Pernod COO: China Sales Stabilizing, Innovation Boosting U.S. Brands

Pernod-Ricard's China business is stabilizing after a slowdown in cognac sales forced the global spirits-seller to revise guidance earlier this year, said the company's Deputy CEO and COO Alexandre Ricard. Ricard, who will assume the CEO position in January 2015, added that the real state of China's beverage market will be revealed during its New Year celebrations in February. He said Pernod has been making up for soft Chinese sales this year by boosting brands in the U.S. including Tequila Avion and Absolut Elyx. Finally, Ricard said deflation in Western Europe has kept sales flat and prices low, but sales in Eastern Europe have been increasing.