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Diageo eyes China's growing spirit market with new deal Diageo eyes China's growing spirit market with new deal
(40 minutes later)
Drinks giant Diageo has agreed a deal that will allow it to expand its business in China's fast growing spirits market.Drinks giant Diageo has agreed a deal that will allow it to expand its business in China's fast growing spirits market.
Diageo will acquire an additional 4% stake in Sichuan Chengdu Quanxing Group for 140m yuan ($22m; £13m), taking its holding to 53%. Diageo will acquire an additional 4% stake in Sichuan Chengdu Quanxing Group (Quanxing) for 140m yuan ($22m; £13m), taking its holding to 53%.
The deal will give Diageo an indirect control of Shuijingfang, a famous brand of popular Chinese spirit Baijiu.The deal will give Diageo an indirect control of Shuijingfang, a famous brand of popular Chinese spirit Baijiu.
Baijiu accounts for more than 30% of China's alcoholic drinks market.Baijiu accounts for more than 30% of China's alcoholic drinks market.
"I am delighted that Diageo's application to increase its investment in Quanxing has been approved by the Chinese authorities," said Paul Walsh, Chief Executive of Diageo."I am delighted that Diageo's application to increase its investment in Quanxing has been approved by the Chinese authorities," said Paul Walsh, Chief Executive of Diageo.
"We look forward to working with our Chinese partners to further develop the ShuiJingFang brand both domestically and overseas," he added. "We look forward to working with our Chinese partners to further develop the Shuijingfang brand both domestically and overseas," he added.
'Iconic Chinese brand'
While Baijiu's popularity within China has been on the rise, Diageo said it was confident of turning the spirit into an international success as well.
"We are fully committed to build Shuijingfang into an internationally successful iconic Chinese brand," said Gilbert Ghostine, President of Diageo Asia Pacific.
Mr Ghostine said that the brand was already being sold at 14 regional airports and three regional airlines were also carrying it.
He added that Diageo had managed to start sales of the brand at Dallas and Chicago airports and was targeting sales at two additional US airports by the end of the year.
"We have managed to quadruple the sales of Shuijingfang in the regional duty frees in Asia in the last two years," he said.
"It is going from strength to strength," he added.