Constellation Brands, Lotte Liquor announce agreement for importation, distribution of Svedka Vodka throughout South Korea
SEOUL, South Korea
June 30, 2013
– Constellation Brands, Inc.( http://www.cbrands.com ) (CBI), the world's leading premium wine company, and Lotte Liquor, South Korea's top total beverage company, today announced that they have signed an agreement for the importation and distribution of SVEDKA Vodka throughout South Korea.
"We are pleased to partner with Constellation Brands to further develop the vodka category in market with SVEDKA Vodka," says An Yumyung, Director of Imported Spirits division of liquor business group, Lotte Liquor. "SVEDKA Vodka is globally recognized for its quality, craftsmanship and taste. We believe that the vodka category, which has traditionally been a small segment, is growing rapidly - doubling in fact - according to IWSR figures," he added.
Through the agreement, Lotte Liquor will exclusively import and distribute SVEDKA Vodka, one of Constellation's coveted premium spirits brands.
"This partnership is a key landmark in our overall spirits strategy throughout Asia," says Jake Jacob, Vice President, Asia, Constellation Brands. "We are delighted to be partnering with Lotte. Together we will develop the footprint and profile of the SVEDKA Vodka brand in South Korea, which is a key market for us."
"SVEDKA Vodka is the number two imported vodka in the United States and we look forward to a very bright future for the brand in South Korea," added Philip Kingston, Senior Vice President, International, Constellation Brands. "This partnership is consistent with our approach to align with leading players, such as Lotte, to help develop new categories and expose our brands to consumers in a compelling way," Mr. Kingston added.
SVEDKA Vodka is the fastest growing top-10 spirits brand and second largest imported vodka brand in the United States (Impact, 2012). Created in 1998, SVEDKA was purchased by Constellation Brands, Inc. in 2007 including the exclusive worldwide marketing and distribution rights. SVEDKA was the first brand to introduce the concept of "cheap chic" into the vodka category. The same way that jetBlue, IKEA, and Target revolutionized their respective categories, SVEDKA shook up the vodka category by offering consumers the whole package -- a quality product, imported from Sweden, with premium value and outrageous style. Known for its provocative, "tongue-in-cheek," advertising and marketing campaigns, SVEDKA has prioritized putting fun back into the vodka category.
SVEDKA has won numerous category awards and accolades, including Impact's "Blue Chip" Brand Award (2012), the Fast Track Award at Beverage Information Group's 2011 and 2010 Growth Brand Awards as well as Impact's "Hot Brand" award in 2012. Additionally, SVEDKA received a Gold Medal for Exceptional Taste and Best Buy (BTI, 2008), a Gold Medal in the San Francisco World Spirits Competition (2005, 2008, 2011) as well as a 93 rating from Wine Enthusiast (2004). Intangible Business also named SVEDKA the #4 Most Powerful Vodka Brand on their 2011 Power 100 List.
SOURCE Constellation Brands, Inc.