Heineken cited decline in China's largest brewer valuation due to mainland consumer demand concerns, along with flagged US market weakness affecting its prospects.
The €874 million impairment on CR Beer stake suggests ongoing pressure on Chinese consumer demand amid a subdued macroeconomic environment, impacting Heineken's financial outlook.
Heineken's acquisition of a 40% stake in China Resources Beer in 2018 aimed to leverage local distribution for the largest beer market, facing challenges post-pandemic and real estate crisis.
Chief Executive mentioned cautious outlook due to depressed US market and historic low consumer confidence levels.
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