London-based Indian-origin entrepreneur brothers Sukhinder and Rajbir Singh have agreed to the sale of their retail spirits enterprise to French drinks main Pernod Ricard.
The Whisky Exchange, based by them in 1999, is likely one of the UK’s largest on-line spirits retailers specialising in whiskies and high quality spirits, with a list of over 10,000 merchandise.
The household enterprise additionally has three retailers positioned within the coronary heart of London at Covent Garden, Great Portland Street and London Bridge.
“After more than 20 years building The Whisky Exchange, we are delighted to be joining the Pernod Ricard family and working with them to take the business to the next level,” the brothers mentioned in a press release on Tuesday.
“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,” they mentioned.
The Whisky Exchange will proceed to function with its present staff and construction, with Sukhinder, 53, and Rajbir, 49, managing the enterprise as joint Managing Directors. The enterprise grew out of their dad and mom’ wine and spirit retailer in west London and now counts 4,000 whiskies, together with 3,000 single malt Scotch whiskies; 400 Champagnes, 800 Cognacs and Armagnacs; 700 rums; 600 gins; 300 aperitifs; 400 Tequilas and mezcal amongst its catalogue.
Pernod Ricard mentioned closing of the transaction to accumulate The Whisky Exchange is topic to “customary conditions”.
“E-commerce is a key channel in our long-term strategy. We are thrilled to work with industry pioneers such as Sukhinder, Rajbir and the whole team to bring The Whisky Exchange to a new step of its development,” mentioned Alexandre Ricard, Chairman and CEO of Pernod Ricard.
The Whisky Exchange is dubbed an omnichannel participant, increasing its actions to on-trade provide and bodily shops within the UK. It can be energetic in non-public gross sales and on-line auctions of uncommon spirits, two increasing actions that are set to be additional developed with Pernod Ricard.
The French firm mentioned the acquisition is in keeping with Pernod Ricard’s “consumer centric strategy” of assembly new shopper wants and expectations, in a context of strong e-commerce development and powerful demand for premiumisation.
(Except for the headline, this story has not been edited by NDTV workers and is revealed from a syndicated feed.)