Brown-Forman Corporation, a diversified producer of fine quality consumer products including wine and spirits, has launched California-based champagne brand Korbel in the Indian market.
Announcing the launch, Amrit Kiran Singh, area director and VP, Brown-Forman Worldwide, said, “Korbel has the natural youthful effervescence of California with an enviable pedigree. It has an easy fit with the young elite of this country who have not had much of a choice besides a few heavy champagnes to choose from.”
Brown-Forman has launched two Korbel variants — Korbel Brut and Korbel Natural in India and are priced at Rs 3500 and Rs 6000 respectively. The brand is available across upscale restaurants, bars, clubs and pubs across the country.
According to market experts, the sales of international wines and champagnes in India touched 220,000 9-liter cases in 2007-08 and is expanding at over 30 per cent a year. Further, according to industry guide – Datamonitor’s Wine, top five global emerging markets for wine include Brazil, China, India, Mexico and South Africa and these countries contributed USD 13.9 billion to the global wine industry in 2007, with a compound annual growth rate (CAGR) of 4.5 per cent between 2004 and 2007. In 2013, the market is forecast to have a value of USD 17.7 billion, with a CAGR of 4.1 per cent over the 2008-2013 period.
— IndiaRetailing Bureau