Diageo Invests in Booming Irish Whiskey Industry
Diageo PLC is reportedly investing EUR25 million in a new distillery to create a premium Irish whiskey at James’s Gate, the Dublin city home to the Guinness brewery. It has been two years since they sold their Irish whiskey brand Bushmills to Jose Cuervo, a renowned tequila brand.
Diageo clarified that the whiskey will be named Roe & Co. and that it will be a blend of hand-selected malt and grain whiskeys, aged in bourbon casks. The drink is intended to be smooth with a depth of flavor aimed at targeting Europe’s thriving cocktail culture.
The Irish whiskey market is currently witnessing a massive surge in terms of growth. Citing industry tracker IWSR, Wall Street Journal reported that over the last decade, the volume of Irish whiskey sold has grown at a rate of 131%, compared to the 13% and 56% rises in Scotch whisky and bourbon sales, respectively, during the same period.
Miriam Mooney, head of the Irish Whiskey Association said, “The Irish whiskey sector has undergone a renaissance in recent years, and [Tuesday’s] news is a hugely significant chapter in the evolving Irish whiskey story”.
Chief Executive and founder of Spirited Funds David Bolton said that Diageo is looking for opportunities in the Irish whiskey market. He said, “There’s some nostalgia for Irish whiskey, which used to be the most popular type in the world but then fell somewhat out of favor.”
This brand-new whiskey has been named Roe & Co. in memory of George Roe. Roe successfully established the business of Irish whiskey during the 19th century. The distillery he built spanned 17 acres in the city center of Dublin, and was one of the largest distilleries around in that period.
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