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Pernod Ricard enters craft gin market with acquisition of Monkey 47

Pernod Ricard's keenness to cash in on the burgeoning craft gin trend has come to the fore after the drinks giant announced today that is has acquired German gin brand Monkey 47.

The maker of Absolut and Beefeater has taken a majority stake in the hipster favourite, as it looks to bolster sluggish sales of its current gin brands.

Made in the Black Forest, Monkey 47 is made from 47 handpicked plant ingredients such as lingonberries and elderflower.

Alexandre Ricard, chairman and CEO of Pernod Ricard, said he had been watching the brand since launch in 2011 and called Monkey 47 a "jewel".

"There are moments in life in which you know immediately that you have found a jewel. And Monkey 47 is a jewel, perfectly matching the rising worldwide demand for craft gin with strong local roots. We share the same values that have driven the success of Monkey 47, such as authenticity, entrepreneurial spirit and passion for quality”.

Pernod Ricard, which signed the deal via its German affiliate Pernod Ricard Deutschland, said it will look to grow the brand further in Germany and expand it globally.