2024-03-14 07:18:44
Money Today Reporter Lee Jae-yoon | 2024.03.14 16:18
Franz Horton, CEO of Pernod Ricard Korea, is giving a greeting at ‘Jameson Madang’ in Mapo-gu, Seoul on the 14th. / Photo = Reporter Jae-yoon Lee “We are investing billions of won in Korea. We will strive to be at the level of ‘Valentine’.” Franz Horton, CEO of Pernod Ricard Korea (hereinfollowing Pernod Ricard), expressed his willingness to invest in the Korean whiskey market. CEO Horton attended the opening event of ‘Jameson Madang’, a pop-up store (temporary store) set up in Mapo-gu, Seoul on the 4th and introduced this year’s business direction. About 50 reporters and officials, including Pernod Ricard’s marketing director Miguel Pascal and brand marketing team leader Kim Jin-sik, attended the site.
Pernod Ricard, which supplies British and Irish whiskey ‘Jameson’ to Korea, is a global liquor company based in France. Major brands include Chivas Regal, Royal Charlotte, and Imperial, as well as Absolut Vodka, Malibu, and Kahlua. Pernonica established a Korean corporation in 1992 and distributes major brands. As of the 2022 fiscal year (July 2022 to June 2023), sales are KRW 185.2 billion.
Pernod Ricard announced at the event that it would focus its investment on Jameson’s growth potential. Jameson is known as a brand with few likes and dislikes in the whiskey market. Compared to ‘Scotch whiskey’ from Scotland, England, which is leading the domestic whiskey market, it has a smoother feel and a sweeter flavor and aroma. In the whiskey market, it is classified into ‘Scotch whiskey’ such as Ballantine’s and ‘Non-Scotch’.
Jameson Distillery Edition file photo./Photo = Pernod Ricard Pernod Ricard’s strategy to dominate the Korean non-Scotch whiskey market is to ‘expand consumer experience.’ To this end, we are increasing the number of contact points through which Jameson can be experienced. Pernod Korea held four pop-up stores and ran the brand campaign ‘WIDEN THE CIRCLE’ using famous singer Crush as an advertising model. The pop-up store introduced by Pernod Ricard on this day is an event that concludes this fiscal year (July 2023 – June 2024). The expression ‘yard’ is used to mean a space where various activities can be gathered and enjoyed. To introduce the traditional Irish whiskey bar experience, experience programs such as distillery experience and cocktail making were introduced. “We will invest heavily in expanding the consumer experience,” said Pernod Ricard marketing director Miguel Pascal.
Pernod Ricard set an annual sales growth target of around 25% this year. With the whiskey market in a bit of a slump, we aimed to achieve a similar level of sales performance as last year. The domestic whiskey market has shown rapid growth for two to three years, but growth has slowed due to a combination of rising prices and declining demand. Pernod Ricard’s sales growth rate for the most recent fiscal year (2022-2023) is regarding 52%.
The liquor industry expects the growth of the market for high-altitude alcohol, such as whiskey, to continue for the time being. It is expected that consumer demand will expand with a variety of whiskey products, and the base will expand into the market for diluted liquors mixed with high-altitude liquors such as highballs. Kim Jin-sik, Pernod Ricard brand marketing team leader, said, “Our goal is to maintain growth this year.”
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