Pernod Ricard

Investors for Remy Cointreau have said that it needs to diversify as its reliance on cognac leaves it badly hit by a global spirits downturn.

Pernod Ricard has agreed to sell the majority of its wine portfolio to Australia’s Accolade Wines to focus on its spirit business.

French spirits sales and exports have dropped sharply this year as consumers continued to cut back on spending in the face of cost of living.