The Media Dialogues | In Conversation With Sanjit Singh Randhawa Of Bacardi India

Summary

In this episode of Media Dialogues, Anuradha Gupta speaks with Sanjeet Singh Randhawa, Managing Director of Bacardi India, about the resurgence of live events and changing consumption trends post-pandemic. They discuss the success of the Bacardi NH7 Weekender festival and the significant growth opportunities in the Indian market, driven by a young population and premiumization. Randhawa highlights Bacardi's strategic focus on whiskey, premium spirits, and the increasing role of women both as consumers and in the company's leadership. The conversation also touches on the impact of digital marketing and the potential for e-commerce in the alcohol industry.

Takeaways

• 🎉 The return of live events like the Bacardi NH7 Weekender signals a shift towards reclaiming normalcy post-pandemic for both consumers and alcohol brands.
• 📈 Bacardi India's ambitious goal to grow its business five-fold by 2030 is driven by several factors including a focus on whiskey, the trend of premiumization, and a strong people-centric culture.
• 🥃 The company has experienced significant growth in its Scotch whiskey portfolio, emerging as one of the fastest-growing segments in India, with a year-on-year growth of over 50%.
• 💼 Sanjeet Singh Randhawa, Managing Director of Bacardi India, emphasizes the importance of a diverse and inclusive workforce, with 50% of leadership positions held by women.
• 📊 The Indian market is a priority for Bacardi due to its large young population, consistent growth year-on-year, and the trend towards premiumization in alcohol consumption.
• 🍸 The trend of 'drinking less but drinking better' is prevalent among young Indians, leading to an increase in the consumption of premium alcoholic beverages.
• 🛍️ The retail environment for alcohol in India is evolving, with larger, more consumer-friendly stores emerging, allowing customers to browse and select products, including women who are becoming more comfortable with酒精 purchasing.
• 🚀 Bacardi's commitment to digital marketing and engaging with consumers through content creators and online experiences has been a key strategy, especially during the pandemic.
• 🌐 The potential for e-commerce in the alcohol sector is seen as a significant opportunity for growth, although current regulations limit the scope of online alcohol sales in India.
• 🏆 Bacardi's diverse portfolio of brands positions it well to capitalize on the premiumization trend, with products ranging from rum to gin, tequila, and sparkling wines.
• 🌐 The geographical and socio-cultural diversity of India presents both challenges and opportunities for alcohol brands, with varying levels of acceptance and regulation across different states.

Q & A

What event was highlighted as returning after a two-year gap?

The Bacardi NH7 Weekender was highlighted as returning after a two-year gap, initially held in Pune.

Who is the managing director of Bacardi in India?

Sanjeet Singh Randhawa is the managing director of Bacardi in India.

What has been the response to the Bacardi NH7 Weekender returning live?

The response has been overwhelmingly positive, with packed crowds and high energy. The event had to limit attendance to 5,000 people per day due to restrictions, but it still saw a total of 10,000 attendees over two days.

Why is India considered a top priority market for Bacardi?

India is considered a top priority market for Bacardi due to its large and growing young population, significant market size by volume and value, and the trend of premiumization among consumers.

How has Bacardi's business in India performed since its inception?

Bacardi's business in India has grown every year since it started in 1998, except for a small decline during the COVID-19 pandemic in 2020-2021. Over the last 20 years, Bacardi India has experienced a compound annual growth rate of 25%.

What is driving the trend of premiumization in the Indian alcobev market?

The trend of premiumization is driven by consumers choosing to drink less but better quality alcohol, increased home consumption, the availability of a wider choice of global brands, and the transformation of the retail environment with more attractive, browseable stores.

What are Bacardi's major product categories mentioned in the interview?

Bacardi's major product categories mentioned include rum (Bacardi Rum and Bacardi Flavored Rums), white spirits (Grey Goose Vodka and Bombay Sapphire Gin), and Scotch whiskies (Dewar's, Aberfeldy, Aultmore, Royal Brackla). They also have Petron Tequila, Martini Vermouth, and Martini Sparkling Wines.

How has Bacardi's focus on whiskey impacted its business in India?

Bacardi's focus on whiskey has significantly impacted its business, with its Scotch whisky portfolio growing at 50% annually over the past three years. This focus is a key driver of their ambition to grow five-fold by 2030.

What role does digital marketing play in Bacardi's strategy in India?

Digital marketing plays a crucial role in Bacardi's strategy in India, allowing deeper consumer engagement through content and creator collaborations, and supporting virtual events like the Bacardi NH7 Weekender during the pandemic.

How is Bacardi addressing the changing retail landscape and consumer behavior in India?

Bacardi is addressing the changing retail landscape by capitalizing on the growing trend of premiumization, improving the retail environment with more attractive and accessible stores, and exploring opportunities for home delivery of alcohol in states like West Bengal, Odisha, and Maharashtra.