Latest news with #WilliamGrantSons
Yahoo
03-08-2025
- Business
- Yahoo
Glenfiddich and the Balvenie's Parent Company Reports a Nearly 30% Profit Drop in 2024
It seems that tough times continues to hound the spirits industry, and scotch whisky is one category that is feeling the pain. Late last week, the family-owned company William Grant & Sons (owner of major whisky distilleries Glenfiddich and the Balvenie, as well as Milagro Tequila and Sailor Jerry Rum) reported a significant decrease in profits by nearly 30 percent in 2024. It remains to be seen how this year will play out, but that's a lot of ground to make up. According to a recent article in The Herald, WGS, which is owned by the billionaire Grant family, reported that its profits dropped by about a third in the year ending in December of 2024, and revenue was down by 6.5 percent. 'In a year marked by industry-wide challenges, the decline in revenue compared to 2023 is in line with market trends, including the continuation of significant destocking,' said a rep for the company in a statement. 'Despite these significant headwinds, William Grant & Sons maintained its commitment to quality and innovation. This was demonstrated by the announcement of Glenfiddich's multi-year partnership with the Aston Martin Formula One team in November 2024, bringing together two brands renowned for their heritage, innovation, and pursuit of excellence.' More from Robb Report A Brand-New Pebble Beach Compound Overlooking Spyglass Hill's 11th Fairway Lists for $10.9 Million One of America's Biggest Whiskey Distilleries Has Seen Its Sales Plummet Ex-Google CEO Eric Schmidt Just Dropped $110 Million on Aaron Spelling's Former L.A. Mansion Despite these challenges, Glenfiddich and the Balvenie remain in the list of top five best-selling single malts (rounded out by the Macallan, the Glenlivet, and Glenmorangie). And WGS completed the purchase of Naked Malt and the Famous Grouse this month; the latter is the best-selling blended scotch in the U.K., so presumably that will help sales figures. On the other hand, the company decided to partially pause production at its Tullamore D.E.W. distillery in Ireland this past spring, part of an ongoing trend in the whisky industry. (The company said production will resume this summer.) Of course, we are only halfway through 2025, so it remains to be seen whether these losses will continue or the course will be reversed, although the recent negotiation between the Trump administration and the E.U. resulting in a 15 percent tariff likely won't help. In the U.K., politicians are pressing him to ease the current 10 percent tariff on scotch that has been levied against the industry to the tune of about £4 million per week, according to the Independent. The situation remains fluid, but we will report back with any significant updates. Best of Robb Report Why a Heritage Turkey Is the Best Thanksgiving Bird—and How to Get One 9 Stellar West Coast Pinot Noirs to Drink Right Now The 10 Best Wines to Pair With Steak, From Cabernet to Malbec Click here to read the full article. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
01-07-2025
- Business
- Forbes
Glenfiddich Owners William Grant & Sons Acquire Famous Grouse
The iconic Scotch whisky brand - Scotland's bestselling whisky - has now been acquired by family ... More firm William Grant & Sons. Following a number of regulatory approvals including from the UK Competition & Markets Authority, Scotch whisky titans and family firm William Grant & Sons has officially acquired two well-known whisky brands—The Famous Grouse and Naked Malt. Though for months the acquisition was an open secret within the industry, it was officially announced today (July 1st) and marks a significant addition to the company's iconic stable of Scotch whisky brands and distilleries which includes names like Glenfiddich, Balvenie, Monkey Shoulder, and many more. The purchase sees the brands transferred from previous owners Edrington, who own the Macallan and Highland Park distilleries, amongst others. According to The Northern Scot, Edrington had announced the agreement last year in September, as the company wanting to focus further on 'ultra-premium spirits'. William Grant & Sons' addition of Famous Grouse and Naked Malt further strengthens its offering in the Scotch blends where Famous Grouse has long been a leader—it's the bestselling whisky in Scotland. Soren Hagh, the recently appointed chief executive of William Grant & Sons, expressed his enthusiasm for the acquisition in the official press announcement: 'I am delighted to complete this acquisition and welcome The Famous Grouse into our portfolio. It is a remarkable Scottish brand with rich history and a strong market position in a number of countries. Over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon. We also see a lot of potential in Naked Malt, which will be a great addition to our portfolio. Together, these brands perfectly complement our vision for growth, and we look forward to investing in their future and sharing their stories with whisky lovers around the world.' The deal concludes several months of negotiation and transition planning between William Grant & Sons and Edrington, the Glasgow-based company that had owned Famous Grouse since the 19th century. While Edrington has been shifting focus toward premium single malts like The Macallan and Highland Park, Famous Grouse had remained a key revenue generator in its portfolio. According to industry coverage the acquisition includes both the brands and their associated inventory (including spinoff brands such as Famous Grouse Smoky Black, Sherry Cask Finish, and others) are now fully under WG&S control, though exact production arrangements haven't been revealed. It's likely that existing contracts and bottling facilities will stay in place for now. First launched in 1896, Famous Grouse is the creation of grocer Matthew Gloag III from Perthshire and has been Scotland's bestselling whisky since 1980. It also holds a Royal Warrant, which was renewed by King Charles III in December 2024, and exports to over 100 countries. Naked Malt was first launched as the Naked Grouse in 2011 before becoming a standalone brand in 2017 and then renamed in 2021. This one is a blended malt whisky aged in first-fill sherry casks that's proven to be a particular hit in Asian markets. With the acquisition of both brands, William Grant & Sons strengthens its hand in the blended market - this is particularly interesting as so many other whisky companies, such as Edrington, focus on going premium these days. In any case, consumers won't see any significant changes for the moment with the shift in ownership, but it will certainly be interesting to see what comes next for such an iconic whisky brand like Famous Grouse.
