Diageo Abandons Sale of Pimm's Brand

Diageo has officially abandoned the sale of its Pimm's brand, citing a failure to agree on a deal with potential buyers after an auction process that began in February 2024. The company had successfully sold its other brands, Safari and Pampero, to Casa Redondo and Gruppo Montenegro, respectively, but Pimm's proved more challenging to offload. The specific reasons for the unsuccessful negotiations remain unclear. Pimm's, created in the 1820s by James Pimm, is a well-known gin-based liqueur and has been a staple of British summer events, particularly Wimbledon. Diageo, which owns a portfolio of over 200 brands and has faced declining sales and pressure from investors, has seen its shares drop about 13% in the past year. The company's CEO, Debra Crew, has expressed a strong commitment to improving business performance amid these challenges.