V&S joins Chinese baijiu revolution
Swedish company Vin & Spirit (V&S), owners of Absolut vodka, is the latest business to invest in the baijiu market in China, following Diageo and LVMH.
V&S will take a 51% stake in a joint venture with JianNanChun (JNC), the third-largest producer of the grain-based spirit, and intends to take over one of its partner's baijui brands later in the year. The new company will be based in Chengdu in Sichuan.
Mats Andersson, senior vice-president of business development at V&S, said: "We have secured a solution which will combine the best of both parties. This joint venture will give us the opportunity to blend our commercial competence and strengths within marketing with JNC understanding of baijiu production and logistics knowledge."
More than 520 million nine-litre cases of baijiu are sold every year in China - even more than vodka, which annually sells 497 million cases worldwide.
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