Pernod Ricard has agreed to sell off the majority of its international wine brands, including Jacob’s Creek and Campo Viejo, as the drinks company aims to focus on its spirits and champagne business.
The Paris-based company, which is known for selling spirits such as Absolut vodka and Beefeater gin, said it was selling its wine brands produced in Australia, Spain and New Zealand to the owner of Australia’s Accolade Wines.
Pernod did not disclose how much it was receiving from selling the brands to Australian Wine Holdco Ltd (AWL) but said the products sold 10m cases a year.
It said the sale, which is expected to complete in the second half of 2025, would allow it to redirect its resources to its premium spirits and champagne brands.
Pernod Ricard is among the world’s largest wine and spirits sellers, with its brands including Havana Club rum, Jameson Irish whiskey and Perrier-Jouet champagne. It competes globally with the UK’s Diageo, the owner of the Johnnie Walker and Smirnoff brands.
It posted more than £10bn in sales last year, and recorded an operating profit of £2.8bn. Wine sales made up just 4% of this, a 2% fall on the previous year.
The sale will also include the brands Orlando and St Hugo, from Australia; Stoneleigh, Brancott Estate and Church Road from New Zealand; and Ysios, Tarsus and Azpilicueta, which are produced in Spain.
Pernod will retain its US and French wine brands, as well as labels in Argentina and China.
The Accolade Wines owner AWL is a consortium of institutional investors with backers including the private equity firm Bain Capital.
Last year, the fund bought Accolade Wines, Australia’s second largest producer, after it struggled to adapt to new Chinese tariffs and consumers shifting away from lower-priced wine brands.
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A Pernod Ricard statement said: “We will sell our wine division to a player of global scale, with a route to market solely dedicated to the wine industry.
“Our wine brands will benefit from the focus required to achieve their potential, reinforce their position, and seize new opportunities around the world.”
Joshua Hartz, a spokesperson for AWL, said: “Backed by AWL, the combined business will be better able to adapt to changing consumer tastes and meet the structural challenges facing the global wine industry.”