Diageo says it has no intention to promote Guinness | Inventory Information
(Reuters) – Diageo (LON:) doesn’t intend to promote its beer model Guinness or its stake in Moet Hennessy, LVMH’s drinks unit, the world’s high spirits makers mentioned on Sunday.
On Friday, Bloomberg Information reported that the company was exploring choices for Guinness, a star performer in Diageo’s portfolio, in addition to reviewing its investment in Moet Hennessy. The report mentioned that Guinness might be valued at more than $10 billion.
“We note the recent media speculation around the Guinness brand and our stake in Moet Hennessy and we can confirm that we have no intention to sell either,” Diageo mentioned in a assertion. The company additionally mentioned that it could present additional updates on its business with interim outcomes on Feb. 4.
Guinness is an outlier in Diageo’s business, which consists largely of spirits relatively than beer, however its efficiency lately has outshone that of key liquor labels, comparable to Johnnie Walker whisky.
Spirits gross sales have struggled after a post-pandemic growth in demand for more costly liquor went into reverse. In the meantime, Guinness gross sales have grown by double digits yearly since 2021, with its zero-alcohol model additionally surging.
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