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Diageo

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Diageo plc
Company typePublic limited company
IndustryDrink industry
Predecessors
Founded17 December 1997; 26 years ago (1997-12-17)
HeadquartersLondon, England
Key people
ProductsAlcoholic beverages: spirits, beer and wine
RevenueDecrease £27.89 billion (2024)[1]
Increase £6.001 billion (2024)[1]
Decrease £4.166 billion (2024)[1]
Total assetsIncrease £45.47 billion (2024)[1]
Total equityIncrease £12.07 billion (2024)[1]
Number of employees
30,000 (2024)[2]
SubsidiariesUnited Spirits (55.9%)[1]
Websitediageo.com

Diageo plc (/diˈædʒioʊ/ dee-AJ-ee-oh) is a British multinational alcoholic beverage company, with its headquarters in London, England. It operates from 132 sites around the world.[1] It is a major distributor of Scotch whisky and other spirits. Distilleries owned by Diageo produce 40 percent of all Scotch whisky with over 24 brands, such as Johnnie Walker, J&B and Old Parr.[3]

Its leading brands outside whisky include Guinness, Smirnoff, Baileys liqueur, Captain Morgan rum and Tanqueray and Gordon's gin.

Diageo has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange.

Name

[edit]

Diageo is an invented name that was created by the branding consultancy Wolff Olins in 1997.[4] The name is composed of the Latin word diēs, meaning "day", and the Greek root geo-, meaning "earth"; and is meant to reference the company slogan "Celebrating Life, Every Day, Everywhere".[5][6]

History

[edit]

Formation

[edit]

Diageo was formed in 1997 from the merger of Guinness plc and Grand Metropolitan. Its creation was driven by the executives Anthony Greener and Philip Yea at Guinness,[7] along with George Bull and John McGrath of Grand Metropolitan.[8] Anthony Greener was the first executive chairman.[9] Shares in Diageo began trading on the London Stock Exchange on 17 December 1997.[10]

Exit from non-core assets

[edit]

As a legacy of the merger, Diageo owned a number of brands, businesses, and assets which were not in the core alcoholic drinks category. The company has gradually disposed of these assets to focus on beverages as its core business.[11][12] This included the sale of the Pillsbury Company to General Mills in 2000,[13] and the 2002 sale of the Burger King fast food restaurant chain to a consortium led by US firm Texas Pacific for US$1.5 billion.[14]

The predecessor company Grand Metropolitan had been a major owner of hotels, owning what is now Intercontinental Hotels prior to divestment before merging into Diageo,[15] but the company still owned the Gleneagles Hotel in Perthshire, which had hosted events including the Ryder Cup and G8 summit. In 2015 Diageo reached an agreement to sell the hotel to the Ennismore Group, already owners of The Hoxton hotels.[16]

In November 2016, Diageo announced its intention of selling at auction Sir Edwin Landseer's iconic 1851 painting The Monarch of the Glen – which the company owned, but which has been on loan to the National Museum of Scotland in Edinburgh since 1999 – as it has "no direct link to our business or brands",[17] being used on the label of rival brand Glenfiddich,[18] owned by William Grant & Sons. Following a fundraising campaign, the painting was sold to the National Galleries of Scotland for around half its assayed value of £8 million.[19][20]

Divestment of beer and wine

[edit]

In 2015, the company made major sales in both the beer and wine categories, selling the Red Stripe beer brand, along with interests in other breweries, and the rights to Guinness in some territories to Heineken,[21][22] as well as the sale of most of its wine business to Treasury Wine Estates.[23] The separate 2019 sale of the remaining wine brands including Navarro Correas and Chalone Vineyard saw Diageo exit the category.[24]

Whilst Diageo did acquire South African beer producer United National Breweries (UNB) in April 2015 shortly before the Red Stripe sale was made,[25] they divested it again in the second half of 2019.[26]

In December 2023 it was speculated in the media that Diageo would exit from the beer market entirely,[27] potentially including the Guinness brand,[28] but this was denied by the company.[29]

International expansion

[edit]

The business has grown with purchases of alcohol businesses around the world, including the 2011 part-ownership and 2013 full acquisition of the Chinese baijiu manufacturer Sichuan Shuijingfang Company in China.[30][31]

The company further acquired Turkish liquor company Mey Icki for US$2.1 billion in 2011,[32][33] and in 2012 followed this with Brazilian cachaça manufacturer Ypióca for £300 million,[34] and the Indian United Spirits which they acquired a majority stake for £1.28 billion.[35][36]

Expansions and investments

[edit]

In June 2012, Diageo announced a £1 billion investment in Scotch whisky production over the following five years, with at least one new distillery to be constructed, several existing facilities to be expanded, and overall production capacity to be increased by 30 to 40 per cent.[37][38]

In December 2015, Diageo announced a US$10 million investment in Danish whisky brand Stauning, to facilitate expansion of production.[39]

In February 2017, Diageo announced plans to open a Guinness brewery and tourist attraction in Baltimore County, Maryland.[40] The brewery could potentially host as many as 300,000 visitors per year.[41]

In October 2021, Diageo completed a £185m investment in Scotch whisky tourism with the royal opening by Prince Charles, Duke of Rothesay, of its centrepiece visitor centre in Edinburgh, Scotland, promoting the Johnnie Walker brand of blended Scotch whisky.[42]

In October 2021, Diageo announced plans to invest $500m to expand its manufacturing in Mexico for the tequila category. Construction of the new facilities in Jalisco, Mexico is expected to begin in 2021.[43]

Diageo announced plans to build a €200 million brewery in Newbridge, County Kildare, Ireland in July 2022. In February 2024, High Court proceedings were lodged against An Bord Pleanála by an Athy resident opposing the decision to approve the project.[44] After mediation talks with Diageo, the challenge was withdrawn in April.[45]

Non-alcoholic expansion

[edit]

In August 2019, Diageo bought the majority stake in Seedlip, a non-alcoholic spirits brand.[46]

In October 2022, it was announced Diageo had acquired the Australian cold-brew coffee liqueur brand, Mr Black.[47]

In September 2024, it was announced Diageo had acquired Ritual Zero Proof a non-alcoholic spirits brand.[48]

Corporate changes

[edit]

In March 2023, it was announced that Debra Crew would succeed Sir Ivan Menezes as CEO of the company.[49] Crew started her role a month ahead of plan after Menezes died on 7 June 2023.[50]

In May 2023, it was announced that Diageo has provided funding to establish the British Aluminium Consortium for Advance Alloys (BACALL), a collective of industry experts who will create a circular economy in the UK.[51]

Spirits acquisition and disposal

[edit]

In 1998, Diageo sold the John Dewar & Sons, Ltd. company including Aberfeldy, Aultmore, Craigellachie, Royal Brackla distilleries and Bombay Sapphire gin to Bacardi Limited.[52][53]

In 2001, Diageo acquired the collapsed Seagram's spirits and wine businesses which included Captain Morgan and Seagram's blended whiskey.[54]

In 2002.Diageo sold Malibu rum to Allied Domecq for £560m ($800m).[55][56]

In 2002, Diageo sold the inactive Rosebank distillery buildings and contents to British Waterways.[57]

Diageo acquired a 50% stake in Don Julio tequila through a joint venture with owner Jose Cuervo, for which they paid US$100 million in 2003.[58] They later obtained full ownership of the brand after agreeing to sell Bushmills Irish whiskey to Proximo Spirits, who had since acquired Jose Cuervo, in exchange for US$408 million and full ownership of the tequila brand.[59]

In 2004, Diageo sold the inactive Coleburn distillery buildings and contents to the Winchester Brothers with plans to transform the distillery grounds into a whisky resort.[60]

Diageo formed a relationship with rapper Sean Combs in an "equal-share venture" in 2007 to promote the Cîroc vodka brand,[61] and this led to the joint purchase of the DeLeón Tequila brand in 2013. The partnership was terminated in 2024 after a legal dispute, leaving Diageo the sole owner of both brands.[62]

In 2007, Diageo sold the inactive Port Charlotte distillery buildings and contents to The Bruichladdich Distillery Co. Ltd.[63]

In 2010, Diageo opened Roseisle distillery at cost of £40million.[64]

In 2010, Diageo closed Port Dundas grain distillery that was demolished in 2011.[65]

In March 2016, the company sold Grand Marnier, a cognac and bitter orange-based liqueur, to the Italian beverage company Campari Group.[66]

In June 2017, the Casamigos tequila brand – a US-based tequila, launched in 2013 was acquired by Diageo.[67]

In November 2018, Diageo sold Seagram's whiskey brand, along with Myers's Rum, Popov vodka, Booth's Gin, Goldschläger, Yukon Jack, Sambuca, and 11 other brands to the Sazerac Company for US$550 million,[68][69] but kept the Seagram's Seven Crown brand.[70]

In September 2022, Diageo sold Archers brand to De Kuyper Royal Distillers.[71]

In November 2022, it was announced that Diageo would acquire Balcones Distilling, a whiskey distillery based in Texas.[72]

In October 2023, Diageo sold Windsor Global, which owns blended Scotch brand Windsor, to private equity firm PT W Co of South Korea, sponsored by the Pine Tree Investment & Management Co.[73]

In February 2024, a report claimed Diageo was looking to sell the brands Pimm's, Safari and Pampero Rum.[74] Both Safari and Pampero rum were sold in July 2024.[75][76]

On 19 March 2024, Diageo reopened Port Ellen distillery after 40 years of closure and a £185 million (US$235m) restoration.[77]

In November 2024, the company formed Diageo Luxury Group, a new luxury division to combine its luxury spirits and experiences, with brands like Brora, Port Ellen and the company's 15 brand homes and distiller experiences. The company said it would also help to grow Justerini & Brooks.[78]

Head office

[edit]
Diageo's head office from 1996-2022 in Park Royal, West London, in 2005.

Diageo's head office is in Great Marlborough Street, London after moving in 2022 from its previous location in Park Royal, London Borough of Brent,[79] on the site of a former Guinness brewery[80] which had closed in 2004 after producing beer since 1936.[81] Diageo's previous head office facility had been located in Henrietta Place, in the Marylebone district of the City of Westminster in London, since 1996. In 2009, Diageo announced that it was closing the Henrietta Place facility as part of a cost reduction programme and moved its employees to the Park Royal site.[82]

Worldwide

[edit]

Diageo operates in 180 countries across five regions: Europe, North America, Latin America, the Caribbean, Asia–Pacific and Africa.[83]

Operations

[edit]

Diageo also owns a 34% stake in the Moet Hennessy drinks division of French luxury goods company LVMH.[84]

In 2017, the company was awarded top place in the Institute of Directors' and Chartered Quality Institute's Good Governance Index.[85]

Whisky distilleries

[edit]

Diageo operates many whisky distilleries in Scotland and around the world:[86]

Scotch whisky malt distilleries

[edit]

Scotch whisky grain distilleries

[edit]

Irish whiskey distilleries

[edit]

American whiskey distilleries

[edit]

Brands

[edit]

Diageo's beverage brands include:[87]

Awards and rankings

[edit]

In 2016, Diageo was ranked 11th out of 4,255 companies worldwide for diversity and inclusiveness in the Thomson Reuters Diversity and Inclusion (D&I) Index.[95]

In June 2023, the company's subsidiary, Mortlach distillery in Moray, Scotland, was awarded the "Whisky of the Year" prize in the annual International Whisky Competition for its Gordon & MacPhail Connoisseurs Choice 1989 Mortlach single malt Scotch.[96]

[edit]

Criticism

[edit]

In December 2003, Diageo provoked controversy over its decision to change its Cardhu brand Scotch whisky from a single malt to a blended malt whilst retaining the original name and bottle style. Diageo took this action because it did not have sufficient reserves to meet demand in the Spanish market, where Cardhu had been successful. After a meeting of producers, Diageo agreed to make changes.[97] In 2006, the Cardhu brand changed back to being a single malt.[98]

In May 2012, Scottish craft brewery BrewDog revealed that Diageo had threatened to withdraw funding from the British Institute of Innkeeping Scotland's annual awards if BrewDog was to be named winner of the Best Bar Operator award. Diageo was forced to issue an apology.[99][100][101]

In March 2015, Diageo released an advertising campaign showing a young woman crying after a night out, as an older woman, likely her mother, looks at her from the doorway, and the caption, "Who's following in your footsteps? Out of control drinking has consequences". The ad probably implied that the girl had been assaulted on the way home, as a result of her drinking that night. The director of Rape Crisis Network Ireland said Diageo "blames victims of sexual violence for the crimes that have been committed against them. This is a harmful, regressive and hurtful message which targets the vulnerable."[102]

Factory closures and moves

[edit]
Diageo received a major backlash from the public and the Scottish Government for its controversial 2009 decision to close Johnnie Walker production in Kilmarnock, birthplace of the brand's founder and production hub since 1820.

In July 2009, Diageo announced that, after nearly 200 years of association with the town of Kilmarnock, Scotland, they would be closing the Johnnie Walker blending and bottling plant[103] as part of a restructuring to the business, with work moved to Diageo's other two sites in Shieldhall and Leven.[104] It would make 700 workers unemployed and caused outrage from the press, local people, and politicians. A campaign against the decision was launched by the local SNP MSP Willie Coffey and Labour MP Des Browne. A petition was drawn up against the plans, which also involved the closure of the historic Port Dundas grain distillery in Glasgow.[105] The Johnnie Walker plant in Kilmarnock closed its doors in March 2012 and the buildings were subsequently demolished a year later.[106]

In April 2011, the National Puerto Rican Coalition planned to run a series of ads in New York City and Puerto Rico urging a boycott of Diageo-owned alcoholic drinks to protest the corporation's production move of its Captain Morgan rum from Puerto Rico to the U.S. Virgin Islands,[107] which will provide it with US$2.7 billion in tax benefits over 30 years.[108]

Regulatory issues

[edit]

In August 2011, Diageo agreed to pay more than US$16 million to settle U.S. civil regulatory charges that it made improper payments to foreign officials. Regulators accused the British company of violating the U.S. Foreign Corrupt Practices Act through its subsidiaries to obtain lucrative sales and tax benefits for its Johnnie Walker and Windsor Scotch whiskies and other brands.[109]

In January 2020, Diageo agreed to pay US$5 million to settle charges brought by the US Securities and Exchange Commission that alleged the company had pressured distributors to buy products in excess of demand in order to hit performance goals.[110][111]

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