ARG: Diageo to splash cash on boutique wine
Diageo is to spend US$20m on its boutique wine business in Argentina over the next three years in an effort to boost international sales.
The UK drinks giant said today (27 October) that it plans to upgrade its Navarro Correas business and grow sales across Latin America and the US. Diageo said it is looking to build a new winery and buy small parcels of land for planting vineyards.
The Navarro Correas brand is a boutique label, Diageo said, with 75% of sales made domestically. Diageo added that it would look to grow sales of Navarro Correas internationally but would first aim to bolster the brand's presence in Latin America and the US.
Diageo CEO Paul Walsh has often cited the company's ambition to grow its wine business. The company owns brands including Blossom Hill, the best selling wine brand in the UK.
Diageo's last major acquisition in the wine sector was sealed last year when it bought US wine group Chalone.
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