Booze Giant Sells Off Wines as Consumption Sinks

It could be another not-so-great sign for the global wine business: Pernod Ricard, a giant in the industry of alcoholic beverages, is selling most of its wine portfolio, reports the Financial Times. The move by the French company comes as the world is drinking less wine—global consumption sank to a 27-year low in 2023, reports CNN, citing stats from the International Organization of Vine and Wine. Pernod Ricard says it will instead focus on its spirits: It sells popular brands such as Absolut Vodka, Jameson Whiskey, Olmeca Tequila, and Beefeater Gin.

The wines being sold to Australian Wine Holdco Limited: Jacob's Creek, Orlando, St Hugo, Stoneleigh, Brancott Estate, Church Road, Campo Viejo, Ysios, Tarsus, and Azpilicueta. In looking at the broader wine industry, Reuters notes that it's coping with a "supply glut" that has forced some producers to destroy vines. (In California, signs abound that the boom years of vino are in the past.)