Belvédère sells Polish retailer in cost-cutting bid

French drinks group Belvédère has moved forward with its cost-cutting strategy with the sale of its Polish retail business Galeria Alkoholi.

French drinks group Belvédère, maker of Marie Brizard liqueurs, has sold Polish liquor retailer Galeria Alkoholi

Under its new strategic plan, the group has sold Galeria Alkoholi, comprised of 39 liquor stores in Poland to French multinational retailer Carrefour for an undisclosed sum.

Belvédère, maker of Marie Brizard liqueurs and William Peel Scotch whisky, revealed in December 2014 that it intended to offload some of its “loss making” operational assets following a year of decline.

“Our Big 2018 strategy consists in focusing our development on our core businesses, of which this retail activity in Poland was no longer a part,” said Jean-Noël Reynaud, CEO of Belvédère

“This divestment has been rapid and shows our ability to deploy our strategy with agility. I am also pleased that this company has been divested to a player such as Carrefour that will be able to realise its potential.”

Overall, Belvédère’s sales dropped 4.1% in 2014, impacted by tax hikes in Poland – its key market where sales plummeted 19.7%. However, the firm claimed its increased market share shows it is “back in the industry race”.

Announcing its first quarter results for 2014/15, Belvédère recorded 4.4% sales growth, yet revealed that it had cut 500 people from its global workforce.