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| Diageo's W Ice by Windsor (W Ice) |
Diageo Korea has slashed the price of its flagship product W Ice by Windsor (W Ice) to help bolster sagging whisky sales as more Koreans switch to beer or other low-alcohol drinks.
The Korean unit of the British whisky brand said Wednesday it lowered the wholesale price of a 450-milliliter bottle of W Ice by 7.9 percent to 20,540 won ($18) from 22,300 won.
"We decided to make W Ice more affordable for Korean consumers, in line with growing demand for mild liquor," a company official said. "In 2016, the sales of W Ice jumped 48.6 percent from the previous year. We expect the latest price cut will further boost sales."
The unprecedented move by industry leader Diageo, which accounted for 37.2 percent of the Korean whisky market last year, will likely prompt Pernod Ricard, Golden Blue and other whisky brands to follow.
Since 2015, Diageo has been promoting W Ice and other low-alcohol whisky products as alternatives to its traditional whisky brands.
W Ice has an alcohol content of 35 percent, compared with 40 percent for conventional Scotch whisky. According to Diageo, the beverage retains the unique flavor and taste of standard Scotch whisky. W Ice is blended from Scotch whisky (99.85 percent) and other ingredients, including pine, dates and dried fig essence.
According to the Korea Alcohol Liquor Industry Association, 767,243 boxes of whisky were sold in the first six months of 2017, down 4.2 percent from a year ago. One box contains 20 450 ml bottles.
From July 2015 to June 2016, Diageo Korea had 342 billion won in sales, down 8.2 percent from a year earlier. Its operating profit dropped 17.2 percent to 80 billion won.
Pernod Ricard Korea's sales and operating profit plunged 12 percent and 83 percent, respectively, to 105.5 billion won and 4.4 billion won. In 2016, Golden Blue posted sales of 148.8 billion won, up 30 percent, and a 24.2 billion won operating profit, up 15 percent.
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