Huge potential for Absolut Vodka in US, says Pernod
French drinks giant Pernod Ricard has said there is huge sales potential for its newly-acquired vodka brand Absolut.
Pierre Pringuet, Pernod Ricard managing director, told a news conference in Moscow this week (May 27) there were massive opportunities despite a tightening financial climate in America.
He said: "Absolut still has a brilliant growth future in the US, it is a must-have for all US distributors, and its sales are simply colossal."
Pernod Ricard paid 5.26 billion, including debt, for V&S - the owner of the Absolut Vodka brand. The Paris-based company beat off stiff competition from the likes of Fortune Brands.
Patrick Ricard, Pernod Ricard CEO, said the key to greater brand exposure for Absolut was not necessarily in increasing its "very considerable" advertising budget but better implementing it.
He told Bloomberg: "The brand is obviously very well managed, and we won't change that. But it belonged to the state, so there was less pressure on the bottom line. We can do more with the money that's being poured into Absolut.''
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