPE, AND
THE INTENSITY OF THE PINOT NOIR FROM THE MONTAGNE DE REIMS.
S
“Nothing but the best!” More of a manifesto than a motto, Georges Hermann
Mumm’s pronouncement of almost two
centuries ago encapsulates the credo and
“raison d’être” of the champagne house
that today still bears his name, G.H.
Mumm. Even before him, the company’s
founders had set the tone. Descended
from a family of wine merchants, Phillip,
Julius and Gottlieb Mumm started the
business in 1827 with an unconventional
approach. Instead of buying in grape
juice, or must, they sourced the grapes
directly from the “finest areas” to have
better control over the quality of their
raw material and its pressing.
THE QUEST FOR PERFECTION
The company’s insistence on the highest
standards found further expression from
the 1830s onwards with the purchase of
its own vineyard plots among five of the
region’s great wine-producing areas.
These would later be officially recognised as belonging to the “Grands Crus
de Champagne” (the best growths in
champagne – see below), proof, if it were
needed, of G.H. Mumm’s foresight and
perception in matters of the vine, traits
he displayed throughout his long career.
“This preoccupation with perfection would
lead him in unsual directions, according to
Olivier Cavil, Communications Director
for G.H. Mumm and Perrier-Jouët.
Grape presses were installed right in the heart
of each region in order to improve quality
while pressing, and to avoid any risk of adulteration when the grapes were being transported.” To this day, these vertical wooden
presses, known as Coquard presses, are
still used slowly to press the hand-picked
grapes. Their smaller capacity (each one
can take 4,000 kilogrammes of grapes)
means the produce of different plots
within a single hectare can be kept apart.
The slowness of the press yields a clear,
white juice, free from the risk of “staining” by the red grape skins.
THE SUBTLE ALCHEMY OF THE BLEND
Since the company’s own vineyards were
insufficient to satisfy all of its grape
needs, G.H. Mumm forged close and
enduring partnerships with growers.
FROM CORDON ROUGE TO MUMM GRAND CRU
The G.H. Mumm range consists of Mumm Cordon Rouge, Mumm Cordon Rouge Vintage, Mumm Cordon Rouge
Millésimé, Mumm de Cramant, Mumm Rosé, Mumm Carte Classique, Mumm Demi-sec and Mumm Grand Cru.
Mumm Cordon Rouge alone accounts for 6 million of the 8 million bottles sold every year. A visionary in marketing as
well as in wine, Georges-Hermann Mumm launched this brand in 1875. Sporting the famous red ribbon inspired by
the Légion d’Honneur (France’s highest award), bottles of Cordon Rouge were given to the best customers, and then
sold more widely. Royal households throughout Europe took to it, while the United States imported it by the boatload.
The recent launch of Mumm Grand Cru provides this historic brand with a prestigious addition to its range. Blended
from the company’s own plots in the five “Grands Crus” areas, it bears all of their richness and complexity. The
hallmark of each growth comes through with exceptional intensity. The Chef de Caves or Cellarmaster has achieved
a fine balance, from the broad palette of aromas on the nose right through to the long, delicate, yet rich and
harmonious finish. The first creation of Dominque Demarville, this blend has staked an early claim for future success,
winning the 2004 Competition Gold Award of the influential magazine Wine & Spirit International.
27
A watchful eye during the pressing again
enables the different growths to be kept
apart. Up to 77 in total can be used to create the perfect balance found in Mumm
Cordon Rouge. Such alchemy requires
great skill. This is where the subtle art of
blending comes into play.
After two years’ experience in Champagne,
Dominique Demarville joined the team of
oenologists at G.H. Mumm in 1994,
becoming Cellarmaster in 1998. He was
just 31 years old. This was a bold step for a
major Champagne house. In selecting such
a young Cellarmaster, the company was
acknowledging the value of youth and
exceptional talent in the constant search
for excellence. The Cellarmaster effectively decides which regions will be used to
make the company’s different champagnes,
a heavy burden of responsibility.
COMPLETE COMMITMENT
Dominique Demarville is no stranger to
commitment. Not content to limit himself to the winery, the Cellarmaster travels
the length and breadth of the vineyards,
watching their progress, talking to the
growers. He steeps himself in the different regions, following their development
with the passage of the seasons.
TO EACH HIS OWN PATCH
From the first official classification in 1911, the 5 regions where G.H Mumm have vineyards have been among the 11
Grands Crus de Champagne. Today, the “ranking of growths” is composed of 17 Grands Crus (covering 20% of the wineproducing area in Champagne) and 41 Premiers Crus (first growths). As well as recognising the wines’ reputation, this
ranking takes in to account such objective factors as the vineyards’ situation and elevation, exposure to the sun and soil
composition. Here, the presence of chalk is decisive, as it helps the grapes mature by modulating the supply of water
and the ambient temperature. Each Grand Cru brings its own character to the different blends, with the exception of
Mumm de Cramant, made from a single growth.
Verzenay to the north of the Montage de Reims produces crisp and lively wines from the pinot noir grape with a
naturally long and sustained finish.
Bouzy to the south of the Montage de Reims yields marvellously powerful, full-blooded pinot noir wines that few can
equal for strength.
Aÿ is nearer to Epernay and makes pinot noir wines noted for their gentle but well-rounded fruit. Their longevity is
important in the maturation of blends.
Cramant also boasts chardonnays that flourish on the Côte des Blancs to give balanced but vigorous, delicious white wines.
28
DOMINIQUE DEMARVILLE,
CELLARMASTER AT G. H. MUMM.
[
“In Champagne, to produce a successful blend
you need a thorough knowledge of the different
areas, Dominique Demarville maintains.
In contrast to other regions, we sell mature
wines that have been aged and are ready to be
enjoyed now. When you raise a glass of champagne, you’re entitled to expect this. That’s
why, for Cordon Rouge, the company’s standard-bearer, I look for the unique balance and
consistency that set it apart. We use both the
most recent wines and ones that have been aged
longer. I taste more than 2,000 wines every
year in total, 5-600 of which are for Cordon
Rouge. That calls for a good memory, patience
and dedication born of passion.”
One might also add an artist’s flair with all
the skill of a painter, the Cellarmaster
MOULIN DE VERZENAY
V
I
S
I
T
O
R
S
sets down the outline of the blend, and
then gradually adds carefully-chosen
shades from his palette to bring the work
to completion in all its detail. Guessing
how the blend will develop as it matures
in the cellars adds a further dimension of
complexity.
EXCELLENCE YOU CAN TASTE
This stage is crucial. It’s in the bottle that
the secondary fermentation takes place
with the prise de mousse that gives the
wine its natural effervescence. Remuage
is the difficult art of gradually moving
the natural sediment that results from
this secondary fermentation towards the
neck of the bottle. Whether performed
’
C
E
N
T
R
E
]
manually or by machine, 24 distinct
ways to turn a bottle have been classified. While the law calls for at least 15
months of ageing, Mumm Cordon
Rouge is aged for 3 years, and the prestige blends (such as the vintages, or
Mumm Grand Cru) for up to 7 years.
Such dedication to excellence is impressive. But the difference it makes is there
for the tasting, for the company’s history
and its tireless search for perfection can
be found in every bottle of G.H.
Mumm’s champagne. A visit to the company’s winery and museum is the ideal
way to appreciate this excellence. 50,000
people do so each year, and we hope
you’ll join them. ■
THE KEY NUMBERS
FOR G.H. MUMM
• No.3
champagne maker with distribution in over
80 countries.
• 8 million bottles per year, 6 million of which are
Mumm Cordon Rouge.
• 218 hectares of company-owned vineyards,
supplying 25% of total needs.
• 45% pinot noir in the Mumm Cordon Rouge blend,
over 50% in Mumm Grand Cru.
• 25 km of underground cellars on 2 levels, dug up to
14 metres deep in the chalk of champagne, at a
constant temperature of 10°C.
TO VISIT
THE CELLARS OF G.H. MUMM ARE OPEN DAILY
BETWEEN 1 MARCH AND 31 OCTOBER FROM
09:30 TO 10:50 AND FROM 14:00 TO 16:40.
THEY WELCOME MORE THAN 50,000 VISITORS PER
YEAR.
DIRECTIONS: A4 AUTOROUTE, EXITING AT THE
“REIMS CENTRE” JUNCTION, AND THEN TAKE THE
“RUE DU CHAMP DE MARS”.
CONTACT: [email protected]
29
[
O N
T H E
M O V E
]
THE ALLIED DOMECQ ACQUISITION STRENGTHENS PERNOD RICARD
WITH SOME PRESTIGE BRANDS, BUT ALSO WITH THE EXPERIENCE OF
SOME NEW COLLEAGUES. MAJOR NEW DEVELOPMENTS INCLUDE THE
FORMATION OF TWO NEW BRAND-OWNING SUBSIDIARIES – MALIBUKAHLÚA INTERNATIONAL AND THE STOLICHNAYA BRAND
ORGANISATION – AND THE APPOINTMENT OF FORMER ALLIED DOMECQ
EXECUTIVES TO HEAD THEM UP.
MALIBU-KAHLÚA INTERNATIONAL
PERNOD RICARD NORTH AMERICA HAS ANNOUNCED THE FORMATION OF THE
MALIBU-KAHLÚA INTERNATIONAL COMPANY. THIS NEW BRAND OWNER WILL
MANAGE THE STRATEGY AND DEVELOPMENT OF THE MALIBU, KAHLÚA AND TIA
MARIA BRANDS.
—SIMON HUNT has been appointed Chief Executive Officer of The
Malibu-Kahlúa International Company, reporting directly into Pernod
Ricard North America. Previously he was Senior Vice President,
Marketing, of Allied Domecq Spirits North America (ADSNA).
—HAL GORMAN is appointed Senior Vice President & General Counsel.
He was formerly Senior Vice President & General Counsel of ADSNA.
—JANICE JARRETT is appointed Vice President, Human Resources.
Previously she was Vice President, Human Resources Corporate
Functions of Allied Domecq Spirits USA.
—THIERRY POURCHET is appointed Chief Financial Officer. To date
he has occupied the position of Finance and Administrative Director
at Pernod.
—SANDRINE RICARD is appointed Vice President, Communications.
Previously she was Corporate Public Relations Director at Pernod
Ricard USA.
—JULIUS CRISCIONE is appointed Vice President. He was formerly Vice
President, RTD at Pernod Ricard USA.
30
THE STOLICHNAYA BRAND
ORGANISATION
ON 22 SEPTEMBER 2005, PERNOD RICARD AND THE SPI GROUP
ANNOUNCED A NEW AGREEMENT GIVING PERNOD RICARD THE
EXCLUSIVE RIGHT TO DISTRIBUTE STOLICHNAYA AND
MOSKOVSKAYA VODKAS INTERNATIONALLY. A NEW BRAND OWNING STRUCTURE – THE STOLICHNAYA BRAND ORGANISATION –
WILL BE FORMED IN LONDON. IT WILL REPORT TO JEAN-PAUL
RICHARD, GROUP MARKETING DIRECTOR AT THE HOLDING COMPANY IN PARIS.
—IAN JAMIESON is appointed President of The
Stolichnaya Brand Organsiation. To date he has
occupied the position of Vodka President with
Allied Domecq.
Ian will be supported by HUGUES PIETRINI,
(formerly of Ballantines-Mumm Distribution
France) as Marketing Director and by TOM RAY,
(formerly Allied Domecq Marketing & Commercial Director for Europe) as Commercial Director.
PERNOD RICARD
NORTH AMERICA
—JACK SHEA has been
appointed Vice President,
Communications of Pernod
Ricard North America. Previously he was Communications
Director with Allied Domecq
Spirits, North America.
—EDUARDO VALLADO has been
appointed Vice President,
Operations of Pernod Ricard
North America. Previously he
held the same position at Allied
Domecq for the Americas
region.
AND…
—LOUIS-FRANÇOIS GOMBERT
has been appointed Financial
and Administrative Director at
Pernod in September 2005. Previously, he was Financial and
Administrative Director, Ballantine’s Mumm Distribution.
PERNOD RICARD CHINA
—LINDA LEE was appointed Human Resources
Director of Pernod Ricard China on 22 August
2005. Previously Linda Lee was Human Resources
Director of Allied Domecq Greater China.
—DAVID HUNTER has been
appointed Technical Director of
Chivas Brothers. He is a member of the executive team and
reports directly to Christian
Porta, Chairman & CEO.
—KIA LONG PHUA has also joined Pernod Ricard
China, as New Projects Director. Kia Long Phua
was formerly CEO, South China, Hong Kong &
Macau with Allied Domecq Greater China.
31
[
S
U
P
P
O
R
T
I
N
G
T
H
E
A
R
T
S
]
EACH YEAR, PERNOD RICARD PUTS AN ORIGINAL WORK OF ART ON THE
COVER OF ITS ANNUAL REPORT. FOR THE GROUP’S 30TH ANNIVERSARY,
AN EXCEPTIONAL PIECE WAS CREATED...
THIERRY DIERS
A talented combination.
The artists with Patrick Ricard, Chairman and Chief
Executive Officer and Francisco de la Vega, Vice-President
Communication of Pernod Ricard.
FOUR-HANDED MASTERPIECE
Ask Francisco de la Vega, the Group’s
Communications Director, where this tradition comes
from, and he’ll answer “Patronage of the arts is
second nature to Pernod Ricard.”
And indeed, the Group’s policy of supporting the arts
can be traced back to the founding companies. Pernod
called on architects of the day such as Gustave Eiffel
to design its factory at Thuir, and asked contemporary
artists to produce its advertising posters.
PAUL RICARD, THE ARTIST
At Ricard too, art was part of everyday life. The Paul
Ricard Foundation, located on the island of Bendor
in the Mediterranean, has always exhibited the work
of promising young artists and sculptors, also
creating a cultural centre in Paris. Paul Ricard himself
was a painter.
It was thus natural that the Group should choose
a work of art to decorate the front cover of its first
annual report in 1975. The tradition has continued
to the present day. Every year, the Group chooses
a contemporary artist and commissions him or her
to illustrate that year’s main event. This was how
talented watercolourist Gottfried Salzman came
to mark Irish Distillers’ joining the Group in 1988.
In 1993, the artist Adigio Benitez referred to Havana
Club in one of his paintings. In 2000, Scottish artist
Bruce Maclean’s work heralded the arrival of the
Seagram brands.
32
A WORLD FIRST
In 2005, the advent of the Group’s 30th anniversary
and the acquisition of Allied Domecq called
for an exceptional work of art. One that would depict
the Group’s international dimension. To create
such a piece, 4 artists from very different parts of
the world were asked to come together in a unique
collaboration. After viewing dozens of portfolios,
the Group chose a Frenchman, Thierry Diers,
a Russian born in China, Arthur Yang, Brazilian
Kinkas Caetano, and Indian Bhawani Katoch.
They were brought together for the occasion
at Martell’s Château de Lignères in the Charente
region of France. A former warehouse was converted
to form a light and spacious studio. Over several days,
they met employees and customers, visited the cognac
cellars and the bottling plant in order to get a feeling
for the people and the processes that combine to
create the Group’s products.
A UNIQUE WORK SIGNED 4 TIMES OVER
Reflecting the surrounding vineyards, the autumnal
colours and the breadth of the Group’s portfolio,
the painting came to life through the fusion of their
styles. This was a unique genesis for a work that
no single artist’s brush could have created.
Each of the artists found the space to express
himself on the canvas, each contributed his share
to the creative process, each let his imagination
mingle with the others’ as the work slowly took shape.
This artistic venture has given rise to a work shot
through with diversity and mutual respect, a fitting
reflection of the Group’s values. ■
BHAWANI KATOCH
CHRONOLOGY OF THE PAINTING IN 3 STAGES.
1
2
ARTHUR YANG
“The driving force
of this experience
was a recognition
of what others
had to offer.”
KINKAS CAETANO
The 4 artists
33
[
N
CHIVAS BROTHERS WINS
TWO GOLD MEDALS FOR
ABERLOUR AT THE 2005
INTERNATIONAL SPIRITS
CHALLENGE
The medals were awarded for Aberlour
10 Year Old Single Malt and Aberlour
12 Year Old Double Cask Matured.
Handing over the medals, President of
the Jury Ian Grieve added “The key
factor in all these awards is the
consistent quality of these whiskies from
year to year. By winning gold again, the
Aberlour range demonstrates once more
its exceptional quality.”
PERNOD CELEBRATES
ITS DOUBLE CENTURY
Following the Group’s 30th anniversary, it was
Pernod’s turn to celebrate, marking its 200th
anniversary in early September. A thousand of
Pernod’s staff and customers drawn from all over
France came together for the occasion. The
programme included a lunch at the Stade de
France in Paris, a conference hosted by
celebrated sports journalist Pierre Sled, a
presentation on the new Pernod Ricard by Pierre
Pringuet and one on the new Pernod by Pierre
Coppéré. The Group also chose the celebration to
announce which companies would distribute the
Allied Domecq brands in France. Pernod staff
were delighted to learn that Ballantine’s and
Mumm would be added to their brand portfolio,
together with Tia Maria, Scapa and Glendronach.
E
W
S
]
NEW MARTELL XO
LAUNCHED
“CAC 40” PRIZE
AT THE BFM AWARDS
Pernod Ricard China chose Dubai as the
setting for the culmination of the new XO’s
launch, previewed in China on 20 July. The
Chinese subsidiary brought together nearly
450 guests from among its main customers.
The new XO boasts a new blend and a new
bottle in the form of an arch, a tribute to the
creative and inspired spirit of Jean Martell.
Launches have also been held in Vietnam,
Singapore, Russia and Holland. Further
launches are following in other European
markets (in France on 9 November), the
United States and Mexico.
Patrick Ricard received the “CAC 40” prize
from BFM radio journalists Hedwige Chevillon
and Philippe Méchet at the BFM Awards
held at the Théâtre Marigny in Paris midNovember. The prize is awarded by the radio
station’s listeners, voting by internet, to the
CAC 40 company whose performance had
particularly stood out over the last 12 months.
The other companies to receive awards were
Renault (Main Prize), JC Decaux (Family
Business Prize), Vallourec (Best Performance
Prize), Olympique Lyonnais (Special Prize)
and Free (Young Entrepreneur’s Prize).
MARTELL OPENS
ITS NEW BOTTLING
COMPLEX
In September, Martell inaugurated its new
bottling complex at Lignères in the Charente
region of France. The new production site
joins the existing facilities at Bisquit and
Renault. Occupying some 20 hectares, the
site has been integrated into a vineyard of
200 hectares, becoming one of Cognac’s
most aesthetic industrial plants. It can bottle
up to 10,000 cases per day.
Entreprendre,
SUZE PACO RABANNE
As it does every year, Suze is embracing the
world of high fashion. Following on from
Jean-Charles de Castelbajac, Christian
Lacroix and Sonia Rykiel, Paco Rabanne is
the latest designer to dress Suze. Here the
brand sports a striking creation that evokes
the designer’s famous metal dress.
THE MAGAZINE FOR PERNOD RICARD SHAREHOLDERS
12, place des États-Unis, 75116 Paris, France – Tel.: +44 1 41 00 41 00 / [email protected]
Publication Director: Francisco de la Vega / Production Manager: Marie Péguin
Design:
– 79 bis, rue de Paris, 92517 Boulogne Cedex, France
Photo credits: Pernod Ricard Photo Studio: Daniel Dewalle, Marc-André Desanges. ISSN: 0757-3626
34
HAVANA CLUB INTERNATIONAL LAUNCHES MÁXIMO EXTRA AÑEJO,
A UNIQUE REFERENCE ON THE ULTRA-PREMIUM SPIRITS SEGMENT
"Havana Club Máximo Extra Añejo es la expresión suprema del
ron Cubano".
"Havana Club Máximo Extra Añejo is the supreme expression of
Cuban rum". Don José Navarro, Havana Club's Primer Maestro
Ronero (Head Master Blender).
Havana Club Máximo Extra Añejo has been created by Don José
Navarro, Primer Maestro Ronero, by blending a selection of
the oldest and finest rum reserves resting in the ageing cellars
of Havana Club. His objective was to create the most perfect
expression of Cuban rum, of its know how and traditions,
transmitted from generation to generation by the Cuban Maestros
Roneros.
Havana Club Máximo Extra Añejo is enshrined in a precious
hand-blown crystal decanter, which graceful lines are inspired
by the refinement and splendour of Havana, and protected
in an elegant wooden box.
Proposed at a retail selling price of at least 1000EUR, it is aimed
at ultra-premium spirits lovers, true rum connoisseurs and cigar
aficionados.
Havana Club Máximo Extra Añejo was been launched in the
presence of Don José Navarro late October and early November
in Madrid, Paris, London and Hamburg.
For further information, visit Maximo website www.havanaclub.com/maximo
JAMESON UNVEILS NEW ADVERTISING
The new “Jameson Beyond the Obvious” campaign captures perfectly
the spirit and style of Jameson. The new ads were created by the
visionary Jonas Ackerlund, probably best-known for the videos he
has made with Madonna, The Prodigy, Robbie Williams and U2
among others. Jameson chose him for his offbeat talent. Akerlund
made a series of 3 ads entitled Drummer, Harpist and Tap Dancers.
In the first, an old man shuffles awkwardly across a stage to a drum
kit, at which he then sits down to play with furious energy. In the
second advert, a super-cool rockstar with long, dreadlocked hair sits
behind a harp to play T. Rex’s 20th Century Boy, while the third spot
has two truculent-looking young adolescents displaying their superb
tap dancing skills. To say that “appearances can be deceptive” would
be an understatement. Akerlund’s vision, which turns convention
upside down, has yielded a campaign to show that Jameson, with its
smooth taste and multi-faceted personality, is a spirit offering far
more than most expect from a whiskey. Paul Duffy, Irish Distillers’
CEO, commented “The new Jameson campaign reflects the energy
and vibrancy of a brand posting double-digit growth worldwide. This
year we’ll be spending €40 million on marketing, half of that in
media, to support Jameson’s future success.”
A NEW CONSUMER WEBSITE FOR JAMESON
To coincide with the new Jameson campaign, a new website for
consumers has been launched at www.jamesonwhiskey.com.
By accessing the site, consumers can watch the new ads online,
download desktop imagery and learn about how Jameson is
made. The final, fully-functional version of the site will be online
during the first quarter of 2006.
Contacts: Zoë Traynor ([email protected]) or Adam Murphy
([email protected]).
IWSC SUCCESS FOR CHIVAS BROTHERS, THE GLENLIVET AND BODEGA DOMECQ
CHIVAS BROTHERS, DISTILLER OF THE YEAR 2005
Chivas Brothers has won the highest award in the Scotch Whisky
category at the 2005 International Wine and Spirit Competition
with the coveted title of Distiller of the Year. This is the second
time in three years that Chivas Brothers has won the trophy,
the first occasion being in 2003. This feat is the culmination of
several awards for Chivas Brothers across the different
categories of the 2005 IWSC.
“Careful investment in time and expertise are the key factors in
this sustained success…This award crowns what has certainly
been a memorable year for us.”
Following the Allied Domecq acquisition, Chivas Brothers has
added Ballantine’s and Beefeater to their portfolio. These
two new brands now stand alongside Chivas Regal, The Glenlivet,
Royal Salute, Aberlour, Clan Campbell, 100 Pipers, Something
Special, Passport, Strathisla and Longmorn.
THE GLENLIVET : SINGLE MALT STAR
The Glenlivet Archive 21 Year Old achieved the highest distinction
possible in the Scotch single malt category for whiskies over
12 years old.
Chivas Regal 18 Year Old won a gold medal in the deluxe blend
category for whiskies aged 18 years or more. Christian Porta,
CEO of Chivas Brothers, said of these achievements
DOMECQ: BODEGA OF THE YEAR
With the purchase of Allied Domecq, Pernod Ricard has acquired
some exceptional bodegas. The IWSC has confirmed their
excellence by awarding Domecq the title of the world’s best wine
producer for 2005.
35

Entreprendre No. 47, Spring-Summer 2005

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