Pernod Ricard launches reorganisation plan
Pernod Ricard has launched "an internal project" aimed at creating "a more agile and simplified organisation" at the Olmeca Tequila maker.
Reports from Reuters yesterday (18 June) suggested the group was looking to streamline its operations.
Internal company presentation slides viewed by the publication reportedly suggested Pernod Ricard plans to group its brands into two main divisions.
When asked about its plans, the group told Just Drinks: "At Pernod Ricard, we work on an ongoing basis to adapt our organisation and ways of working to the fast-evolving business environment.
"That is why we have announced to all our employees an internal project aimed to create a more agile and simplified organisation aligned with our strategic objectives and the current evolution of our business.
"These changes imply the launch of local consultation processes with our social partners and employees where necessary, therefore we cannot comment any further at this stage'.
It is unclear how many employees may be affected by the move.
According to a staff memo, seen by Reuters, CEO Alexandre Ricard said the project, called Tomorrow 2, looks to "further advance the simplification of our organisation".
Two sources also told the publication Ricard informed staff in a video the group's restructuring would bring about "departures".
Several major distillers have been facing pressure on sales amid slowing demand in important markets including the US and China. Trade tensions have also weighed on consumer sentiment and shaken supply chains.
In May, LVMH's Moët Hennessy also reportedly revealed plans to lay off thousands of its employees.
Pernod Ricard's two new business divisions are allegedly called "Gold" and "Crystal", with the former including Champagne, and brands such as Martell Cognac and Jameson whiskey. The latter would feature Havana Club rum, Absolut vodka and French aperitifs.
According to Reuters, the changes are expected to be brought into force in the last three months of this year.
In its third-quarter results, released in April, Pernod Ricard booked €2.38bn ($2.7bn) in net sales, declining 3% on an organic and reported basis.
Nine-month net sales dipped 4% organically and by 3% in reported terms to €8.5bn, hit by a €145m foreign-exchange impact. Volumes in the nine months were up 1%.
In Pernod Ricard's third quarter, its net sales in the US were up 2%, although the company said organic net sales were "ahead of sell-out supported by wholesalers' orders ahead of tariff announcements".
In China, net sales declined 5% and were down 22% in the first nine months of the financial year. At the time, the group said it was facing a 'macro context' that 'remains challenging'.
Speaking after Pernod Ricard reported its third-quarter results, CFO Hélène de Tissot said the company expected China to weigh on its annual performance.
'For the fiscal year '25, the main impact of tariffs is China, which we are completely assessing. That's why we are confirming our ability and our confidence to sustain the operating margin," she said at the time.
"Pernod Ricard launches reorganisation plan" was originally created and published by Just Drinks, a GlobalData owned brand.
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