Europe’s seconf largest distiller, Pernod Ricard, has announced a cost saving programme to generate € 150 million over three years to support brand development and reduced its predicted growth after poor sales in China. Pernod Ricard own, amongst other brands, Mumm champagne, Absolut vodka and Martell cognac announced that sales in China had dropped 18% in the first half while overall profit dropped by 7 %. There were good performances in Europe and the US with 3% and 4% growths respectively. Pierre Pringuet CEO of Pernod Ricard said “We remain confident in the medium and long term potential of China but we anticipate difficulties to persist for the full financial year.”
