Pernod Ricard announced on Wednesday that it had agreed to sell the majority of its wine portfolio to Australian Wine Holdco Limited, the owner of Accolade Wines, ridding itself of a lagging division to focus on its portfolio of luxury brands.

"This divestment will enable Pernod Ricard to strengthen its premiumization strategy and focus on its portfolio of Premium spirits and champagne brands," says the group in a statement.

Pernod Ricard plans to sell its Australian, New Zealand and Spanish brands, including well-known brands such as Jacob's Creek, Stoneleigh and Campo Viejo, subject to regulatory approval. The Group did not disclose the amount of the transaction.

(Reported by Emma Rumney, edited by Augustin Turpin)