The Whisky Exchange has a catalogue of over 10,000 products. (Representational)
London-based Indian-origin entrepreneur brothers Sukhinder and Rajbir Singh have agreed to the sale of their retail spirits business to French beverages major Pernod Ricard.
The Whisky Exchange, founded by them in 1999, is one of the UK's largest online spirits retailers specialising in whiskies and fine spirits, with a catalogue of over 10,000 products.
The family business also has three shops located in the heart of London at Covent Garden, Great Portland Street and London Bridge.
"After more than 20 years building The Whisky Exchange, we are delighted to be joining the Pernod Ricard family and working with them to take the business to the next level," the brothers said in a statement on Tuesday.
"The Whisky Exchange and our customers have always felt like a family, and we are looking forward to maintaining this ethos with a partner that shares our values. Our mission remains the same: to offer the finest range of whiskies and spirits from the best producers around the world, educate and engage with consumers, and support the top on-trade establishments around the UK," they said.
The Whisky Exchange will continue to operate with its current team and structure, with Sukhinder, 53, and Rajbir, 49, managing the business as joint Managing Directors. The business grew out of their parents' wine and spirit store in west London and now counts 4,000 whiskies, including 3,000 single malt Scotch whiskies; 400 Champagnes, 800 Cognacs and Armagnacs; 700 rums; 600 gins; 300 aperitifs; 400 Tequilas and mezcal among its catalogue.
Pernod Ricard said closing of the transaction to acquire The Whisky Exchange is subject to "customary conditions".
"E-commerce is a key channel in our long-term strategy. We are thrilled to work with industry pioneers such as Sukhinder, Rajbir and the whole team to bring The Whisky Exchange to a new step of its development," said Alexandre Ricard, Chairman and CEO of Pernod Ricard.
The Whisky Exchange is dubbed an omnichannel player, expanding its activities to on-trade supply and physical stores in the UK. It is also active in private sales and online auctions of rare spirits, two expanding activities which are set to be further developed with Pernod Ricard.
The French company said the acquisition is in line with Pernod Ricard's "consumer centric strategy" of meeting new consumer needs and expectations, in a context of solid e-commerce growth and strong demand for premiumisation.
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