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Fortune
Fortune
Ryan Hogg

How a Japanese population crisis made Asahi one of Europe's biggest beer makers

Atsushi Katsuki, chief executive officer of Asahi Group Holdings Ltd., during an interview in Tokyo, Japan, on Thursday, Aug. 17, 2022. (Credit: Toru Hanai/Bloomberg via Getty Images)

Asahi has achieved what many international beer brands could only dream of—taking on much-loved local brands and winning.

A decade ago, when legendary Japanese brand Asahi was trying to work out how to break into the European beer market, it turned to a then-unfamiliar foe as a benchmark: the premium Italian brand Peroni Nastro Azzurro.

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