Russian Bear More Like An Albatross Around Carlsberg's Neck Following PET Decision: Analysis
When Carlsberg entered the Russian market in a big way in 2012, fully integrating the Baltika brand into its operations, it was seen as a licence to print money.
Baltika, after all, held more than a third of the Russian market, and consumers there were quickly moving away from more traditional tipples, such as vodka, to embrace beer. Now, however, that ‘Russian bear’ is resembling an albatross around the company’s neck.
Reporting its full-year sales this week, Carlsberg said that while revenues were healthy, at DKK 61.8 billion, its profits took a hit, with consolidated profits falling to DKK 2.1 billion last year, down from DKK 4.9 billion the year before.
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