Largest ASOS shareholder backs alcohol-free spirits
Alcohol-free spirits brand Feragaia has gained investment in excess of £1.5 million, the majority of which comes from Danish billionaire Anders Povlsen, the largest shareholder in the British internet fashion retailer, ASOS.
Based in Fife, Scotland, Feragaia was founded in 2019 by Jamie Wild (ex Pernod Ricard) and Bill Garnock (ex Edrington Americas).
Anders Povlsen, the largest ASOS shareholder, is also known as Scotland’s largest landowner. Povlsen is the owner of Wildland, a company whose mission is to restore the Scottish Highlands.
In the last two years distribution has grown to 350 off and on trade outlets across the UK, including Harrods, Daylesford, The Dorchester and Ocado. Feragaia is internationally available in Canada and Australia with further markets coming online this year.
With the help of the £1.5 million investment, plans for Feragaia include developing operations in Fife, investing in the team, extending domestic and international distribution, and completing B Corp certification.
Lise Kaae, CEO of Heartland, the holding company representing the Povlsen family, said: “The Feragaia team has impressed us with their energy and eagerness to create a unique product within the alcohol-free alternative sector. We are excited about the journey ahead for Feragaia, operating in a fast-growing market.”
According to Distil Ventures, the no and low drinks sector has seen sales rise by 506% since 2015. The sector is also forecast to grow from current £70m to £350m retail sales value in Western Europe by 2024, research by Bacardi has estimated.
Feragaia founder Jamie Wild said: “This is a landmark moment for Feragaia and we are looking forward to driving the business to the next stage. It is a great opportunity to realise our ambition to break free from the expectations of what alcohol-free should look and taste like, to cut out the superficial and reconnect discerning drinkers to ‘Wild Earth’.”