Stake in Lewis Hamilton’s non-alcoholic spirit Almave bought by Pernod Ricard
A stake in Lewis Hamilton’s non-alcoholic tequila alternative has been snapped up by spirits giant Pernod Ricard.
Pernod Ricard did not disclose the size of its investment in the brand but did confirm that it was a minority stake.
Seven-time Formula One world champion Lewis Hamilton co-founded the brand, alongside drinks incubator business Casa Lumbre and investment group Copper, last year.
Lewis Hamilton eyeing ‘next stage’
Lewis Hamilton said: “When I decided to embark on this project it was important to me to find partners who could help me realise my vision without compromise.
“I am proud we were able to do that, not just in quality and taste but also with real ingredients and time-honoured techniques.
“It’s exciting that Pernod Ricard has, today, become an official stakeholder in Almave, allowing us to unleash the potential of the next stage of our journey, and help take Almave to even more people around the world.”
The spirits group said the start-up represents a strong opportunity to benefit from accelerating demand for “tequila, non-alcoholic products and the desire for authenticity”.
It is the latest investment into non-alcoholic spirits, after taking majority control of alcohol-free brand Ceder’s in 2021.
‘A true gem’
Alexandre Ricard, chairman and chief executive of Pernod Ricard, added: “With Almave, Lewis Hamilton and Casa Lumbre have designed something that is truly exceptional in terms of quality, taste, and positioning.
“Having a non-alcoholic proposition in our premium portfolio that pays full tribute to the craft and savoir-faire of its traditional distillation makes it a true gem.”
The news comes after it was revealed that Pernod Ricard stopping all exports of its international brands to Russia led to a fall in sales for Scotch whisky maker Chivas Brothers during its latest financial year.
The Scotland-headquartered company has revealed its net sales fell by 1.6 per cent in the 12 months to the end of June 2024 off the back of two record years.
Chivas Brothers said that its sales fell by six per cent during the first half of the financial year but grew by five per cent in the second six months.
The company added that “favourable pricing movements across all strategic brands offset volume slowdown”.
The Pernod Ricard Group includes the Chivas Regal, Ballantine’s, The Glenlivet and Royal Salute brands.
It is also responsible for other single malt Scotch whiskies including Aberlour, Scapa, the Secret Speyside collection and Longmorn.
The Pernod Ricard Group’s brands also include the likes of Havana Club, Absolut, Beefeater and Jameson.