Chivas Brothers Confirms Strongest Financial Performance in Decade: Sales Up 17%
Chivas Brothers, the Pernod Ricard business dedicated to Scotch whisky, reports net sales rose 17% during fiscal 2023, ended June 30, taking total sales to a ten-year high. The results demonstrate ongoing strong global demand for Scotch and reinforce the company's long-term premiumisation strategy.
The North American market has seen stellar growth in a highly saturated market, with 8% growth. The US and Canada saw 8% and 7% growth respectively.
The company also announces more than £60 million in planned investment over the next three years to accelerate its energy and carbon reduction journeys to achieve carbon neutral distillation by the end of 2026. It follows the company's move to make its heat recovery technology learnings open source for the industry, after proving successful at Glentauchers distillery, with a 53% reduction in carbon emissions at this site alone.
Chivas Regal celebrated global growth of 25%, with impressive performance in markets such as India and Japan. The brand's success was driven by its core aged range, with Chivas Regal 18 the leading 18-year old blended Scotch globally by both volume and value in calendar year 2022 according to IWSR Drinks Market Analysis 20221. Chivas Regal was also the leading contributor to Pernod Ricard Group growth in FY23.
Ballantine's grew by 13% in FY23, driven by particularly strong growth in its prestige range, which exceeded that of the total Prestige and Prestige Plus Scotch category, according to IWSR in 2022. Ballantine's 21 and Ballantine's 17 have been the key drivers alongside Ballantine's Finest, with the Asia region excelling during this fiscal.
Royal Salute recorded a significant 32%, growing ahead of the Prestige and Prestige Plus Scotch category by both value and volume in 2022, as the brand continues to elevate through exclusive luxury releases such as the Royal Salute Coronation of King Charles III Edition. It showed particularly strong growth in the US, along with double digit growth in core Asian markets including Korea, India and the Taiwan Market.
The Glenlivet continues its upward trajectory with 9% growth and was the best-selling single malt by volume in 2022, according to the IWSR4, setting the brand in strong stead for its 200 year anniversary in 2024. This has been driven by significant demand for its Super Premium and Ultra Premium ranges in an already competitive category, with balanced growth across the brand's global footprint.
Specialty brand Aberlour, part of the broader Chivas Brothers single malt brand portfolio, also grew 11% in the highly competitive malts category.