Pernod Ricard and Singapore’s Yoma Strategic Holdings will form a joint venture in Myanmar which will focus on the production and distribution of whisky.
The spirits company said the move marks “the first time” a major global producer of wine and spirits has established a formal presence in Myanmar.
Pernod Ricard will install a management team and become the largest shareholder in the new company. The remaining equity will be split between Yoma Strategic, private equity firm Delta Capital Myanmar and U Htun Win and U Zaw Win (the Win brothers).
Myanmar will be the 86th country in which Pernod Ricard has established a direct affiliate. The company said the move will further consolidate its position in Asia, where it sells whisky brands such as Chivas, Ballantine’s and Seagram’s.
Philippe Guettat, CEO of Pernod Ricard Asia, said: “We are delighted to start our journey in Myanmar, a very promising and dynamic market which has seen tremendous economic progress over the past years. High Class Whisky has already built a solid foundation in the market, and we are committed to growing the brand further by leveraging our experience and capabilities.”
Yoma Strategic CEO Melvyn Pun added: “It is a great privilege to join forces with Pernod Ricard, one of the world’s largest wines and spirits companies. We are delighted High Class Whisky will become part of the Pernod Ricard family alongside a portfolio of leading brands.
“Pernod Ricard brings a strong commitment to the local market, with best practices in distribution, marketing and production that will meaningfully strengthen our operations.”
The agreement will see Pernod Ricard take the lead in management of the production facilities, extensive distribution network and brand portfolio of Access Myanmar Distribution Company, the current joint venture between Yoma Strategic, the Win brothers and Delta Capital Myanmar.
This includes access to more than 40,000 points of sale, 43 major wholesalers centres, approximately 230 delivery vehicles and around 250 staff dedicated to sales and marketing, as well as the High Class Whisky brand.
© FoodBev Media Ltd 2024