Beam Inc, maker of Teacher's Whisky in great hurry to complete fraud probe
Beam Inc, maker of Teacher's Scotch Whisky, is in a hurry to complete an internal investigation into alleged irregularities in its India operations and focus on bringing in more global products to satiate the country's increasing appetite for premium spirits.
"We have good team in place and we do not intend to major changes to it," Kevin George, senior VP and global chief marketing officer at Beam Inc, said.
In October last year, the American spirits maker initiated investigations into whistleblower allegations ofexcise duty violations and irregularities in distribution and invoicing among others in its India unit and temporarily suspended local senior management, including its managing director Harish Moolchandani.
"We are conducting internal investigation into the matter and till the time results come, we don't want to comment anything on it," George said. Arthur Aroney, managing director for emerging markets within Asia Pacific and South America at Beam Inc, said he company has put its focus back on growth and will soon introduce Jim Beam bourbon whiskey in the country.
"There was a dip in market share of our brand Teacher's for limited period but now we are again market leader in Scotch whisky segment," Aroney said. "We are also planning to roll out our next big product, Jim Beam, which will target young consumers in India."
Beam Inc gets around 2 per cent of its revenues from India where it is growing over 20 per cent a year.
"We are considering India as very important market as people are preferring premium products with increased income and brand awareness," Aroney said. Beam's premium brands include Laphroaig Single Malt Scotch, Sauza tequila, Canadian Club whisky and Courvoisier cognac.
The allegation of irregularities in Beam Inc's India unit is the second such incident that came to the limelight after German sports gear maker Adidas had started investigation into its local subsidiary of Rebook brand.
Source : ET BUREAU
Beam, is in a hurry to complete an internal probe into alleged irregularities in its India operations and focus on bringing in more products.
Beam Inc, maker of Teacher's Scotch Whisky, is in a hurry to complete an internal investigation into alleged irregularities in its India operations and focus on bringing in more global products to satiate the country's increasing appetite for premium spirits.
"We have good team in place and we do not intend to major changes to it," Kevin George, senior VP and global chief marketing officer at Beam Inc, said.
In October last year, the American spirits maker initiated investigations into whistleblower allegations ofexcise duty violations and irregularities in distribution and invoicing among others in its India unit and temporarily suspended local senior management, including its managing director Harish Moolchandani.
"We are conducting internal investigation into the matter and till the time results come, we don't want to comment anything on it," George said. Arthur Aroney, managing director for emerging markets within Asia Pacific and South America at Beam Inc, said he company has put its focus back on growth and will soon introduce Jim Beam bourbon whiskey in the country.
"There was a dip in market share of our brand Teacher's for limited period but now we are again market leader in Scotch whisky segment," Aroney said. "We are also planning to roll out our next big product, Jim Beam, which will target young consumers in India."
Beam Inc gets around 2 per cent of its revenues from India where it is growing over 20 per cent a year.
"We are considering India as very important market as people are preferring premium products with increased income and brand awareness," Aroney said. Beam's premium brands include Laphroaig Single Malt Scotch, Sauza tequila, Canadian Club whisky and Courvoisier cognac.
The allegation of irregularities in Beam Inc's India unit is the second such incident that came to the limelight after German sports gear maker Adidas had started investigation into its local subsidiary of Rebook brand.
Source : ET BUREAU
