“Whisky is a long-term game”: Chivas Brothers points to successful premiumisation strategy, despite category-wide softening


Chivas Brothers, the Pernod Ricard business dedicated to Scotch whisky, today announced its H1 FY24 (July 2023 – December 2023) financial results with organic net sales down -6% against a high comparison basis.

The company attributes its performance to market and inventory normalisation following two years of outstanding growth. Chivas Brothers continues to outperform the market over the same period[1], owing to its world-class whisky portfolio and broad and balanced global footprint. With a +11% CAGR[2] since H1 FY21, Chivas Brothers also demonstrates a strong and stable growth trajectory despite significant global market fluctuations.

The business’ H1 FY24 performance, driven by a high price/mix effect, reinforces the resilience of its long-term premiumisation strategy, with consumers continuing to seek out prestige brands and experiences. Luxury whisky Royal Salute notably saw an uplift of +8% in organic net sales during the reported period.

Chivas Brothers’ Chairman and CEO, Jean-Etienne Gourgues, commented:

“Our H1 FY24 performance paints a clear picture of whisky market normalisation while also demonstrating the positive impact of strategic business decisions made in line with our premiumisation strategy. Whisky is a long-term game: we remain focused on our ambition to open up to new markets and consumers through product innovations and brand experiences.”

Performance across strategic brands

Royal Salute

Royal Salute continued to increase its value share with +8% global growth, as the brand continues to elevate through luxury releases, including the launch of Royal Salute 21 Year Old Richard Quinn Edition II and Royal Salute Coronation of King Charles III Edition. Notably, Royal Salute saw sustained growth in Asia, Global Travel Retail and South America.

Chivas Regal

Chivas Regal global sales softened –7%, partially offset by growth in its Prestige portfolio (+4%).


Ballantine’s global sales were down -8%, partially offset by the strength of Ballantine’s 30, as well as strong growth in its Prestige range through Global Travel Retail.

The Glenlivet

The Glenlivet global sales softened -5%, partially offset by growth in its Prestige portfolio (+29%). The brand gained share in the US market, despite inventory normalisation, and is growing in Asia, with key performers including India and Taiwan market.

[1] Chivas Brothers exports vs. Scotch Whisky Association exports (Volume & Value) Jul-Dec 2023

[2] Compound Annual Growth Rate or cumulating organic year on year net sales growth

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