Belvédére Cut Ad Budget And Workforce: Reports
The maker of spirits Belvédére has announced that in the wake of its €72.9-million plunge in sales, it slashed its advertising budget by €6.5 million and its staff by approximately 500 people, according to thedrinksbusiness.com.
The report also suggests that it will sell a number of other assets, with Galerie Alkoholi Polish off-licences to be the first to be placed on the market. It is possible that Carrefour Poland is the most likely buyer. It was reported earlier this year that the French company had a keen interest in making the acquisition. The decision to sell the stores is part of what Belvédére refers to as its 'Big 2018' plan.
The beginning of 2015 indicates that more fortuitous times may lie ahead for the company, as the value of its sales increased by 4.4 per cent for Q1 on a like-for-like basis.
As reported by thedrinksbusiness.com, the CEO of the firm, Jean-Noël Reynaud, said, "[The year] 2014 saw a total overhaul in the way our group operates. The new management team, appointed following the change in our governance structure, has worked hard to put management best practices in place and define the Big 2018 strategic plan.
“We ended the year in a much healthier situation than we started it. The teams have sometimes had to work under difficult conditions, but have done so with unwavering devotion that I would like to acknowledge here.”
He added that Belvédére’s first-quarter improvement “confirms our belief in our ability to successfully carry out all the strategic work detailed in Big 2018 to enable us to accelerate this growth momentum".
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly.