Chivas Brothers, the Scotch whisky arm of Pernod Ricard, reported a 3.4% decrease in net sales for the financial year ending June 2025, reflecting difficult global market conditions and shifting consumer trends for Scotch whisky. Challenges in major economies, particularly the United States and China, were a significant factor behind this modest dip.
Despite the overall decline, two flagship brands – Chivas Regal and Ballantine’s – showed resilience. Chivas Regal’s net sales grew by 2.3% year-on-year and Ballantine’s by 0.2%, with especially strong performance in Turkey, where Chivas Regal sales rose by 48%. Chivas Brothers also saw promising returns in emerging regions such as Africa and the Middle East (+22%), Brazil (+7%), and India (+1%), highlighting effective strategies to reach new consumer markets.
The Scotch whisky category faces broad “softening,” attributed to economic uncertainty and geopolitical instability that have tempered demand, particularly in mature markets. Still, the company noted a consistent annual growth rate of 3% since 2019, underpinning a positive outlook for the long-term prospects of Scotch.
Jean-Etienne Gourgues, Chivas Brothers’ chair and chief executive, said: “Our FY25 performance shows pockets of positivity, despite a difficult global trading environment and geopolitical volatility impacting the Scotch whisky industry.
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“What remains clear however, is that Scotch can and will continue to hold its resonance with a global audience, despite these conditions. It is fantastic to see Chivas Regal and Ballantine’s back to value growth and, looking ahead, we continue to be well positioned in the market thanks to our diverse portfolio.
“As a business, we remain optimistic about the long-term opportunities for Scotch, even as we continue to navigate the challenges of today’s market”.
Pernod Ricard, the parent group, also reported a 3% drop in organic net sales for the year. The overall decline was largely driven by ongoing trading difficulties in the US and China, further influencing the performance of its Scotch whisky subsidiary.
