September 30, 2023 9:53 am

RT Business News reports a three-fold increase in profits for a leading global beverage brand in Russia.

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Bacardi Rus LLC, the Russian business of Bacardi, experienced a significant increase in profits last year, according to data from Russia’s federal tax agency. The company’s profits nearly tripled from the previous year, reaching $50 million in 2022 compared to $15 million in 2021. This growth indicates that Bacardi remains successful in the Russian market, despite the ongoing conflict between Russia and Ukraine.

Interestingly, Bacardi had initially announced plans to stop exports to Russia and freeze investments in advertising there in response to Russia’s military operation in Ukraine. At the time, the company also pledged $1 million to support humanitarian efforts in Ukraine. However, the statement containing these intentions has since been removed from Bacardi’s website. Instead, the company continued its operations in Russia and even increased its advertising efforts by recruiting new employees in the country.

According to an analysis of Russian customs data by Export Genius, Bacardi delivered approximately $169 million worth of alcoholic drinks to its Russian branch from July 2022 to June 2023. This included popular products such as Bacardi rum, Grey Goose vodka, Bombay Sapphire gin, Oakheart rum, Dewar’s Scotch whisky, Patron tequila, and Martini vermouth. Despite the ongoing tensions, Bacardi has managed to maintain a strong presence in the Russian market.

Industry experts have noted Bacardi’s resilience in the face of geopolitical challenges. Aleksandr Stavtsev, the head of the WineRetail information center, stated that Bacardi products continue to be available in the Russian market in significant quantities, as the company remains committed to developing the Russian market in collaboration with domestic retail companies.

While other Western alcohol brands have chosen to exit the Russian market due to Western sanctions related to the conflict in Ukraine, Bacardi’s success suggests that some companies are managing to navigate these challenges. For instance, Davide Campari-Milano, the maker of Aperol and Campari liquors, has continued to operate in Russia, albeit at a reduced scale. Similarly, French group Pernod Ricard plans to maintain a small presence in Russia in order to resume deliveries once the circumstances permit.

Moreover, many Western alcohol brands that have left the Russian market are still available through “parallel imports.” This legal framework allows importers to bring in foreign products through third parties without the permission of the brand owners. As a result, consumers in Russia can still access a wide range of Western alcohol brands, despite the departure of their owners.

In conclusion, Bacardi’s strong financial performance in Russia showcases its ability to navigate challenging geopolitical situations. While other Western alcohol brands have chosen to scale back or exit the Russian market, Bacardi has continued to thrive. The company’s success highlights the resilience and adaptability of global businesses in the face of complex international dynamics.

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Original Source: RT Business News reports a three-fold increase in profits for a leading global beverage brand in Russia.

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