The maker of Absolut vodka is getting whacked by China's crackdown on organized crime

Photo of The maker of Absolut vodka is getting whacked by China's crackdown on organized crime
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  • Pernod Ricard, the maker of Absolut vodka and Malibu rum, is feeling the pain from China's anti-crime campaign.
  • The liquor giant's sales of Chivas Regal whisky fell last quarter as the Chinese government cracked down on money laundering, drug dealing, and prostitution by forcing nightclubs and karaoke bars or "KTVs" to close earlier.
  • The campaign is "leading in some cases to temporary closures of KTVs and as well some modern clubs have to close a bit earlier than they should, let's say," Pernod Ricard's head of finance, IT, and operations said.
  • Watch Pernod Ricard trade live on Markets Insider.

The maker of Absolut vodka and Malibu rum is feeling the pain from China's anti-crime campaign.

Pernod Ricard's sales of Chivas Regal whisky fell last quarter as the Chinese government cracked down on money laundering, drug dealing, and prostitution by forcing nightclubs and karaoke bars or "KTVs" to close earlier.

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#finance markets stocks pernod ricard china corruption chivas regal absolut malibu alcohol karaoke