Reported move would be part of new CEO Dave Lewis’s streamlining of world’s largest spirits maker
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Diageo’s new boss, Dave Lewis, has barely started in the role, and the maker of Guinness and Johnnie Walker is already reportedly considering selling off its Chinese assets to trim down its portfolio.
The world’s largest spirits maker, whose other brands include Smirnoff vodka, Captain Morgan rum and Don Julio tequila, is working with Goldman Sachs and UBS to review its operations in China, where sales have been falling, according to Bloomberg News.
Diageo’s assets in the country include a 63%-plus stake in Shanghai-listed Sichuan Swellfun, which distributes the distilled spirit Baiju. The banks have been sounding out initial interest from Chinese strategic buyers and private equity.
