The owner of Jameson, Absolut and Chivas grows 19% in India, falls 25% in China and sees Brazil decline on order timing
Pernod Ricard, owner of Jameson, Absolut, Ballantine's and Chivas Regal, sold €2.234 billion in the first quarter of its 2027 fiscal year, from July to September 2026. The decline was 0.9% in organic terms, which strip out currency and disposals, and 6.3% on a reported basis, according to the statement the French group released on October 15. The sale of the Indian whisky Imperial Blue and of the wine division took €127 million out of the comparison. Volume returned to growth, up 6%.
In the United States, sales fell 10%, an effect, according to the company, of inventory adjustments at distributors, which had been expected. The decline is smaller than the 16% drop in the same period last year, as The Spirits Business notes. The company estimates the US spirits market fell about 2% in value. In China, sales fell 25%, also on inventory adjustments; Martell cognac grew in retail after the Mid-Autumn Festival but suffered in bars and restaurants under tighter rules.
In the Americas as a whole, the decline was 9%. Brazil fell, according to the statement, largely due to the timing of orders; Mexico fell sharply on weak demand, and Canada had a modest decline. Europe fell 6%, with Germany worse than average, and travel retail, 4%.
The standout was India, up 19%. Jameson, Absolut and Ballantine's grew by double digits in the country, as did the local whiskies Royal Stag and Blenders Pride. The company says part of the gain came from stocking linked to preparations for a possible IPO of the Indian business, which still depends on the board. Among brands, Jameson, Ballantine's and Malibu performed well, Chivas Regal and Royal Salute grew slightly, and Absolut and Martell declined.
For the full fiscal year, Pernod Ricard maintains its forecast of stable organic sales, with declines in the US and China offset by the rest of the world. In the medium term, from 2027 to 2029, it expects to grow near the bottom of the 3% to 6% annual range and to cut €1 billion in operating costs between 2026 and 2028.
Sources: Pernod Ricard (October 15, 2026), The Spirits Business (October 15, 2026).
