NEWS
S. KOREA: DIAGEO TO RAISE PRICES BY 18% AMID A SLUGGISH MARKET
By Susan Lewis
2-7-2024
Source: Diageo
Global drinks giant Diageo is to raise prices of several lines of its spirit products in South Korea by 18 percent from July despite a slump in demand.
The hikes will affect Scotch whisky Mortlach, single-malt Scotch brand Copper Dog and Tequila brand Don Julio’s blanco, reposado and anejo.
This price hike takes place against a backdrop of fast declining whisky sales in South Korea. Earlier this year, Diageo rolled out a voluntary retirement programme for employees in South Korea due to the poor market condition.
Diageo’s business in north Asia, comprising South Korea and Japan, recorded a net sales decline of 6 percent in second half of 2023.
The fall was attributed to falling sales of Scotch whisky, mainly Johnnie Walker Black Label
and White Horse.
Diageo said the decline followed “strong” growth in the same six-month period the year before as the business benefited from the return of the on-premise service after COVID.
For the group’s wider Asia Pacific region, net sales grew 2 percent in the second half of 2023,
driven mainly by growth in the Chinese market.
(the writer can be contacted at: info@thewinechronicle.com)
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