This Is How the AI Bull Market Ends

The AI bull market as we know it right now will end...And all the big popular AI stocks investors are piling into right now will NOT be the where the biggest returns will come from. And for investors who don't know how the market is changing and where it's going...They could end up left behind.

Pastis-maker Pernod Ricard scraps sponsorship of PSG after protests in Marseille

SAMUEL PETREQUIN
September 05, 2024

French liquor company Pernod Ricard, best known in France for the anise-flavored aperitif pastis, said on Thursday it scrapped a new sponsorship deal with Paris Saint-Germain after protests from Marseille.

Fans of Marseille, the bitter rival of PSG, complained that the drink belongs to their city.

Pernod Ricard said in a statement it ended the global deal announced this week "in the face of the strong emotions aroused."

Marseille has long been associated with the French liqueur called pastis. So when Pernod Ricard announced the new commercial partnership with PSG, it left a bad taste in the mouths of Marseille fans.

The hashtag #boycottPernodRicard spread on social media as fans felt betrayed by a company that boasts about its Marseille origins. The issue became so intense that even Marseille Mayor Benoit Payan got involved, asking Pernod Ricard for an explanation.

Alexandre Ricard, the CEO of Pernod Ricard, decided to scrap the four-year sponsorship "for the group and after listening to the people who make it a success, including our employees in France, our customers, our shareholders, and above all, my family."

Pastis is consumed in all regions of France, but it is particularly popular in the country's south, where Marseille native Paul Ricard commercialized the drink under his name in 1932. Pernod Ricard was created in 1975 following a merger of Pernod and Ricard, which brought together two French anise-based spirits.

"For over 90 years, Ricard's history has been inextricably linked with Marseille, where it was born," Alexandre Ricard said. "Those roots are strong, and they run deep, so the decision that I'm taking today comes from the heart. I'm sure that everyone who has worked on this project will understand my choice. Pernod Ricard will continue to proudly claim its origins and the sincerity of the bonds that unite our brands with their communities."

When the deal was announced, upset fans said they would stop drinking pastis, or switch to rival brands, while others called for a boycott of the more than 240 brands in the wine and spirits seller's global portfolio.

Pernod Ricard insisted it had a global reach and excluded France "in terms of visibility or activations." On Thursday, it added the agreement was initially thought to promote its whisky and champagne brands internationally, not pastis.

PSG and Marseille are the two biggest powerhouses of French soccer. Their rivalry became popular during the 1990s. Marseille, the only French team to win the Champions League (1993), has fallen well behind since PSG was taken over by Qatari investors in 2011, but the rivalry still stirs up passion.

PSG did not immediately react to Pernod Ricard's withdrawal but a source close to the club said it was surprised by the decision and would look at ways to still pursue a long-term partnership. For over a decade, Pernod Ricard has been an official provider of wine and spirits to PSG's hospitality program. The person was not authorized to speak publicly on the matter.

The four-year agreement was set to begin this season and would have covered PSG's men's and women's soccer teams and handball.

___

AP soccer: https://apnews.com/hub/soccer

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