Alcohol, Baltic Export, Good for Business, Latvia, Markets and Companies

The company said it hoped that the new product would help to increase sales both in Latvia and the export markets, including the U.S. and the United Kingdom.

Representatives of Latvijas Balzams would not disclose the amount of investments in development of the new product.

Girts Linins, Brand Manager of Riga Black Balsam in Latvia, said the cherry flavor had been selected based on the success of Riga Black Balsam Currant and the latest global trends, namely, the consumers giving preference to sweeter-tasting drinks with lower alcohol content.

Natural cherry juice has been added to the traditional ingredients of the Riga Black Balsam in the new drink which has 30 percent of alcohol by volume.

Despite the growing competition in the liquor market, Riga Black Balsam is the best-selling liquor brand in Latvia. Its sales in the first half of this year have increased 13 percent from the same period last year, Latvijas Balzams said.

As reported, Latvijas Balzams posted EUR 75.72 million in sales last year, up 2.6 percent from 2015.

Latvijas Balzams has been part of Amber Beverage Group since October 2014. Amber Beverage Group was created by a combination of Baltic companies - Latvijas Balzams, beverage distributors SPI Distribution Latvia, SPI Distribution Estonia and Bennet Distributors in Lithuania, and also the specialized beverage store chain Latvijas Balzams Veikali in Latvia and Darija in Lithuania. Amber Beverage Group was founded by and belongs to the Netherlands-registered company S.P.I. Regional Business Unit B.V.

Latvijas Balzams shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.