Pernod Ricard has remained silent on which drinks brands it will divest.
Speaking at a press conference in London, Pernod CEO Pierre Pringuet said: “We are not disclosing which brands we will sell but we are under no pressure and in no hurry - we won’t sell for less than they are worth.
“There are clearly brands that, at a time, were useful for Pernod but now it’s better to sell a brand that you think you won’t be in a position to look after.”
Pringuet neither confirmed nor denied rumours that the company is to sell its bourbon whiskey Wild Turkey.
Pringuet also said Pernod would reduce its ad spend in the second half of the year. He added: “There will be less advertising in total so ads may be cheaper. We will also look at the consumer off-trade perspective as trade in general is shifting to the off trade.”
When it comes to price increases in tough economic times, Pringuet said the company never accepts to sacrifice margins and he said the company’s long term business is in premium brands.
Pringuet added that some markets should continue to do well in the second half of the year: “China, India, Latin America and France we hope will continue to do well. Others could be more difficult, like Russia and the Ukraine.”