(Bloomberg) -- Diageo Plc, the world's largest distiller, has noticed that people are drinking less than they used to. To tap into the trend, the company behind bar staples such as Johnnie Walker Scotch whisky is increasing its stake in nonalcoholic distilled spirit brand Seedlip to majority ownership.
Seedlip produces clear liquids with a similar mouth feel and complexity to high-end gin -- along with a comparable $35-a-bottle price. The brand was founded by teetotaler Ben Branson to address the challenge of what to drink when laying off the booze.
Read this: These Mocktails Are No Shirley Temples
Diageo is keeping Branson onboard “to grow what we believe will be a global drinks giant of the future,” John Kennedy, who runs Diageo's business in Europe, Turkey and India, said in a statement.
The company is making the acquisition via its Distill Ventures arm, which invests in beverage startups, after buying a minority stake in 2016. Financial details were not disclosed.
To contact the reporter on this story: Thomas Buckley in London at tbuckley25@bloomberg.net
To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, John Lauerman
©2019 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
