Pernod CEO: taking actions to mitigate Chinese tariff impact
PARIS, Oct 17 (Reuters) -Pernod Ricard PERP.PA is taking actions ranging from adapting its organisation to re-allocating marketing costs to mitigate the impact on its business of Chinese tariffs on cognac imported from the European Union, said CEO Alexandre Ricard.
Ricard, who reiterated the group's aim was to protect its operating margin, said Pernod Ricard expected its sales in China in full year 2024/25 to fall by more than the 10% decline reported in 2023/24.
The French maker of Martell cognac was reporting first quarrter sales one week after China imposed temporary anti-dumping measures on brandy imports from the European Union.
China accounts for about 10% of Pernod Ricard's group sales. Cognac brands like Martell make the bulk of Pernod's sales in the country, and it also sells whisky.
Reporting by Dominique Vidalon;
Editing by Sudip Kar-Gupta
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