Diageo scaling back marketing in Southern Europe amid its troubled economies, will focus on fast-growing emerging markets, chief marketing officer says
February 21, 2012
– Diageo PLC’s Chief Marketing Officer Andy Fennell said his company is scaling back marketing in Southern Europe amid its troubled economies, MarketWatch reported Feb. 21.
Fennell said that Diageo is ready with contingency plans should Europe’s sovereign debt crisis worsen. Meanwhile, he added, while the company is still spending money on expanding its market share in Western Europe, its main focus now is fast-growing emerging markets.
Earlier this month, Diageo reported having spent just 4% more on European marketing in the first half of its fiscal year due to sales declines in Greece, Ireland and Spain. This compared with a 25% increase in Latin America, a 13% rise in Africa and a 10% uptick in Asia Pacific.
The primary source of this article is MarketWatch, London, England, on Feb. 21, 2012.