Diageo, the world's largest spirit manufacturer, has confirmed it is to cut costs by £200m over the next three years following slowing demand in China and other emerging markets.
The drinks giant, with brands such as Guinness, Smirnoff and Johnnie Walker, has seen the fall as a result of a curbing of gift giving to Chinese officials and decreased demand in Nigeria and Thailand. Sales rose 1.8 per cent across the half-year to December 31 but this was weaker than the growth rate of…
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