The Chinese government’s crackdown on ostentatious consumption by officials has taken a heavy toll on sales of cognac and baijiu at two of Europe’s leading distillers.
Diageo, the maker of Johnnie Walker scotch and Smirnoff vodka, on Thursday posted a sales drop of almost a fifth in Asia-Pacific in the third quarter, pushing the company to an overall 1.3 per cent decline in organic net sales.
The London-listed group put the 19 per cent decline in the region partly down to “weaker performance in Chinese white spirits” – a reference to baijiu, the premium liquor favoured by the country’s Communist party officials that is regarded as firewater by many foreigners.
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