2023-04-19 11:04:32 ET
Concerns in markets abroad dominated the newsday for alcoholic beverage giant Pernod Ricard ( OTCPK:PDRDF ).
The parent of Chivas, Absolut Vodka, Beefeater Gin, and more said that it will discontinue exports of Absolut Vodka to Russia after a restart of sales sparked backlash across multiple European markets. For example, Finland’s largest hospitality group as well as numerous establishments across Sweden announced boycotts of the products.
Stephanie Durroux, the CEO of Absolut, announced the cancellation of sales into Russia, citing a duty of care to partners and employees.
Elsewhere, the French spirits group’s application to renew its liquor sale license in New Delhi was rejected. Regulators in the Indian capital pointed to ongoing investigations into allegations that the group raked in ill-gotten profits via the provision of false price information and the subsidizing of retailers carrying increased stocks of their products.
Shares of Pernod rose modestly late in the European session.
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Pernod Ricard pulls out of Russia, runs into roadblocks in Indian capital