Rémy and Bols complete Passoã joint ventureBy Annie Hayes
Rémy Cointreau Group and Lucas Bols have formally established the Passoã joint venture, created to “develop the global activities” of the brand.
The alliance will see Rémy contribute all Passoã operations, including trademark and inventory, while Lucas Bols will working capital and its “expertise in the liqueur and cocktail business” – assuming majority control of the JV.
It is noted that “in due time” Bols “could” acquire all shares currently held by Rémy – which said the project forms part of its strategy to “accelerate the move upmarket of its brand portfolio”.
The JV gives liqueurs and spirits producer Lucas Bols the opportunity to “expand its global brands segment”.
Though Rémy Cointreau saw its fiscal 2016/17 Q1 reported sales fall 2.1% to €218.6 million, demand for Passoa returned to “healthy growth” in France and the UK.