LUXEMBOURG: SPI Group drops Kremlyovskaya in favour of wine
SPI Group is targetting wine buys after selling Kremlyovskaya
SPI Group has sold its Kremlyovskaya vodka brand to Classic International Group.
The divestment, announced late on Friday (4 October), will see Classic International, established by a “private financial trade group”, take control of Kremlyovskaya. SPI has made the divestment, for an undisclosed sum, as “part of an overall global strategy to focus attention on its key international portfolio”.
SPI acquired the brand from previous owner Global Spirits Marketing in 2003.
“Following the recent sale of our property development business in Russia, we continue to consolidate efforts on the core business and new exciting opportunities”, says Val Mendeleev, CEO SPI Group. “The capital generated by the sale of the Kremlyovskaya brand will be deployed to acquire premium wine assets.”
Late last month, SPI, which owns the Stolichnaya vodka brand, announced its intention to grow its wine portfolio. The Luxembourg-based company bought a stake in the Tenuta dell'Ornellaia, Castelgiocondo and Luce della Vite estates, which are all part of the Marchesi de'Frescobaldi family holdings, in 2006. This was followed in 2011 by the purchase of a “significant” stake in Argentine winery Achaval-Ferrer.
SPI Group has confirmed the appointment of Southern Wine & Spirits of America as the distributor of its vodka portfolio in six more US states....
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