Pernod Ricard buys stake in Lewis Hamilton’s non-alcoholic spirit Almave
The French drinks firm, which owns Jameson whiskey, announced a slight dip in sales for the past year.
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Spirits giant Pernod Ricard has bought a stake in Lewis Hamilton’s non-alcoholic tequila alternative.
It came as the French drinks firm, which owns Jameson whiskey and Malibu rum liqueur, announced a slight dip in sales for the past year.
On Thursday, the company told shareholders it had acquired a minority stake in non-alcoholic blue agave spirit business Almave.
Seven-time Formula One world champion Lewis Hamilton co-founded the brand, alongside drinks incubator business Casa Lumbre and investment group Copper, last year.
Pernod Ricard did not disclose the size of its investment in the brand.
Lewis Hamilton said: “When I decided to embark on this project it was important to me to find partners who could help me realise my vision without compromise.
“I am proud we were able to do that, not just in quality and taste but also with real ingredients and time-honoured techniques.
“It’s exciting that Pernod Ricard has, today, become an official stakeholder in Almave, allowing us to unleash the potential of the next stage of our journey, and help take Almave to even more people around the world.”
The spirits group said the start-up represents a strong opportunity to benefit from accelerating demand for “tequila, non-alcoholic products and the desire for authenticity”.
It is the latest investment into non-alcoholic spirits, after taking majority control of alcohol-free brand Ceder’s in 2021.
Alexandre Ricard, chairman and chief executive of Pernod Ricard, said: “With Almave, Lewis Hamilton and Casa Lumbre have designed something that is truly exceptional in terms of quality, taste, and positioning.
“Having a non-alcoholic proposition in our premium portfolio that pays full tribute to the craft and savoir-faire of its traditional distillation makes it a true gem.”
The investment deal came as Pernod Ricard announced its financial results for the past year.
The group, which also owns Beefeater gin and Absolut vodka, hailed a “robust” performance and predicted that sales will grow over the next year.
However, net sales were down 1% at 11.6 billion euros (£9.7 billion) for the year to June, as it was by weak consumer demand in the US.
Sales in Europe were down 5%, driven by the firm ending its operations in Russia last year.
Across the continent, it cheered “good” trading for its Jameson, Ballantine’s and Absolut brands.