Pernod Ricard to acquire The Whisky Exchange
Global drinks giant Pernod Ricard will acquire the online spirits retailer The Whisky Exchange.
The drinks producer signed an agreement to acquire The Whisky Exchange – which also operates a trio of central London stores – for an undisclosed sum, it announced on Tuesday.
The brands will collaborate on private sales and online auctions of rare spirits through the acquisition, which was for an undisclosed sum.
The website was created by Sukhinder and Rajbir Singh in 1999 and now boasts a catalogue of some 10,000 products.
Pernod Ricard said the acquisition reflected its strategy with consumers increasingly keen to purchase alcoholic drinks online and interested in premium products.
“E-commerce is a key channel in our long term strategy,” Alexandre Ricard, Chairman and CEO of Pernod Ricard, added.
The Whisky Exchange will continue to operate with its current team and structure, including Sukhinder and Rajbir Singh managing the business as joint managing directors.
Sukhinder and Rajbir Singh, founders of The Whisky Exchange, said: “The Whisky Exchange and our customers have always felt like a family, and we are looking forward to maintaining this ethos with a partner that shares our values.
“Our mission remains the same: to offer the finest range of whiskies and spirits from the best producers around the world, educate and engage with consumers, and support the top on-trade establishments around the UK.”
The closing of the transaction will be subject to customary conditions.
Pernod Ricard’s share price was up 1.6 per cent on Tuesday afternoon following the news.