Chivas Brothers sales drop 3.4% amid market shifts

Looking at Chivas Brothers’ latest financials, there’s a story here that’s both sobering and surprisingly encouraging for those of us who live and breathe Scotch whisky.

The headline figure – a 3.4% drop in net sales for the year ending June 2025 – tells the tale of an industry grappling with some serious headwinds. The usual suspects are behind this: economic uncertainty, geopolitical instability, and particularly tough conditions in what have traditionally been our bread-and-butter markets – the US and China.

But here’s where it gets interesting. While the overall picture looks a bit grim, dig deeper and you’ll find some genuinely exciting developments. Chivas Regal and Ballantine’s – the workhorses of the portfolio – are actually showing growth. Chivas Regal posted a respectable 2.3% increase, while Ballantine’s managed 0.2%. Not earth-shattering numbers, but growth nonetheless in a challenging environment.

The real eye-opener is what’s happening in Turkey, where Chivas Regal sales jumped an impressive 48%. That’s the kind of performance that makes you sit up and take notice. It’s part of a broader pattern we’re seeing across emerging markets – Africa and the Middle East up 22%, Brazil climbing 7%, and even India managing a 1% increase.

What this tells me is that while the traditional powerhouse markets are struggling, there’s genuine appetite for quality Scotch in regions that perhaps haven’t been given enough attention historically. Jean-Etienne Gourgues, Chivas Brothers’ CEO, seems to share this optimism, acknowledging the tough trading environment while maintaining confidence in Scotch’s global appeal.

The broader context is worth noting too – Pernod Ricard as a whole saw a 3% organic sales decline, largely driven by those same US and China challenges. But Chivas Brothers has maintained a 3% annual growth rate since 2019, which provides some reassuring perspective on this year’s dip.

It’s a reminder that even in tough times, there are always pockets of opportunity for those willing to look beyond the obvious markets.