Diageo said it formed a joint venture with Corp. Cuba Ron SA, a Cuban Rum producer. The JV will have exclusive global distribution rights to Santiago de Cuba, a premium Cuban heritage rum brand.
But the brand won’t be distributed in the U.S. Diageo said Europe is the key market for development of the brand, and noted the premium plus rum segment in Europe, the key market for development of the Santiago de Cuba brand, is growing at 16%, ahead of luxury spirits, at 9%, Diageo said.