Diageo’s new boss Dave Lewis is said to be considering the sale of its Chinese assets as it seeks to trim its portfolio amid falling sales in the world’s second-largest economy.
Goldman Sachs and UBS is advising the maker of Johnnie Walker, Guinness, Smirnoff vodka and Captain Morgan rum, according to Bloomberg News.
Diageo’s assets in China include a stake of more than 63% in Shanghai-listed Sichuan Swellfun, which distributes the distilled spirit Baiju.
Lewis, a former Tesco chief executive, has hit the ground running after taking the helm at Diageo on 1 January.
He was appointed following an alarming slide in sales and the share price which led to the departure of Debra Crew. Her tenure was marked by a shock profits warning caused by supply issues in Latin America.
Before Lewis took over, Diageo announced the sale of its 65% stake in East African Breweries for $2.3bn (£1.7bn) to Japan’s Asahi Group, offloading its last direct African beer operation.
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