Pernod Ricard

Paul Ricard was 23 years old in 1932 when he developed the formula for pastis — an anise-flavoured spirit that became the defining drink of the French South. Pastis had been popular before absinthe was banned (the wormwood-based liqueur was prohibited in France in 1915), but Ricard's version was distinctive: 45% alcohol, with anise, liquorice root, and aromatic Provençal herbs, diluted with water that turned it milky yellow. He promoted it with the phrase "Ricard, c'est Marseille" — building a brand identity inseparable from a city, a culture, and a way of life in the South of France. Ricard SA became one of France's most recognisable consumer companies.

Pernod SA and Ricard SA were France's two competing pastis companies, each with strong regional loyalties. They merged in 1975 to form Pernod Ricard, creating a French spirits group with immediate scale. The combined company added Pernod's anise-flavoured liqueurs to Ricard's pastis dominance, along with early international spirits assets. The merger gave the new group the financial strength to pursue the international acquisitions that would define the following decades.

Pernod Ricard's transformation into a global spirits giant came through the acquisition of the Seagram spirits portfolio in 2001 — purchased jointly with Diageo from Vivendi after Seagram's Edgar Bronfman Jr. sold the company. Pernod Ricard acquired Chivas Regal Scotch whisky, Martell cognac, Ballantine's Scotch, and the Royal Salute ultra-premium whisky. The Seagram portfolio gave Pernod Ricard the premium and ultra-premium Scotch and cognac assets to compete globally with Diageo and the major American spirits companies. Further acquisitions added Jameson Irish whiskey, Absolut vodka (2008, $8.9 billion), The Glenlivet, Beefeater gin, and Malibu.

Pernod Ricard's $8.9 billion acquisition of Vin & Sprit from the Swedish government in 2008 was its largest deal, adding Absolut vodka to the portfolio. Absolut, launched in 1979 with a distinctive apothecary bottle designed by graphic artist Gunnar Broman, had become one of the world's most recognised premium vodka brands through decades of iconic advertising campaigns using artists including Andy Warhol. The acquisition positioned Pernod Ricard as a serious competitor to Diageo in the premium vodka category, while also adding the Swedish-origin brand story to a portfolio that already included cognac from France, Scotch from Scotland, and whiskey from Ireland.

Pernod Ricard reported net revenue of approximately €11.6 billion for fiscal year 2024, with major brands including Jameson (the world's best-selling Irish whiskey), Absolut vodka, Chivas Regal and Ballantine's Scotch, Martell cognac, Malibu, Beefeater, and The Glenlivet. The company faced headwinds from declining spirits volumes in North America and China — where a luxury consumption slowdown hit Martell cognac particularly hard. Premium spirits had grown strongly through the post-COVID "premiumisation" trade-up; the subsequent normalisation created inventory overhang at distributors. Pernod Ricard remained the world's second-largest spirits company with a portfolio assembled through 50 years of acquisition.