Chivas Brothers Continues Luxury Whisky Growth
Scotch whisky company Chivas Brothers has released its H1 FY24 financial results, reporting a -6% fall in organic net sales from July to December 2023.
As a result of normalization of the market and inventory following two years of exceptional growth, the company is continuing to outperform the market thanks to its strong whisky portfolio and global reach. Despite significant global market fluctuations, Chivas Brothers has maintained a robust +11% compound annual growth rate (CAGR) since H1 FY21.
Chivas Brothers Whisky Sales Report
The H1 FY24 performance shows the success of Royal Salute’s premiumization strategy, with a strong price/mix effect. The luxury whisky brand exceeded expectations by +8% in organic sales growth.
According to Chivas Brothers’ chairman and CEO, Jean-Etienne Gourgues, the company’s H1 FY24 performance illustrates the normalization of the whisky market as well as the positive impact of strategic business decisions made in alignment with premiumization.
“Our H1 FY24 performance paints a clear picture of whisky market normalization while also demonstrating the positive impact of strategic business decisions made in line with our premiumization strategy.
“Whisky is a long-term game: we remain focused on our ambition to open up to new markets and consumers through product innovations and brand experiences.”
Overall, Chivas Brothers‘ sales are down, but their luxury brand Royal Salute grew by 8 percent globally, while Chivas Regal, Ballantine’s, and The Glenlivet all reported sales declines globally.